Bankrupt Voyager Sells 1,449 ETH for 2.25M USDC via Wintermute

  • The bankrupt CeFi reportedly embarked on a selling spree in the middle of February 2023.
  • Despite the sales, Voyager reportedly holds up to $530 million in various cryptocurrency tokens.

The blockchain analytical tool, Lookonchain, tweeted that Voyager, the bankrupt centralized finance (CeFi) platform, sold 1,449 ETH via the leading crypto market maker, Wintermute. According to Lookonchain, Voyager received 2.25 million USDC for the trade after selling each ETH token for $1,553.

Voyager filed for bankruptcy in July 2022 and has reportedly embarked on a selling spree since the middle of February 2023. Earlier in the month, Lookonchain reported that the defunct financial company transferred millions of dollars to Coinbase using multiple cryptocurrencies, including Ether, Shiba Inu, and Chainlink. Altogether, Voyager used 23 different tokens to carry out the transfers.

Days after, on February 24, Lookonchain reported that Voyager received up to 100 million USDC as payment from sold tokens. The recent sale of 1,449 ETH for 2.25 USDC suggests a continuation of the massive sell-off earlier reported.

Voyager reportedly holds up to $530 million in various cryptocurrency tokens. Of this volume, the company’s ETH holding is around $276 million, while it also holds $81 million in Shiba Inu, the flagship meme coin. These two represent Voyager’s top two crypto shares.

On March 2, Voyager transferred 4,000 ETH, worth $6.6 million, 300 billion SHIB, worth $3.7 million, and 5 million VGX, worth $2 million to Coinbase. Ahead of the transfer, the defunct financial platform reportedly received 68 billion SHIB, equivalent to $820,000 from a dormant address whose last transaction was two years ago when it received 68 billion SHIB, worth $528,000 at the time.

The United States Securities and Exchange Commission (SEC) recently objected to a move by Binance.US to acquire over $1 billion of assets belonging to Voyager. In a filing submitted to the U.S. Bankruptcy Court for the Southern District of New York, the SEC alleged that Binance.US could not conduct such sales in compliance with federal securities laws.

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