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More Selling? Bankrupt Voyager Sends Millions In SHIB And ETH To Coinbase

By Orbit Brain

More Selling? Bankrupt Voyager Sends Millions In SHIB And ETH To Coinbase

More Selling? Bankrupt Voyager Sends Millions In SHIB And ETH To Coinbase

Voyager Digital has been busy in latest months because it seems to be to promote its remaining crypto holdings on centralized exchanges. In its newest transfer, the bankrupt crypto brokerage has transferred hundreds of thousands in SHIB and ETH to Coinbase. In line with on-chain knowledge, Voyager moved SHIB and ETH tokens to Coinbase’s ledger on Friday, August 11.

Tens of millions In SHIB And ETH Transferred To Coinbase By Voyager

Voyager has been promoting off belongings because the starting of the yr. Particularly, the newest on-chain transactions present that Voyager moved a complete of $5.5 million in crypto to Coinbase. The transactions consisted of 1,500 ETH despatched in two transactions. 

Earlier than being moved to Coinbase, 1,000 ETH and 500 ETH, with a mixed worth of $2.77 million, had been despatched to separate wallets. One other 250 billion SHIB valued at $2.7 million was then despatched to Coinbase. 

On-chain knowledge additionally exhibits that Voyager has been transferring all its token holdings to its major handle. This seemingly means the corporate is consolidating its crypto belongings earlier than transferring them to crypto exchanges.

Trying To Pay Pack Prospects

Voyager’s objective is to finally reimburse all buyer accounts, at the very least partially. The agency went bankrupt final yr after the failure of crypto hedge fund Three Arrows Capital which did not repay its $665 million Voyager mortgage. The corporate, nevertheless, obtained courtroom approval in Could 2023 to start winding down its operations and begin repaying clients a portion of their crypto belongings that’s been locked for over a yr.

In line with courtroom filings, Voyager had solely about $630 million to pay again $1.eight billion in buyer claims. Because of this, Voyager customers may solely declare 35.72% of their tokens. They might both withdraw their claims instantly or select to attend for 30 days to be paid in USD after Voyager sells the tokens. 

VGX costs tanks as chapter proceedings proceed | Supply: VGXUSDT on Tradingview.com 

On the time, knowledge from Arkham Intelligence showed that Voyager had $268 million in ETH, $236 million in USDC, and $77 million in SHIB. However now that the time for buyer claims is over, Voyager appears to be consolidating its remaining belongings into one handle earlier than promoting them. In line with Arkham Intel, there’s currently about $81.63 million value of cryptocurrency left in Voyager addresses.

What This Means For SHIB And ETH Costs

The latest transfers of hundreds of thousands of {dollars} in SHIB and ETH tokens from Voyager Digital to Coinbase may sign promoting strain is on the best way for the 2 cryptocurrencies. If Coinbase unloads these tokens onto the open market, it could drive costs down additional as provide outpaces demand. 

SHIB is at the moment on a roll and is up by 15.55% in a 7-day timeframe. ETH, then again, is at the moment ranging round $1,850 after the ETH ecosystem reached a milestone just lately with the variety of non-zero addresses reaching a brand new all-time excessive.

Featured picture from Foreign money.com, chart from Tradingview.com

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