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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. In keeping with on-chain knowledge, 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 property because the starting of the yr. 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, had been despatched to separate wallets. One other 250 billion SHIB valued at $2.7 million was then despatched to Coinbase.
On-chain knowledge additionally exhibits that Voyager has been transferring all its token holdings to its major tackle. This seemingly means the corporate is consolidating its crypto property earlier than transferring 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 transferring all remaining tokens to the primary tackle. There are at present about $81.63 million value of cryptocurrency in Voyager addresses.…
— Wu Blockchain (@WuBlockchain) August 12, 2023
Wanting To Pay Pack Prospects
Voyager’s purpose is to finally reimburse all buyer accounts, not less than 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 corporate, nevertheless, obtained courtroom approval in Could 2023 to start winding down its operations and begin repaying prospects a portion of their crypto property that’s been locked for over a yr.
In keeping with courtroom filings, Voyager had solely about $630 million to pay again $1.8 billion in buyer claims. Because of this, Voyager customers may solely declare 35.72% of their tokens. They may 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, knowledge from Arkham Intelligence confirmed 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 property into one tackle earlier than promoting them. In keeping with Arkham Intel, there may be at present 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 may sign promoting strain is on the best way 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 at present on a roll and is up by 15.55% in a 7-day timeframe. ETH, then again, is at present ranging round $1,850 after the ETH ecosystem reached a milestone just lately with the variety of non-zero addresses reaching a brand new all-time excessive.
Featured picture from Forex.com, chart from Tradingview.com
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