Voyager Liquidates SHIB and Other Crypto Assets as Bankruptcy Process Continues
– Voyager, a struggling crypto lender, is selling off its holdings of Shiba Inu (SHIB) and other cryptocurrencies on Coinbase.
– In the past few days, Voyager has sold 49 different tokens on Coinbase, totaling approximately $63 million.
– SHIB makes up nearly 23% of the sale, with Voyager liquidating almost 1.4 trillion SHIB valued at $14.4 million.
– In addition to SHIB, Voyager has also sold 781 Bitcoin (BTC) and 9,570 Ethereum (ETH) worth $22.97 million and $17.64 million, respectively.
– Other assets sold by Voyager include 234,660 Chainlink (LINK) worth $1.74 million, 1.86 million Polygon (MATIC) valued at $1.27 million, and 3.006 million Decentraland (MANA) worth about $1.1 million.
Voyager’s Bankruptcy Woes
– Voyager is selling off its assets as it faces bankruptcy troubles.
– The company filed for Chapter 11 bankruptcy protection in July last year due to a default on loans from crypto hedge fund Three Arrows Capital.
– In March, Voyager received court approval to sell its assets to Binance.US, but the deal fell through the following month due to regulatory uncertainties in the US.
Hot Take: Voyager’s Desperate Measures
Voyager’s decision to liquidate its assets, including a significant amount of SHIB, reflects the desperate measures the company is taking to address its bankruptcy situation. The sale on Coinbase indicates Voyager’s urgency to generate funds and repay its creditors. However, with the uncertain regulatory landscape in the US, Voyager’s path to recovery remains uncertain. As the company navigates through its bankruptcy process, it will be interesting to see how it manages to stabilize its operations and regain trust from its customers.
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