Extra Promoting? Bankrupt Voyager Sends Hundreds of thousands In SHIB And ETH To Coinbase

Voyager Digital has been busy in latest months because it seems to be to promote its remaining crypto holdings on centralized exchanges. In its newest transfer, the bankrupt crypto brokerage has transferred tens of millions in SHIB and ETH to Coinbase. Based on on-chain information, Voyager moved SHIB and ETH tokens to Coinbase’s ledger on Friday, August 11.

Hundreds of thousands In SHIB And ETH Transferred To Coinbase By Voyager

Voyager has been promoting off belongings for the reason that 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, have been despatched to separate wallets. One other 250 billion SHIB valued at $2.7 million was then despatched to Coinbase. 

On-chain information additionally reveals 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.

Bankrupt crypto agency Voyager transferred 1,500 ETH ($2.77 million) and 250 billion SHIB ($2.7 million) to Coinbase. Moreover, Voyager is shifting all remaining tokens to the primary deal with. There are at present about $81.63 million value of cryptocurrency in Voyager addresses.…

— Wu Blockchain (@WuBlockchain) August 12, 2023

Wanting To Pay Pack Clients

Voyager’s aim is to ultimately reimburse all buyer accounts, not less than partially. The agency went bankrupt final 12 months after the failure of crypto hedge fund Three Arrows Capital which did not repay its $665 million Voyager mortgage. The corporate, nonetheless, acquired court docket approval in Could 2023 to start winding down its operations and begin repaying clients a portion of their crypto belongings that’s been locked for over a 12 months.

Based on court docket filings, Voyager had solely about $630 million to pay again $1.eight billion in buyer claims. Consequently, 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. 

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

On the time, information 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 belongings into one deal with earlier than promoting them. Based on 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 latest transfers of tens of millions of {dollars} in SHIB and ETH tokens from Voyager Digital to Coinbase might sign promoting strain 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 currently on a roll and is up by 15.55% in a 7-day timeframe. ETH, alternatively, is at present ranging round $1,850 after the ETH ecosystem reached a milestone recently with the variety of non-zero addresses reaching a brand new all-time excessive.

Featured picture from Foreign money.com, chart from Tradingview.com