As on-chain data shows, Voyager Digital has begun cashing out US dollars that have been flushed into the bankrupt crypto lender’s coffers through the sale of Shiba Inu (SHIB), Ether (ETH) and the Voyager Token (VGX). Last month, $610 million worth of USDC was sent to two different addresses belonging to Voyager.

Of those, Voyager has now sent USDC worth $150 million dollars to Circle to eventually redeem for US dollars, according to on-chain analytics service Lookonchain. The transfer comes after Voyager sales have been quieter over the past three weeks.

Liquidated Shiba Inu Are Converted To USD

Crypto intelligence service Arkham added in a tweet today that Voyager has begun cashing out its USDC in fiat, redeeming $150 million through Circle’s service. The funds have been transferred to Circle, but have not yet been burned. “That day, Coinbase also transferred $150M USDC to Circle, presumably for withdrawal,” Arkham added, showing the transfer overview below.

Citing data from Dune Analytics, Tom Wan, research analyst at 21co, the parent company of 21Shares, noted that Voyager has been selling its assets since February. They have received 606 million USDC in the last 5 weeks. This leaves Voyager holding about $546 million USDC.

However, their holdings of altcoins, such as Shiba Inu and Ethereum, are still significant. As Arkham reported before the pause in Voyager transactions on March 10, the bankrupt crypto lender’s addresses still hold $151.22 million in ETH, $49.53 million in VGX and $41.4 million in Shiba Inu.

Since starting its liquidation process of all crypto assets, Voyager has sent a list of 50 different crypto assets to exchanges, according to Arkham. The largest were ETH ($181.74 million), SHIB ($67.54 million) and VGX ($28.82 million).

Binance.US and Voyager Acquisition Deal Put On Hold

The latest transfers of Voyager must also be viewed in light of Binance.US’s acquisition of the assets, which has once again been put on hold. Although bankruptcy judge Michael Wiles has given the go-ahead for the $1.3 billion takeover of the assets, the tug-of-war over the deal continues.

The renewed suspension of the deal by a US federal court is intended to give the US government more time to review the legality of the deal, US District Judge Jennifer Rearden justified the move. The move comes after Binance was sued by the US Commodity Futures Trading Commission (CFTC) in a separate lawsuit on Monday.

At press time, the Shiba Inu price was trading at $0.00001076, trying another breakout attempt from the downtrend that persists since early-February. The $0.00001122 mark will be crucial to confirm the breakout.