Arkham Intelligence has revealed that Voyager Digital has been selling large amounts of its cryptocurrency holdings on a weekly basis. The company filed for bankruptcy last July.
Voyager Digital, one of the countless victims of Three Arrows Capital (3AC) and Sam Bankman-Fried’s FTX associates, has reportedly resorted to dumping massive amounts of its digital assets onto the market on a weekly basis.
According to a tweet from Arkham Intelligence, a blockchain analytics platform, the embattled cryptocurrency broker has been selling at least $100 million of its $700 million altcoin portfolio that includes ETH, USDC, and SHIB.
As reported by crypto.news On February 20, Voyager sent $7.6 million worth of altcoins to centralized exchanges, and Coinbase received 2,500 ETH and 250 billion SHIB tokens.
The crypto winter of 2022, in which the price of bitcoin (BTC) and other cryptocurrencies collapsed by more than 70 percent, made it impossible for market participants without strong financial controls to give up.
Coupled with the market downturn plus heavy exposure to Su Zhu’s now-defunct Three Arrows Capital, Voyager filed for Chapter 11 bankruptcy in July 2022, with a debt profile of between $1 and $10 billion.
Last January, US bankruptcy court judge Michael Wiles approved Binance US’s offer of $1 billion for the acquisition of Voyager. However, the deal is still hanging by a thread as US authorities have yet to conclude investigations.
