Bankrupt crypto firm Voyager Digital has transferred 1,500 ETH and 250 billion SHIB to Coinbase, according to on-chain data platform Ember.
The transfers, which were worth a combined $5.47 million at the time of writing, are part of Voyager’s efforts to sell off its remaining crypto assets and pay back users in USD.
Voyager filed for bankruptcy in July 2022 after being unable to meet its margin calls from Three Arrows Capital, a major crypto hedge fund that filed for bankruptcy the same month. As part of its bankruptcy proceedings, Voyager is liquidating its assets and returning them to users.
In June, Voyager began allowing users to reclaim 35.72% of their cryptocurrency holdings in USD. The company has said that it will continue to sell off its assets and make payments to users until all of its debts are repaid.
The transfers to Coinbase are a sign that Voyager is making progress in its bankruptcy proceedings. The company is likely hoping to sell the ETH and SHIB on Coinbase for a good price. If successful, this could help Voyager to repay its users more quickly.
It remains to be seen how much Voyager will be able to recover from its bankruptcy proceedings. However, the company’s recent transfers to Coinbase are a positive sign for users who are hoping to get their money back.
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Background on Voyager Digital
Voyager Digital was founded in 2018 and quickly became one of the leading crypto lending platforms. The company offered high-interest rates on cryptocurrency deposits and allowed users to trade a variety of digital assets.
Voyager’s business model was built on the assumption that the value of cryptocurrency would continue to rise. However, the 2021 bear market caused the value of many cryptocurrencies to plummet. This, combined with the collapse of Three Arrows Capital, led to Voyager’s bankruptcy filing.
The Future of Voyager Digital
It is still too early to say what the future holds for Voyager Digital. The company is still in the process of liquidating its assets and repaying its users. However, the recent transfers to Coinbase are a positive sign. If Voyager is able to sell its assets for a good price, it could emerge from bankruptcy in a stronger position.
Only time will tell whether Voyager will be able to recover from its bankruptcy. However, the company’s recent actions suggest that it is committed to repaying its users and rebuilding its business.