More Selling? Bankrupt Voyager Sends Millions In SHIB And ETH To Coinbase
Voyager Digital has been busy in latest months because it seems to promote its remaining crypto holdings on centralized exchanges. In its newest transfer, the bankrupt crypto brokerage has transferred tens of millions in SHIB and ETH to Coinbase. In keeping with on-chain information, Voyager moved SHIB and ETH tokens to Coinbase’s ledger on Friday, August 11.
Hundreds of thousands In SHIB And ETH Transferred To Coinbase By Voyager
Voyager has been promoting off belongings for the reason that starting of the yr. Particularly, the most recent 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, have been despatched to separate wallets. One other 250 billion SHIB valued at $2.7 million was then despatched to Coinbase.
On-chain information additionally exhibits that Voyager has been shifting all its token holdings to its main handle. This seemingly means the corporate is consolidating its crypto belongings earlier than shifting them to crypto exchanges.
Bankrupt crypto agency Voyager transferred 1,500 ETH ($2.77 million) and 250 billion SHIB ($2.7 million) to Coinbase. Moreover, Voyager is shifting all remaining tokens to the primary handle. There are at the moment about $81.63 million price of cryptocurrency in Voyager addresses.…
— Wu Blockchain (@WuBlockchain) August 12, 2023
Wanting To Pay Pack Prospects
Voyager’s objective is to ultimately reimburse all buyer accounts, not less than 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, nonetheless, obtained court docket approval in Might 2023 to start winding down its operations and begin repaying prospects a portion of their crypto belongings that’s been locked for over a yr.
In keeping with court docket filings, Voyager had solely about $630 million to pay again $1.8 billion in buyer claims. In consequence, Voyager customers might solely declare 35.72% of their tokens. They may 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, information 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 keeping with Arkham Intel, there’s currently about $81.63 million price of cryptocurrency left in Voyager addresses.
What This Means For SHIB And ETH Costs
The latest transfers of tens of millions of {dollars} in SHIB and ETH tokens from Voyager Digital to Coinbase might sign promoting stress is on the best way for the 2 cryptocurrencies. If Coinbase unloads these tokens onto the open market, it might 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 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
