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 hundreds of thousands in SHIB and ETH to Coinbase. According to on-chain information, Voyager moved SHIB and ETH tokens to Coinbase’s ledger on Friday, August 11.
Millions In SHIB And ETH Transferred To Coinbase By Voyager
Voyager has been promoting off belongings because the starting of the yr. Specifically, 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.
Before being moved to Coinbase, 1,000 ETH and 500 ETH, with a mixed worth of $2.77 million, have been despatched to separate wallets. Another 250 billion SHIB valued at $2.7 million was then despatched to Coinbase.
On-chain information additionally exhibits that Voyager has been shifting all its token holdings to its major handle. This doubtless 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. Additionally, Voyager is shifting all remaining tokens to the principle handle. There are presently about $81.63 million price of cryptocurrency in Voyager addresses.…
— Wu Blockchain (@WuBlockchain) August 12, 2023
Looking To Pay Pack Customers
Voyager’s purpose 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 firm, nonetheless, acquired courtroom approval in May 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.
According to courtroom filings, Voyager had solely about $630 million to pay again $1.8 billion in buyer claims. As a end result, 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.
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At the time, information from Arkham Intelligence showed that Voyager had $268 million in ETH, $236 million in USDC, and $77 million in SHIB. But now that the time for buyer claims is over, Voyager appears to be consolidating its remaining belongings into one handle earlier than promoting them. According to Arkham Intel, there may be currently about $81.63 million price of cryptocurrency left in Voyager addresses.
What This Means For SHIB And ETH Prices
The latest transfers of hundreds of thousands of {dollars} in SHIB and ETH tokens from Voyager Digital to Coinbase might sign promoting strain 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 currently on a roll and is up by 15.55% in a 7-day timeframe. ETH, then again, is presently 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 Currency.com, chart from Tradingview.com
