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Voyager Allegedly Using Coinbase for Asset Sales

Voyager, a cryptocurrency trading platform, and its presumed ties to Coinbase have been controversial recently.

Reports have surfaced recently that Voyager Digital is using the Coinbase cryptocurrency market to sell assets. Moreover, as per On-chain data, Voyager recently received a significant quantity of USDC from Coinbase as of Feb. 24th.

Additionally, blockchain analytics Lookonchain revealed on Twitter that Voyager has been selling assets to Coinbase almost daily since Feb. 14th. Consequently, the crypto community tends to believe there may be some collaboration or transactional relationship between the two companies.

Voyager transfers a diverse range of assets to Coinbase.

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Significantly, a deeper examination of the assets moved indicates that Voyager has recently transmitted several cryptocurrencies to Coinbase. Shiba Inu (SHIB) tokens worth $28 million and over 15,000 Ether (ETH) coins worth $25 million are among the tokens.

Other assets transferred include 28.5 million Voyager tokens (VGX) worth $12.85 million, 640,000 Chainlink (LINK) tokens worth $4.74 million, 7.75 million Ocean Protocol (OCEAN) tokens worth $3 million, 350,000 Uniswap (UNI) tokens worth $2.28 million, 3.26 million Decentraland (MANA) tokens worth $2.15 million, 4 million Enjin (ENJ) tokens worth $1.88 million, and 2.3 million The Sandbox (SAND) tokens worth $1.64 million.

Despite the sell-off, Voyager presently has around $631 million in assets, with a broad portfolio that includes a variety of cryptocurrencies and tokens.    

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The most extensive holdings in Voyager’s portfolio include 172,223 Ether (ETH) valued at $276 million and 186 million USDC stablecoins. Voyager also holds a significant amount of Shiba Inu (SHIB) tokens worth $81 million, 2.14 million Chainlink (LINK) tokens worth $15.8 million, and 581,052 Avalanche (AVAX) tokens valued at $10.5 million.

Other notable holdings include 1.17 billion StormX (STMX) tokens worth $8.3 million, 11.9 million Decentraland (MANA) tokens worth $7.88 million, 12 million Fantom (FTM) tokens worth $5.6 million, and 1 million ApeSwap (APE) tokens worth $5.1 million.

Voyager’s Deal with Binance U.S. Stalled

Earlier this week, Voyager made headlines after a $1.02 billion deal with Binance U.S. for acquiring its assets was objected to by federal and state-level regulators in the United States. The regulators cited concerns over the deal’s potential impact on competition in the cryptocurrency market, leading to further uncertainty and speculation about Voyager’s future.

Adding to these concerns, the United States Federal Trade Commission (FTC) also opposed Voyager’s third amended joint plan for restructuring, which would have allowed the platform to exit bankruptcy proceedings and move forward with its operations.

These events signal a difficult path ahead for Voyager and its investors, with regulatory scrutiny and bankruptcy procedures likely to affect the platform’s capacity to function and compete in the competitive cryptocurrency market.

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While there has been no official announcement from either Voyager or Coinbase regarding the nature of these transactions, some have speculated that Voyager may be selling off assets through Coinbase to raise funds or liquidate holdings.

Moreover, in light of the recent asset transfers between Voyager and Coinbase, many investors and enthusiasts are taking a closer look at Voyager’s current holdings and what implications these may have for the platform’s future.


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Curtis Dye

Curtis is a cryptocurrency news and analytics author with a focus on DeFi, BLockchain, CeFi, NFTs etc. He has publication skills such as SEO optimization, Wordpress, Surfer tools and aids his viewers with insights on the volatile crypto industry.

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