Bankrupt crypto lender Voyager Digital has moved 1,500 Ether, valued at approximately $2.77 million, along with an additional 250 billion Shiba Inu tokens, roughly worth $2.7 million, to Coinbase exchange on August 11, as per data from Etherscan.
These transfers have sparked speculation within the wider cryptocurrency community. One prevailing theory implies a potential sell-off, given that these transfers have significantly reduced the distressed crypto lender’s wallet balance to $81.63 million in digital assets, media reports said.
These transactions were executed at hourly intervals, according to Etherscan data. The sudden movement of these tokens has spurred discussions about the possibility of liquidation. However, certain sources propose that Voyager might be consolidating tokens from various addresses into a central address.
The conjecture of a sell-off gains further weight from Voyager’s ongoing divestment of its SHIB holdings since the beginning of 2023. In February, the company undertook transfers of nearly $10 million worth of digital assets to multiple cryptocurrency exchanges in a single day.
Among the tokens moved were 270 billion SHIB tokens, valued at $3.2 million; 4.9 million Voyager Token (VGX), worth $2.1 million; 3,050 ETH, valued at $3 million; and 221,000 Chainlink tokens, valued at $1.5 million.
Following Binance.US’s court-approved acquisition of the lender’s assets, blockchain analysis platform Lookonchain revealed that Voyager liquidated digital assets exceeding $56 million across three cryptocurrency exchanges. Around three months later, the insolvent exchange engaged in several transactions involving the transfer of approximately 350 billion SHIB tokens.
