- August 13, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The motive behind the transactions has triggered speculation within the broader crypto community.
Bankrupt cryptocurrency lender Voyager Digital transferred 1,500 Ether (ETH), worth around $2.77 million and an additional 250 billion Shiba Inu (SHIB), worth roughly $2.7 million, to crypto exchange Coinbase on Aug.11, according to Etherscan.
The motive behind the transactions has triggered speculation within the broader crypto community. One theory suggests a probable sell-off, given that the transfers have diminished the distressed crypto lender’s wallet holdings to $81.63 million of digital assets.
The transactions occurred at one-hour intervals, according to Etherscan. The abrupt movement of the tokens has triggered discussions regarding a possible liquidation. However, some sources say that Voyager is consolidating all tokens from various addresses into a primary address.
The speculation of a sell-off is further supported by Voyager’s ongoing divestment of its SHIB holdings since the start of 2023. In February, the company executed transfers of nearly $10 million worth of digital assets to multiple cryptocurrency exchanges in a single day.
The tokens moved include 270 billion SHIB, worth $3.2 million; 4.9 million Voyager Token (VGX), worth $2.1 million; 3,050 ETH, worth $3 million; and 221,000 Chainlink (LINK), worth $1.5 million.
Related: Voyager customers targeted by scammers during 30-day withdrawal period: Report
Following Binance U.S.’s court-sanctioned acquisition of the lender’s assets, blockchain analysis platform Lookonchain disclosed that Voyager liquidated digital holdings exceeding $56 million across three cryptocurrency exchanges. Approximately three months later, the insolvent exchange engaged in various transactions involving the transfer of around 350 billion Shiba Inu tokens.
The substantial SHIB transfer to Coinbase appears to have a relatively modest effect on community sentiment regarding potential sell-offs and their consequences.
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