Arkham Intel report Voyager also reported that Coinbase had transferred $150 million in USDC to Circle, initiating the conversion of USDC holdings into fiat currency by redeeming $150 million via Circle’s services. I’m here.
gm
Voyager redeemed $150 million through Circle’s service and began cashing out USDC into fiat.
The funds have since been transferred to Circle, but have not yet been burned.
Coinbase also transferred 150 million USDC to Circle that day. pic.twitter.com/xfjz5EA1b0
— Arkham (@ArkhamIntel) March 29, 2023
The move comes on the heels of an ongoing battle over Voyager’s restructuring plans, including a proposed takeover of the company by Binance, and in recent weeks the near-collapse of USDC has been triggered by three deals into the stablecoin market. It also includes many variations of A traditional US bank.
It’s been about 14 days since USDC lost its USD peg due to the SBV crisis. After that, it underwent a major facelift, diverting many cryptocurrency users from his USDC to alternative stablecoins.
Voyager Trouble
Voyager, a private hedge fund founded in 2018, entered liquidation in July 2022 after being exposed to outstanding loans totaling $666 million from Singapore-based Three Arrows Capital.
After the bankruptcy of FTX, Binance’s $1 billion takeover offer ran into regulatory hurdles. The SEC said Binance was unable to provide specific information to authorize the sale.
This is despite overwhelming support from Voyager account holders, with 97% of them voting in favor of Binance’s proposal. restructuring plan In December of last year, account holders would have recovered approximately 73% of the funds remaining in their balances.
A post about Voyager converting $150 million USDC into fiat currency through Circle first appeared on CryptoSlate.
