Voyager Proceeds To Collect $150 Million Cash Through Circle
- Voyager has begun the process of turning its USDC assets into fiat money by redeeming $150 million using Circle’s service.
- That comes as Voyager account holders continue to push for a reorganization proposal in which Binance will reclaim the majority of user accounts.
- Currently, Voyager’s deal with Binance is suspended by a US federal judge.
Voyager has started to convert its USDC to fiat currency, redeeming $150 million using Circle’s service.
Arkham Intel said that Voyager has begun turning its USDC assets into fiat currency by redeeming $150 million using Circle’s service and that Coinbase has also transferred $150 million in USDC to Circle.
The action follows Voyager’s protracted struggle over its restructuring plan, including Binance’s proposal to buy the firm, as well as significant changes to the stablecoin market in recent weeks, including the near-collapse of USDC due to a run on three conventional US banks.
The USDC has been devalued by the SBV crisis for about 2 weeks. Significant reshuffling occurred, with many crypto users shifting their emphasis away from USDC and toward other stablecoins.
As Coincu reported, a federal judge has allowed the US government’s plea to temporarily delay Voyager’s bankruptcy plan, putting the crypto lender’s planned sale to Binance.US on hold.
District Judge Jennifer Rearden of the United States District Court for the Southern District of New York granted the DOJ’s request for a stay of proceedings pending an appeal of the transaction, which had previously been approved by a bankruptcy court. The transaction has been blocked until the appeal is determined in the US judicial system.
The court concluded that authorities such as the Securities and Exchange Commission (SEC) and the US Trustee’s office had failed to make a strong case for postponing the sales and that its responsibility was to accelerate the bankruptcy process so that Voyager got their money as soon as.
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