Voyager Digital is now being considered bankrupt after transferring a large amount of Ether and Shiba Inu worth 2.77 million dollars and 2.7 million dollars respectively to Coinbase. This action took place on Friday, 11th August.
Probable Reasons For Transfer
There is a theory suggesting that a sell-off could be in the offing. This could be a result of the transfers reducing the wallet contents of the crypto lender to 81.63 million dollars worth of digital assets. There could have been high liquidity as well as the transaction was taking place as members of the cryptocurrency community suggest. In fact, Lookonchain made it public that Voyager made high liquidity with digital holdings worth more than 56 million dollars from three cryptocurrency exchange platforms.
The movement of the Shiba Inu tokens started as the year began. Up to nearly 10 million dollars worth of digital assets were moved in February.
Etherscan reports that the transactions were carried out at intervals of an hour. Some of the tokens that were involved in other transactions include Voyager Token and Chain Link.
Voyager’s continued sale of its SHIB shares since the beginning of 2023 lends credence to the rumours of a sell-off. The company transferred roughly $10 million worth of digital assets to various cryptocurrency exchanges in a single day in February.
The tokens transferred include 270 billion SHIB, worth $3.2 million, 4.9 million Voyager Tokens (VGX), worth $2.1 million, 3,050 ETH, worth $3 million, and 221,000 Chainlink, worth $1.5 million.
Sticking with Binance.Blockchain research platform Lookonchain revealed that Voyager liquidated digital holdings totalling more than $56 million across three cryptocurrency exchanges following the US’s court-approved takeover of the lender’s assets. The bankrupt exchange carried out several transactions including the transfer of almost 350 billion SHIB tokens about three months later.