Experts flag Voyager Digital altcoin sell-off

Undergoing the bankruptcy procedure, the crypto broker Voyager Digital sold crypto assets worth around $56M in the past 24 hours, according to Lookonchain.

1/ #Voyager keeps selling assets!#Voyager sold $56M worth of assets in the past 24 hours, including:

— 27,255 $ETH ($42M)
— 11M $VGX ($6.3M)
— 400B $SHIB ($4.4M)
— 160,000 $LINK ($1M)
…

And received 33.7M $USDC from Wintermute Trading, Binance US and Coinbase. pic.twitter.com/kx6BwSg2jl

— Lookonchain (@lookonchain) March 9, 2023

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The largest sales by value were:

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• 27,255 ETH ($42M);
• 11M VGX ($6.3M);
• 400B SHIB ($4.4M).

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Meanwhile, the company received $33.7M in the stablecoin USDC from Wintermute Trading, Binance.US and Coinbase.

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The aggregate value of Voyager Digital’s reserves in digital currencies stands at $757.8M. Of this, $459.8M is in the Centre consortium’s stablecoin.

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2/ #Voyager currently holding $757.8M worth of assets, including:

— 459.8M $USDC
— 102,306 $ETH ($157.7M)
— 122.4M $VGX ($61.7M)
— 4T $SHIB ($44.2M)
— 1.28M $LINK ($8.5M)
— 8.95M $MANA ($4.9M)
— 6.6M $FTM ($2.4M)
— 454,805 $APE ($2M)
— 3.44M $SAND ($2M)
— 3.9M $ENJ ($1.55M)
… pic.twitter.com/tcgTMQszgY

— Lookonchain (@lookonchain) March 9, 2023

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The firm’s balance sheet also shows:

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• 102,306 ETH ($157.7M);
• 122.4M VGX ($61.7M);
• 4T SHIB ($44.2M);
• 1.28M LINK ($8.5M);
• 8.95M MANA ($4.9M) and a number of other altcoins in smaller amounts.

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Over the past 24 hours, ETH price fell 1.5%, while SHIB dropped 3.1% and LINK 3.4% (CoinGecko).

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Voyager’s own token VGX slumped 25.5% over the period. This came amid reports that the crypto broker agreed to pay $445M in the Alameda Research lawsuit, affiliated with FTX.

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In September 2022, the exchange won the auction for Voyager’s assets. The bankrupt company reached a preliminary agreement with the US unit of the Sam Bankman-Fried empire.

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In November, bankruptcy filings were filed by FTX together with subsidiaries such as Alameda.

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After the resumption of trading the highest bid was offered by the US arm of Binance. In March 2023, the court approved the sale of Voyager’s assets to it.

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