blockchain transaction dataArkham Intelligence show that Travel Digital transferred some $121 million worth of crypto assets to crypto exchanges in February and received more than $154 million in USDC stablecoins over the past four days. Several analysts believe that these transactions would probably be the product of sales of the crypto assets of the company in bankruptcy. The report.
Voyager sells crypto assets through Coinbase, according to on-chain data
Travel Digitalthe centralized financial platform (CeFi) which filed for bankruptcy in July 2022, sold assets through Coinbase crypto exchange at a rapid pace, according to the intelligence firm blockchain Arkham Intelligence. Since February 14, Arkham shows that To travel transferred at least some $54 million worth of cryptocurrencies to exchanges Coinbase And Binance.US. In effect, To travel transferred approximately $24.7 million of Ether (ETH), $12.2 million of shiba inusand $2.5 million from Chainlink (LINK) to trade in the past seven days, according to data fromArkham.
The crypto broker seems to continue to deposit its funds on the exchanges at a high rate of around $100 million per week. Then the transaction data also showed that Voyager received approximately $154 million from the stablecoin USDCCircle and Coinbase from the latter, over the past four days, which appears to be proceeds from the sale of the deposited cryptocurrencies. Despite this accelerated sale, Voyager crypto addresses hold a total of $697 million in cryptocurrencies, including $268 million in‘Ethereum (ETH) according to Arkham.
Voyager would be under pressure from regulators
To travel halted all trading and filed for Chapter 11 bankruptcy in July 2022. As part of the legal process, the broker agreed to sell to Binance.US after an auction. Concerns from federal and state regulators have grown around the deal, including the Securities and Exchange Commission (DRY) from the United States who probed the token VGX to travel as security (offer of securities) not registered.
The crypto broker’s recent maneuver may also portend selling pressure for cryptocurrencies that are among the company’s biggest holdings, including theETH and the SHIB. Arkham data shows that the largest crypto holdings not stable of To travel are 223 ETH worth nearly $270 million, $77 million worth of SHIB, and 148.4 million VGX, its own token, worth around $63 million. Other notable holdings include some $13 million of LINK, $5.5 million of MTF from Fantom and $5 million token APE of Bored Ape.
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