Voyager Moves 350 Billion SHIB, Altcoins As User Withdrawal Sets To Resume

Crypto Rug Pull News: Crypto brokerage firm, Voyager Digital which filed for Chapter 11 bankruptcy back in 2022, is preparing to reopen partial withdrawal for its users. On-chain data tracker reports that the troubled crypto firm transferred tokens out from its hot wallet.

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Voyager Withdrawal Will Lead To A Crypto Rug Pull?

On-Chain data of the wallet address 0x500a746c9a44f68fe6aa86a92e7b3af4f322ae66 associated with Voyager depicts massive altcoin transfers. It should be noted that the creditors can withdraw about 35% of their crypto holdings with Voyager between June 20 and July 5, 2023.

The trouble crypto firm moved around 350 billion Shiba Inu coins (approx worth $2.6 million) in multiple transactions. However, the biggest transaction recorded turns out to be of moving 70 Billion SHIB (approx worth $537k) from the hot wallet. SHIB is trading at an average price of $0.0000073, at the press time.

The second biggest meme crypto price is up by around 7% in the past 7 days. However, it is expected the upcoming Voyager Users’ withdrawal can increase the selling pressure for Shiba Inu Coin.

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Selling Pressure To Surge Ahead?

Voyager linked wallet then moved 279.79k Polygon (MATIC) tokens (approx worth $180k) in a single transaction. However, the crypto firm moved a minor amount of MATIC tokens before this mega transaction.

MATIC’s 7% price surge in the last 24 hours has managed to provide it relief from the recent downward trend. Meanwhile, a price drop is expected ahead as Voyager users seek to recover their funds.

As per the June 14, 2023 court filings, Paul Hage, Voyager’s bankruptcy plan administrator stated that around June 15 Voyager app will show the amount available for user withdrawals. However, after 30 days, clients will be allowed to withdraw crypto assets via the app or can ask for a cash payout.

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Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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