Voyager Digital, once a prominent crypto lender, has initiated a large-scale liquidation on Coinbase
Voyager's current asset holdings remain substantial at $11.3M, which includes 52.4 million VGX worth $8.27M and 55 BTC valued at $1.62M among other assets.This sell-off occurs against a backdrop of considerable financial turmoil in the crypto industry and Voyager's struggles, in particular. In July,filed for Chapter 11 bankruptcy protection, citing volatility in the crypto market and a significant default by crypto hedge fund Three Arrows Capital.
The firm's effort to sell its assets to the now-defunct FTX for $1.42 billion fell through, followed by a second failed attempt when Binance.US retracted its $1.3 billion offer. Despite the bleak circumstances, Voyager continues to fulfill its obligations as it liquidates assets to pay back its customers. In May, it predicted that it could recover roughly 35% of customers' deposits.
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