Crypto Lender Voyager’s Token Moves Stir Speculation

Voyager Digital has transferred 1,500 Ethereum (ETH) valued at about $2.77 million and 250 billion Shiba Inu (SHIB), equivalent to $2.7 million, to Coinbase.

Based on data from Independent Journalist Colin Wu, the recent token movements have triggered discussions within the wider crypto community.

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

Among the speculations, there’s talk of a potential sell-off due to these transfers, leaving Voyager Digital with only $81.63 million in crypto assets across its wallets.

Interestingly, these transfers occurred an hour apart, according to Etherscan records. The sudden nature of these transactions has sparked conjecture about a possible sell-off. However, some sources suggest that Voyager Digital is currently in the process of consolidating tokens into its main address.

The notion of a sell-off gains further traction considering Voyager Digital’s ongoing trend of selling its SHIB holdings since the start of this year.

Back in February, Voyager Digital moved close to $10 million in digital assets to multiple cryptocurrency exchanges within a single day. Recipient platforms included Binance U.S., Coinbase, and Kraken.

These transferred tokens comprised 270 billion SHIB worth $3.2 million, 4.9 million Voyager Tokens (VGX) valued at $2.1 million, 3,050 ETH worth $3 million, and 221,000 Chainlink (LINK) tokens with a value of $1.5 million. It’s important to note that these valuations were based on the market prices during the transfers.

Subsequent to Binance U.S. gaining court approval for acquiring Voyager Digital’s assets, blockchain analysis firm Lookonchain revealed that Voyager had also divested digital assets valued at over $56 million to three different crypto exchanges. Approximately three months later, the insolvent exchange conducted various transactions involving around 350 billion Shiba Inu tokens.

Despite the significant SHIB transfer to Coinbase, community sentiment appears to be relatively unaffected, possibly due to the token’s surprising 6% surge in the past 24 hours. At the time of writing, Shiba Inu was trading at $0.0000108.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.