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Bankrupt cryptocurrency lender Voyager Digital transferred 1,500 Ether (ETH), valued at approximately $2.77 million, along with an additional 250 billion Shiba Inu (SHIB), estimated at around $2.7 million, to crypto exchange Coinbase on Aug. 11, as reported by Etherscan.
The reason behind these transactions has sparked speculation within the wider crypto community. One theory proposes a potential sell-off, considering that the transfers have reduced the troubled crypto lender’s wallet assets to $81.63 million in digital currencies.
The transactions took place at one-hour intervals, according to Etherscan. The sudden movement of the tokens has led to discussions about a possible liquidation. However, some sources indicate that Voyager is consolidating all tokens from various addresses into a single primary address.
Screenshot of the transfers from Voyager to Coinbase. Source: Etherscan
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The speculation regarding a sell-off is further bolstered by Voyager’s ongoing reduction of its SHIB holdings since the beginning of 2023. In February, the company carried out transfers totaling nearly $10 million in digital assets to several cryptocurrency exchanges within a single day.
The tokens transferred include 270 billion SHIB, valued at $3.2 million; 4.9 million Voyager Token (VGX), worth $2.1 million; 3,050 ETH, estimated at $3 million; and 221,000 Chainlink (LINK), valued at $1.5 million.
Related: Voyager customers targeted by scammers during 30-day withdrawal period: Report
Following the court-approved acquisition of the lender’s assets by Binance.US, blockchain analysis platform Lookonchain revealed that Voyager liquidated digital assets exceeding $56 million across three cryptocurrency exchanges. About three months later, the insolvent exchange conducted various transactions involving the transfer of approximately 350 billion SHIB tokens.
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