Bankrupt Crypto Exchange Voyager Liquidates $56 Million in Ethereum, Voyager Token, Shiba Inu, and Chainlink
On March 9, the bankrupt crypto exchange Voyager reportedly liquidated $56 million in Ethereum (ETH), Voyager Token (VGT), Shiba Inu (SHIB), and Chainlink (LINK). This comes as on-chain analytics firm Arkham Intelligence reveals that Voyager has sold crypto assets worth $358.5 million in the last six weeks, selling their ERC-20 assets on Binance.US, Coinbase, and direct over-the-counter trades with market maker Wintermute.
Since January, Voyager’s USDC balance has increased to $460 million. USDC is a dollar-pegged stablecoin. The firm’s crypto liquidations accelerated significantly in March, with over $138 million moved since the month’s start, compared to a combined $221 million in January and February.
The defunct exchange’s wallets still have around $271.5 million in crypto assets poised for liquidation. Analytics portal, CoinMarketCap, shows that Voyager’s VGT token has lost over 99% of its value since its all-time high in March 2021.
The liquidations come as the crypto market experiences a downturn, with Bitcoin (BTC) dropping below $30,000 for the first time since January. The market has been hit by a combination of factors, including regulatory crackdowns in China and the US, environmental concerns over Bitcoin mining, and Elon Musk’s tweets.
Voyager’s liquidations are a reminder of the risks associated with investing in cryptocurrencies, particularly in unregulated markets. Investors should exercise caution and do their due diligence before investing in any crypto asset.
