Voyager Digital sells crypto assets on Coinbase, but here’s the catch

  • Voyager sells its crypto assets through Coinbase.
  • VGX drops as buyers continue to shun alt.

According to an on-chain analyst LookonchainBankrupt cryptocurrency broker Voyager Digital has been selling its cryptocurrencies through leading exchange Coinbase since February 14.

Data collected by Lookonchain revealed that Voyager received as much as $100 million 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 Ethereum (ETH) altcoins to other lower-cap altcoins.

Read the 2023-2024 Voyager (VGX) price forecast

According to Lookonchain, despite the sell-off, Voyager still holds over $600 million worth of crypto assets, mostly consisting of Ether tokens.

SEC Says No to Proposed Sale of Binance Assets

In connection with the sale of crypto assets, the US Securities and Exchange Commission (SEC) has decided to block the already approved sale of Voyager assets to the Binance cryptocurrency exchange.

According to the regulator, the objection was made because some elements of the wealth restructuring proposal may violate securities laws in the United States.

Traveler gained bankruptcy court approval to sell its assets to Binance.US for approximately $1.022 billion. The American cryptocurrency exchange won the sale in December 2022, and Voyager’s expenses were covered by up to $15 million.

According to the court sawing filed by the SEC on Feb. 22 opposing the proposed sale, the regulator alleged that the agreement and the debtor disclosure plan did not provide sufficient information about underlying assets held on the Binance.US platform.

The Commission also argued that the proposed purchase did not detail whether third parties would have access to customer portfolios or control over anyone with such access, nor did it describe the security measures put in place to prevent assets being transferred to the platform.

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

The move revealed potential concerns about the transparency and security of crypto transactions, especially in light of the recent controversy surrounding Binance and its founder Changpeng Zhao.

Is your portfolio green? Check out the VGX Profit Calculator

Many bet on VGX

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

Assessing his behavior on the daily chart revealed increased chip selling since early February. At the time of writing, key momentum indicators were trading below their respective neutral lines.

The Relative Strength Index (RSI) of the VGX was 42. The Cash Flow Index (MFI), also in a downtrend, was set at 43.

With very little VGX accumulation, its Chaikin Money Flow (CMF) returned negative -0.45 at the time of publication. This suggested that selling pressure far outweighed buying.

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