Insolvent Crypto Lender Voyager Digital Transfers Assets to Coinbase

• According to Etherscan, the transactions were spread out at an interval of an hour.
• Since the beginning of 2023, Voyager has been gradually selling down its SHIB assets.

According to Etherscan, on August 11th, insolvent crypto lender Voyager Digital sent 1,500 Ether to the crypto exchange Coinbase. This transaction was valued at around $2.77 million. Moreover, around 250B SHIB were also sent to the exchange. Many in the cryptocurrency world are wondering what the transactions might possibly mean. One possible explanation is a sell-off.

Furthermore, the transactions were spread out at an interval of an hour. The sudden transfer of the tokens has sparked talks about probable liquidation. However, there are rumors that Voyager is moving tokens from their current addresses into a single primary address.

The nature of these transactions has been the subject of conjecture in the larger ecosystem, according to on-chain statistics initially revealed by prominent journalist Colin Wu.

Gradually Dumping SHIB

Since the beginning of 2023, Voyager has been gradually selling down its SHIB assets, lending credence to rumors of an impending sale. The corporation moved digital assets worth roughly $10 million to several cryptocurrency exchanges in a single day in February.

There were 270 billion SHIB transferred, with a value of $3.2M; 4.9M Voyager Token (VGX) tokens, with a value of $2.1M; 3,050 ETH tokens, with a value of $3M; and 221,000 Chainlink (LINK) tokens, with a value of $1.5M.

According to blockchain research firm Lookonchain, Voyager sold digital assets worth over $56 million across three cryptocurrency exchanges prior to the US’ court-ordered purchase of the lender’s assets. About 350 billion SHIB tokens were transferred in a variety of transactions by the bankrupt lender three months later.

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