Cryptocurrency brokerage Voyager Digital liquidated over $8.4 million worth of crypto assets in the past day, selling off Bitcoin, Ether, and Shiba Inu coin as part of its bankruptcy process.
The asset sales come as Voyager faces growing legal troubles over its proposed sale of assets to Binance.US. A federal judge recently granted an injunction to halt Voyager’s $1.3 billion deal with Binance.US pending an appeal.
Voyager originally filed for bankruptcy in July 2022 after its crypto investments failed to generate profits. The company had planned to sell its assets and customer accounts to Binance.US as part of restructuring.
With the acquisition deal now suspended, Voyager is proceeding with liquidating assets and winding down operations as part of bankruptcy proceedings. Customers stand to recover only 36% of their account values.
The rationale behind Voyager’s latest crypto sales remains unclear given its ongoing winding down process. The company transferred 100 bitcoin worth $2.94 million and deposited 1,500 ether and 250 billion SHIB tokens to Coinbase accounts.
Voyager then received nearly $8.85 million back from Coinbase via wire transfers. This comes after Voyager allegedly sold most of its holdings for USD Coin between February and March.
The asset sales have sparked speculation and concerns from Voyager customers awaiting reclamation of their frozen accounts. The unfolding legal drama highlights lingering uncertainties around one of crypto’s biggest bankruptcies.
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