Voyager Reportedly Moved $5.5M of ETH and SHIB to Coinbase Amid Bankruptcy Procedures

Cryptocurrency company Voyager has reportedly transferred a significant portion of its holdings to Coinbase as part of its bankruptcy proceedings.

The transferred assets include 1,500 $ETH, valued at approximately $2.77 million, and 250 billion $SHIB, worth around $2.7 million, bringing the total to approximately $5.5 million.

• Overall, $81.63 million worth of cryptocurrency has been identified in Voyager addresses, according to data from ArkhamIntel. The company is consolidating tokens from various wallet addresses into its main one as a strategic move.
• As the company faces financial turbulence, it aims to optimize its assets, and we may expect more significant transfers in the coming weeks.
• Previously, Voyager allowed users to claim and withdraw 35.72% of their token holdings between June 20 and July 5. If customers chose not to withdraw during this period, the firm would sell the tokens after 30 days and compensate them in USD.
• Now that the cryptocurrency claims period has ended, Voyager will sell the remaining tokens and provide compensation in fiat currency.
• Voyager’s selection of Coinbase as its custodial service provider is a strategic decision. The US exchange is renowned for its stringent security measures and extensive experience in the cryptocurrency space, offering Voyager stakeholders a sense of assurance and credibility during uncertain times.
• Given the volatility of the cryptocurrency market, the movements of Voyager and its assets are closely observed by investors and industry experts.
• The results of these transfers and the fate of Voyager’s substantial crypto holdings may serve as precedents for other firms facing challenges in this ever-evolving industry.