More Selling? Bankrupt Voyager Sends Millions In SHIB And ETH To Coinbase
August 12 2023 - 5:00PM
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Voyager Digital has been busy in recent months as it looks to sell
its remaining crypto holdings on centralized exchanges. In its
latest move, the bankrupt crypto brokerage has transferred millions
in SHIB and ETH to Coinbase. According to on-chain data, Voyager
moved SHIB and ETH tokens to Coinbase’s ledger on Friday, August
11. Millions In SHIB And ETH Transferred To Coinbase By Voyager
Voyager has been selling off assets since the beginning of the
year. Specifically, the latest on-chain transactions show that
Voyager moved a total of $5.5 million in crypto to Coinbase. The
transactions consisted of 1,500 ETH sent in two transactions.
Related Reading: Did XRP Price Really Hit $50 On Gemini Exchange?
Before being moved to Coinbase, 1,000 ETH and 500 ETH, with a
combined value of $2.77 million, were sent to separate wallets.
Another 250 billion SHIB valued at $2.7 million was then sent to
Coinbase. On-chain data also shows that Voyager has been
moving all its token holdings to its primary address. This likely
means the company is consolidating its crypto assets before moving
them to crypto exchanges. Bankrupt crypto firm Voyager transferred
1,500 ETH ($2.77 million) and 250 billion SHIB ($2.7 million) to
Coinbase. Additionally, Voyager is moving all remaining tokens to
the main address. There are currently about $81.63 million worth of
cryptocurrency in Voyager addresses.… — Wu Blockchain
(@WuBlockchain) August 12, 2023 Looking To Pay Pack Customers
Voyager’s goal is to eventually reimburse all customer accounts, at
least partially. The firm went bankrupt last year after the failure
of crypto hedge fund Three Arrows Capital which failed to repay its
$665 million Voyager loan. The company, however, received court
approval in May 2023 to begin winding down its operations and start
repaying customers a portion of their crypto assets that’s been
locked for over a year. According to court filings, Voyager had
only about $630 million to pay back $1.8 billion in customer
claims. As a result, Voyager users could only claim 35.72% of their
tokens. They could either withdraw their claims immediately or
choose to wait for 30 days to be paid in USD after Voyager sells
the tokens. VGX prices tanks as bankruptcy proceedings
continue | Source: VGXUSDT on Tradingview.com At the time,
data from Arkham Intelligence showed that Voyager had $268 million
in ETH, $236 million in USDC, and $77 million in SHIB. But now that
the time for customer claims is over, Voyager seems to be
consolidating its remaining assets into one address before selling
them. According to Arkham Intel, there is currently about $81.63
million worth of cryptocurrency left in Voyager addresses. What
This Means For SHIB And ETH Prices The recent transfers of millions
of dollars in SHIB and ETH tokens from Voyager Digital to Coinbase
could signal selling pressure is on the way for the two
cryptocurrencies. If Coinbase unloads these tokens onto the open
market, it may drive prices down further as supply outpaces
demand. Related Reading: San Francisco’s SoFi Bank Reveals
Significant Holdings In BTC, ETH, And DOGE SHIB is currently on a
roll and is up by 15.55% in a 7-day timeframe. ETH, on the other
hand, is currently ranging around $1,850 after the ETH ecosystem
reached a milestone recently with the number of non-zero addresses
reaching a new all-time high. Featured image from Currency.com,
chart from Tradingview.com
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