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More Selling? Bankrupt Voyager Sends Millions In SHIB And ETH To Coinbase

More Selling? Bankrupt Voyager Sends Millions In SHIB And ETH To Coinbase

Voyager Digital has been busy in current months because it appears to be like to promote its remaining crypto holdings on centralized exchanges. In its newest transfer, the bankrupt crypto brokerage has transferred hundreds of thousands in SHIB and ETH to Coinbase. In accordance 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 property because the starting of the 12 months. 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, had 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 transferring all its token holdings to its main tackle. This doubtless means the corporate is consolidating its crypto property earlier than transferring them to crypto exchanges.

Wanting To Pay Pack Clients

Voyager’s aim is to finally reimburse all buyer accounts, at the least partially. The agency went bankrupt final 12 months after the failure of crypto hedge fund Three Arrows Capital which didn’t 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 property that’s been locked for over a 12 months.

In accordance with court docket filings, Voyager had solely about $630 million to pay again $1.8 billion in buyer claims. Because of this, Voyager customers might solely declare 35.72% of their tokens. They might both withdraw their claims instantly or select to attend for 30 days to be paid in USD after Voyager sells the tokens. 

Voyager (VGX) token price chart from

VGX costs tanks as chapter proceedings proceed | Supply: VGXUSDT on 

On the time, knowledge 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 property into one tackle earlier than promoting them. In accordance with Arkham Intel, there’s currently about $81.63 million value of cryptocurrency left in Voyager addresses.

What This Means For SHIB And ETH Costs

The current transfers of hundreds of thousands 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 could 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, alternatively, is at the moment ranging round $1,850 after the ETH ecosystem reached a milestone just lately with the variety of non-zero addresses reaching a brand new all-time excessive.

Featured picture from, chart from

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