More Selling? Bankrupt Voyager Sends Millions In SHIB And ETH To Coinbase
Voyager Digital has been actively engaged in selling off its remaining cryptocurrency assets on centralized exchanges in the past few months. In its most recent development, the insolvent crypto brokerage has transferred a substantial amount of SHIB and ETH tokens to Coinbase. Based on data from blockchain records, Voyager executed the transfer of these tokens to Coinbase's ledger on Friday, August 11th.
Voyager has been divesting its assets since the start of the year. To be more precise, the most recent on-chain activities indicate that Voyager transferred a sum of $5.5 million in cryptocurrency to Coinbase. The transfers comprised of two transactions, with a total of 1,500 ETH being sent.
Prior to being transferred to Coinbase, two wallets received 1,000 ETH and 500 ETH, totaling up to a value of $2.77 million. Additionally, an amount of 250 billion SHIB, equivalent to $2.7 million, was subsequently sent to Coinbase.
According to the information available on the blockchain, Voyager has been transferring all of its token assets to its main address. This suggests that the company aims to centralize its cryptocurrency holdings before eventually shifting them to cryptocurrency exchanges.
Financially insolvent cryptocurrency company Voyager has recently conducted a transaction in which it transferred 1,500 ETH, equivalent to $2.77 million, and 250 billion SHIB, amounting to $2.7 million, to the renowned cryptocurrency exchange Coinbase. Furthermore, Voyager is in the process of relocating all the remaining tokens to its primary address. Currently, the cumulative value of cryptocurrency held in Voyager addresses is estimated to be approximately $81.63 million.
— The Twitter account Wu Blockchain (@WuBlockchain) made this statement on August 12, 2023.
Paying Back Customers
Voyager aims to eventually refund all customer accounts, even if it's just a partial reimbursement. The company faced bankruptcy last year due to the collapse of Three Arrows Capital, a cryptocurrency hedge fund that failed to repay a $665 million loan to Voyager. Nevertheless, Voyager obtained court approval in May 2023 to commence the process of gradually winding down its operations and returning a portion of customers' locked crypto assets, which have been inaccessible for more than a year.
Based on legal documents, Voyager had a total of approximately $630 million to reimburse its customers' claims, which amounted to $1.8 billion. Consequently, users of Voyager were only able to retrieve 35.72% of their tokens. They had the option to either promptly withdraw their claims or opt for a 30-day waiting period to receive payment in USD once Voyager sells the tokens.
Previously, Arkham Intelligence's data revealed that Voyager possessed $268 million worth of ETH, $236 million worth of USDC, and $77 million worth of SHIB. However, as the period for customers to make claims has passed, Voyager appears to be gathering its remaining assets and merging them into a single address for subsequent sale. As per Arkham Intel's current information, there is approximately $81.63 million worth of cryptocurrency remaining in Voyager addresses.
Impact On SHIB & ETH Prices
The recent movement of large amounts of money in SHIB and ETH tokens from Voyager Digital to Coinbase might indicate that there could be a possible decrease in demand for these two cryptocurrencies. If Coinbase decides to sell these tokens on the open market, it could result in a further decline in prices as the supply exceeds the demand.
SHIB is currently experiencing a successful streak and has surged up by 15.55% within a span of 7 days. Conversely, ETH is presently fluctuating around $1,850 following a recent achievement in the ETH community, where the count of non-zero addresses reached an unprecedented peak.
The main picture in this blog post is sourced from Currency.com, while the chart displayed can be found on Tradingview.com.
