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Voyager Sends $85M USDC to Circle in Bankruptcy Proceedings

• Voyager sends $85 million worth of USD Coin (USDC) to Circle
• Voyager has been selling assets on Coinbase and holds around $11.3 million worth of assets
• Binance attempted to purchase the assets of the crypto lender for a price of $1.3 billion, but later backed out due to regulatory uncertainties

Voyager Sends USDC To Circle Amid Bankruptcy

Voyager, a bankrupt crypto lender, has deposited $85 million worth of the stablecoin USD Coin (USDC) with Circle. This comes as part of their bankruptcy proceedings. Blockchain tracker Lookonchain states that Voyager has been selling assets on Coinbase and has received $84.5 million in total from the exchange in USDC.

Assets Held By Voyager

The remaining assets held by Voyager are reportedly worth around $11.3 million. This includes about $8.27 million of its native token VGX, as well as other cryptocurrencies such as Bitcoin (BTC), Kyber Network (KNC), Fantom (FTM), StormX (STMX), Gala (GALA). In addition, it also holds smaller amounts of other digital assets totaling up to around $526,000 combined.

Background Of The Bankruptcy

Voyager went bankrupt in 2022 after Three Arrows Capital failed to pay back a loan amounting to hundreds of millions of dollars owed to them at the time. Earlier this year, Binance’s US subsidiary decided to attempt acquisition for the struggling crypto lender for a price tag of $1.3 billion, However due to regulatory uncertainties present in the US market, this plan was eventually scrapped by Binance itself.

VGX Price Movement

At the time of writing VGX is trading at around 0.15$ per token and is ranked 439th in terms cryptocurrency market capitalization tables according to data gathered from Coinmarketcap . While it does show an overall decrease from its 24 hour high , it still remains moderately resilient against bearish pressure amidst its bankruptcy proceedings .


This situation further highlights how uncertain and difficult dealing with legal matters can be within an unregulated industry such as cryptocurrency . It will be interesting to see what happens with both Binance’s proposal and Voyager’s case going forward .