Voyager Digital Sells Crypto On Coinbase, But Here’s The Problem

  • Voyager is selling its crypto assets via Coinbase.
  • VGX plunges as buyers continue to avoid the alt.

According to on-chain analyst lookonchainBankrupt crypto exchange Voyager Digital has been selling its crypto assets through the Coinbase exchange since Feb.

Data collected by Lookonchain revealed that Voyager received $100 million in USDC from Coinbase in the last three days.

Since the sale began on Valentine’s Day, Voyager has moved a wide range of crypto assets, from leading altcoin Ethereum (ETH) to others with smaller market caps.

Read the Voyager (VGX) 2023-2024 price prediction

According to Lookonchain, despite the liquidation, Voyager continues to hold crypto assets worth more than $600 million, made up mostly of Ether tokens.

SEC Says No to Binance Asset Sale Proposal

Amid the crypto sell-off, the U.S. Securities and Exchange Commission (SEC) moved to block the already approved sale of Voyager assets to cryptocurrency exchange Binance.

According to the regulator, the objection was dismissed because certain elements of the proposed asset restructuring may violate securities regulations in the United States.

traveler obtained approval from a bankruptcy court to sell its assets to Binance.US for approximately $1.022 billion. The American cryptocurrency exchange won the sale in December 2022, with Voyager’s expenses being covered by up to $15 million.

According to the court deposit made by the SEC on Feb. 22, opposing the proposed sale, the regulator claimed that the settlement and the debtors’ disclosure plan did not provide sufficient information about the security assets held on the Binance.US platform.

The Commission also argued that the planned purchase did not include details on whether third parties would have access to customers’ wallets or control over anyone with such access, nor did it describe the security measures in place to prevent assets being transferred to the platform.

Furthermore, the SEC said that the disclosure statement did not take into account the potential impact of regulatory actions on Binance.US and its customers’ ability to trade cryptocurrencies on the platform.

This move has brought to the fore potential concerns about the transparency and security of cryptographic transactions, especially in light of the recent controversies surrounding binance and its founder Changpeng Zhao.

Is your portfolio green? Check out the VGX Profit Calculator

Many are betting against VGX

At press time, VGX has changed hands at $0.4339. According to CoinMarketCap, in the last week, the value of the alt has dropped by 14%.

An assessment of its performance on a daily chart revealed an increase in token selling since early February. As of this writing, the key momentum indicators remain below their respective neutral lines.

VGX’s Relative Strength Index (RSI) was 42. Its Money Flow Index (MFI), also trending down, was pegged at 43.

With very little VGX accumulation going on, your Chaikin Money Flow (CMF) has returned a negative value of -0.45 at press time. This suggested that selling pressure significantly exceeded buying.

Leave a Comment