Bankrupt Voyager Sends Millions in SHIB and ETH to Coinbase
Bankrupt Voyager Sends Millions in SHIB and ETH to Coinbase
The Consolidation and Reimbursement Efforts of Voyager Digital in the Blockchain Industry
In recent months, Voyager Digital, a crypto brokerage firm, has been actively involved in consolidating its assets and reimbursing its customers. As part of this process, the company has transferred millions of dollars in SHIB and ETH tokens to Coinbase, one of the leading centralized exchanges in the blockchain industry. These transfers were made on Friday, August 11, according to on-chain data.
Millions In SHIB And ETH Transferred To Coinbase By Voyager
Voyager’s asset-selling journey began earlier this year, and the latest on-chain transactions reveal that a total of $5.5 million in crypto assets were moved to Coinbase. The transactions included the transfer of 1,500 ETH, sent in two separate transactions.
Before these transfers, Voyager sent 1,000 ETH and 500 ETH, totaling $2.77 million, to separate wallets. Additionally, 250 billion SHIB, valued at $2.7 million, was also transferred to Coinbase. Interestingly, Voyager has been consolidating all its token holdings to its primary address, indicating a strategic effort to streamline its crypto assets before further interaction with crypto exchanges.
According to Wu Blockchain, a prominent figure in the blockchain industry, Voyager addresses currently hold approximately $81.63 million worth of cryptocurrency. This staggering figure reflects Voyager’s significant presence in the market, despite its recent financial challenges.
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Looking To Pay Back Customers
Amidst its consolidation efforts, Voyager Digital aims to reimburse its customer accounts, at least partially. The company faced bankruptcy last year due to the default of crypto hedge fund Three Arrows Capital, which failed to repay its $665 million loan to Voyager. However, the firm obtained court approval in May 2023 to initiate the winding down of operations and start repaying its customers with a portion of their locked crypto assets.
Court filings indicate that Voyager possessed around $630 million to address $1.8 billion in customer claims, leaving customers eligible for claiming only 35.72% of their tokens. They have the option to either withdraw their claims immediately or wait for 30 days to receive payment in USD once Voyager sells the tokens.
Voyager’s Remaining Assets and Implications for SHIB and ETH Prices
Before the customer claim period ended, Arkham Intelligence data revealed that Voyager held $268 million in ETH, $236 million in USDC, and $77 million in SHIB. As Voyager consolidates its remaining assets into a single address, the current estimation suggests that approximately $81.63 million worth of cryptocurrency remains in Voyager addresses.
These recent transfers of SHIB and ETH tokens from Voyager to Coinbase could signal an impending selling pressure that might impact the prices of both cryptocurrencies. If Coinbase decides to unload these tokens on the open market, it could potentially drive down prices as the supply surpasses demand.
Currently, SHIB is experiencing a positive trend, with a 15.55% increase over the past seven days. On the other hand, ETH is currently hovering around $1,850, maintaining stability after reaching a significant milestone with the number of non-zero addresses reaching an all-time high in the Ethereum ecosystem.
In conclusion, Voyager Digital’s ongoing efforts to consolidate its assets and reimburse its customers reflect the challenges and dynamics of the blockchain industry. The transfers to Coinbase and the subsequent potential impact on SHIB and ETH prices demonstrate the interconnectedness of market activities and the need for careful analysis and understanding in this fast-paced industry.
