Voyager Dumps 5.62T Shiba Inu Since February, 952B in Two Days

The bankrupt lender still holds 3.87 trillion SHIB tokens, valued at $39 million.

Since February, Voyager, the bankrupt cryptocurrency lending platform, has sold off $67.54 million worth of Shiba Inu (SHIB). At the current price of $0.000012, the amount sold is almost 5.62T Shiba Inu.

Voygaer has been using Coinbase, Binance.US, and Wintermute for this massive distribution campaign, with most of the assets sold through Coinbase.

Arkham Intelligence, a notable blockchain intelligence and analytics platform reported that selling $67.54 million worth of SHIB is part of $358 million worth of crypto assets that Voyager has liquidated since the beginning of this year.

Voyager Digital has been selling off $350M+ worth of crypto-assets from its on-chain holdings over the past 6 weeks.

Here’s Arkham’s deep dive into which assets are being liquidated and exactly where capital is moving. pic.twitter.com/lFCrZ7pMXG

— Arkham (@ArkhamIntel) March 9, 2023

The insolvent crypto lender initiated its distribution drive in January by liquidating Polygon (MATIC) tokens worth $36.27 million. The distribution campaign gained significant momentum in the subsequent month, with reports indicating that Voyager sold only a remarkable $183.37 million worth of tokens in February.

Selling in March

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With just 10 days into March, Voyager has already liquidated assets amounting to $138.88 million. Among these assets, $25.83 million worth of Shiba Inu was sold, representing 18.59% of the total assets liquidated this month. The other two most considerable liquidated assets include Ethereum ($100.74 million) and Voyager Token ($11.22 million).

Arkham Intelligence pointed out that Voyager has primarily utilized Coinbase to carry out its asset selloffs, with most of the sales involving the creation of new Coinbase deposit addresses. The Crypto Basic highlighted some of these movements, including one that involved 300 billion SHIB on March 1.

Last Two Day Shiba Inu Selling

Over the last two days, Voyager has sold an astounding 951.9 billion SHIB tokens, amounting to a staggering value of $9.59 million. OnchainDataNerd, a Twitter account dedicated to demystifying on-chain data, highlighted 825 billion SHIB sold Wednesday. Since the disclosure, Voyager has liquidated an additional 126.9 billion SHIB in the past sixteen hours.

While all eyes are on @silvergatebank liquidation, you should not ignore #voyager.

Today, they have sent to @coinbase and @binance:

• 22.2K $ETH ($33M)
• 11M $VGX ($6M)
• 825B $SHIB ($9M)
• 160K $LINK ($1M)

Along with other tokens such as $COMP, $MKR, $SUSHI … pic.twitter.com/Il9stXJ949

— The Data Nerd (@OnchainDataNerd) March 9, 2023

The embattled lending platform now holds 3.87 trillion SHIB, currently valued at $39 million. Shiba Inu remains its third-largest single holding, only behind USDC ($447.3 million) and ETH ($58.2 million).

Recall that Binance.US was recently granted approval to acquire Voyager’s assets. However, despite the court’s approval, Voyager has chosen to proceed with liquidating its assets, leading to speculation about their motives. Some proponents have posited that Voyager may be seeking to liquidate all their assets into USDC, which could simplify settling customers.

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