Saturday, June 15, 2024

Extra Promoting? Bankrupt Voyager Sends Thousands and thousands In SHIB And ETH To Coinbase

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Voyager Digital has been busy in current months because it appears to promote its remaining crypto holdings on centralized exchanges. In its newest transfer, the bankrupt crypto brokerage has transferred thousands and thousands in SHIB and ETH to Coinbase. In line with on-chain knowledge, Voyager moved SHIB and ETH tokens to Coinbase’s ledger on Friday, August 11.

Thousands and 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 newest 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 knowledge additionally exhibits that Voyager has been shifting all its token holdings to its main deal with. This probably means the corporate is consolidating its crypto belongings earlier than shifting them to crypto exchanges.

Wanting To Pay Pack Clients

Voyager’s aim is to ultimately reimburse all buyer accounts, a minimum of 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, acquired courtroom 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 line with courtroom filings, Voyager had solely about $630 million to pay again $1.8 billion in buyer claims. Because of this, Voyager customers may 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 

On the time, knowledge from Arkham Intelligence confirmed 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 deal with earlier than promoting them. In line with Arkham Intel, there may be at the moment about $81.63 million value of cryptocurrency left in Voyager addresses.

What This Means For SHIB And ETH Costs

The current transfers of thousands and thousands of {dollars} in SHIB and ETH tokens from Voyager Digital to Coinbase may sign promoting stress is on the way in which 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 not too long ago with the variety of non-zero addresses reaching a brand new all-time excessive.

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