Bankrupt cryptocurrency lender Voyager Digital has reportedly transferred 1,500 Ether (ETH), valued at around $2.77 million, along with an additional 250 billion Shiba Inu (SHIB) tokens, equivalent to about $2.7 million, to cryptocurrency exchange Coin base on August 11.
The purpose behind this transaction has triggered speculation within the broader cryptocurrency community. One prevailing theory is that the transfers could signal a sell-off, given that these movements have significantly reduced Voyager's wallet holdings to a total of $81.6 3 million.
Etherscan data shows that these types of transfers have been occurring on an hourly basis. The sudden and frequent movement of tokens has led to discussions about the potential for liquidation. On the other hand, some sources suggest that Voyager might be consolidating tokens from various addresses into one primary address. The company has been offloading its SHIB assets since early 2023, further fueling speculation about a potential sell-off. In February, Voyager had moved nearly $10 million worth of digital assets across multiple cryptocurrencies exchanges in a single day.
The transferred tokens encompass a variety of assets, including 270 billion SHIB valued at around $3.2 million, 4.9 million Voyager Tokens (VGX) worth $2.1 million, 3,050 ETH valued at $3 million, and 221,000 Chainlink tokens, equivalent to approximately $1.5 million. This move comes after Binance.US acquired the lender's assets through court approval. A blockchain analytics platform, Lookonchain, revealed that Voyager had liquidated over $56 million in digital assets across three different cryptocurrency exchanges. Several months Later, the struggling exchange carried out multiple transactions involving the Transfer of roughly 350 billion SHIB tokens.
