Voyager Digital is beginning to cash out U.S. dollars received from the sale of Shiba Inu SHIB/USD, Ether ETH/USD, and the Voyager Token VGX/USD.
The assets were sent to the bankrupt cryptocurrency lender, according to on-chain data.
Last month, $610 million worth of USD Coin USDC/USD was sent to two different addresses belonging to Voyager.
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Voyager has now sent $150 million worth of USD Coin to Circle to be redeemed for US dollars.
The transfer comes after Voyager’s sales have been quieter over the past three weeks.
Voyager has begun cashing out its USDC in fiat, redeeming $150 million through Circle’s service, according to crypto intelligence service Arkham.
The funds have been transferred to Circle but have not yet been burned.
Voyager has been selling its assets since February, and they have received 606 million USDC in the last five weeks. This leaves Voyager holding about $546 million USDC.
Despite Voyager’s liquidation of its crypto assets, the bankrupt cryptocurrency lender’s addresses still hold $151.22 million in ETH, $49.53 million in VGX, and $41.4 million in Shiba Inu.
Since starting the liquidation process of all crypto assets, Voyager has sent a list of 50 different crypto assets to exchanges, including:
- ETH ($181.74 million)
- SHIB ($67.54 million)
- VGX ($28.82 million).
The acquisition of Voyager’s assets by Binance.US has been put on hold once again.
The renewed suspension of the deal by a U.S. federal court is intended to give the U.S. government more time to review the legality of the deal, following Binance’s lawsuit by the U.S. Commodity Futures Trading Commission (CFTC) on Monday.
At the time of writing, Shiba Inu was trading at $0.00001075.
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Disclosure: Benzinga CEO Jason Raznick is a member of the unsecured creditor committee in the Voyager Digital bankruptcy case.