Beleaguered crypto lender Voyager is selling troves from its Shiba Inu (SHIB) holdings as it liquidates millions worth of crypto assets on US-based digital asset exchange Coinbase.
Data from the blockchain analytics platform Lookonchain shows that Voyager has sold 49 different tokens on Coinbase in the past few days for an amount of approximately $63 million.
Shiba Inu makes up nearly 23% of total sales as Voyager liquidated nearly 1.4 trillion SHIB, worth $14.4 million. The crypto asset is currently worth $0.0000093, down more than 9% in the past 24 hours.
Voyager also liquidated 781 Bitcoin (BTC) and 9,570 Ethereum (ETH) worth $22.97 million and $17.64 million respectively.
The embattled company also unloaded 234,660 Chainlink (LINK) worth $1.74 million, 1.86 million Polygon (MATIC) worth $1.27 million, and 3.006 million Decentraland (MANA) worth about $1.1 million.
Voyager sells its assets amid bankruptcy troubles. The company filed for Chapter 11 bankruptcy protection last July after one of its largest clients, crypto hedge fund Three Arrows Capital (3AC), defaulted on its loans worth about $650 million.
In March, a bankruptcy court ruled that Voyager could sell its assets to the US arm of crypto exchange Binance. The company had hoped the sale would allow its clients to recover 73% of their assets at the time, but Binance.US canceled the asset purchase agreement the following month due to regulatory uncertainties in the US.
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