Voyager Sells $56 Million in Assets Following Binance.US Acquisition Approval

Voyager, the bankrupt cryptocurrency company, has sold off a significant amount of cryptocurrency in the past 24 hours following court approval of its acquisition by Binance.US.

According to data from Lookonchain, cryptocurrency wallet addresses linked to bankrupt crypto company Voyager have sold off $56 million worth of assets in the past 24 hours. The assets sold off include 27,255 ETH ($42 million), 11 million VGX ($6.3 million), 400 billion SHIB ($4.4 million), 160,000 LINK ($1 million), as well as other tokens like COMP, SUSHI, and MRK.

At the same time, Voyager received $33.7 million USDC from market maker Wintermute, Binance.US, and Coinbase.

Currently, Voyager still holds $757.8 million in cryptocurrency, mostly in the form of stablecoin USDC, ETH, and its own VGX token. In February, the company continuously sold off cryptocurrencies on various US crypto exchanges to bring in USDC, with an estimated value of $105 million. The company has yet to make an official announcement about these transactions, but it is likely an attempt to fix the value of assets to compensate investors who have been trapped on the platform since July 2022.

On March 8th, a New York court approved the continued acquisition of Voyager by Binance for $1 billion, despite opposition from the SEC and the New York State government.

Voyager and Binance.US may soon announce a compensation process for investors, which is likely to require Voyager users to open a trading account on Binance.US to recover their assets – similar to what FTX proposed when the exchange reached an agreement to acquire Voyager prior to its bankruptcy.

This latest news highlights the potential risks involved in investing in cryptocurrency and the importance of conducting thorough research before making any investment decisions. It also raises concerns about the safety and security of cryptocurrency exchanges and the need for regulatory oversight to protect investors.

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