Voyager Digital, the cryptocurrency lender that recently filed for bankruptcy, has made significant token transfers raising eyebrows within the crypto sphere.
On August 11th, according to Etherscan, the company sent 1,500 Ether (ETH) valued at approximately $2.77 million and a staggering 250 billion Shiba Inu (SHIB) tokens worth about $2.7 million to Coinbase, a renowned crypto exchange.
The intention behind these sizeable transactions has ignited a wave of speculation throughout the cryptocurrency community.
One prevailing theory suggests the likelihood of a massive sell-off, stemming from the fact that these transfers have significantly depleted Voyager’s distressed wallet holdings to a mere $81.63 million in digital assets.
Notably, these transfers were executed at precise one-hour intervals, as recorded by Etherscan. This sudden movement of tokens has prompted intense discussions about the potential initiation of a liquidation process.
However, insider sources have countered these notions, asserting that Voyager is simply consolidating its tokens from various addresses into a central primary address for streamlined management.
The prevailing conjecture of an imminent sell-off gains traction from Voyager’s ongoing pattern of divestment in SHIB holdings since the commencement of 2023.
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A telling instance occurred in February when the company orchestrated a series of transfers totaling nearly $10 million worth of digital assets across several cryptocurrency exchanges in a single day.
These transfers encompassed an assortment of tokens, including 270 billion SHIB tokens valued at $3.2 million, 4.9 million Voyager Tokens (VGX) amounting to $2.1 million, 3,050 ETH equating to $3 million, and 221,000 Chainlink (LINK) tokens with a valuation of $1.5 million.
The context surrounding Voyager’s financial state is further accentuated by the backdrop of Binance.US’s legally sanctioned acquisition of the lender’s assets.
Blockchain analytics platform Lookonchain divulged that Voyager had liquidated an aggregate of over $56 million in digital holdings across three distinct cryptocurrency exchanges.
A mere three months later, the insolvent exchange continued its involvement in an intricate web of transactions, transferring approximately 350 billion SHIB tokens.
In summation, the recent movement of a significant volume of tokens by Voyager Digital, coupled with its prior divestment activities and the broader context of its financial status, has spurred vigorous speculation within the cryptocurrency domain.
The community keenly observes these developments for insights into the future trajectory of both Voyager Digital and the cryptocurrency market as a whole.
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