Voyager’s token transfer to Coinbase sparks sell-off suspicions

Share This Post

Bankrupt cryptocurrency lender Voyager Digital transferred 1,500 Ether (ETH), worth around $2.77 million and an additional 250 billion Shiba Inu (SHIB), worth roughly $2.7 million, to crypto exchange Coinbase on Aug.11, according to Etherscan.The motive behind the transactions has triggered speculation within the broader crypto community. One theory suggests a probable sell-off, given that the transfers have diminished the distressed crypto lender’s wallet holdings to $81.63 million of digital assets.The transactions occurred at one-hour intervals, according to Etherscan. The abrupt movement of the tokens has triggered discussions regarding a possible liquidation. However, some sources say that Voyager is consolidating all tokens from various addresses into a primary address.Screenshot of the transfers from Voyager to Coinbase. Source: EtherscanThe speculation of a sell-off is further supported by Voyager’s ongoing divestment of its SHIB holdings since the start of 2023. In February, the company executed transfers of nearly $10 million worth of digital assets to multiple cryptocurrency exchanges in a single day.The tokens moved include 270 billion SHIB, worth $3.2 million; 4.9 million Voyager Token (VGX), worth $2.1 million; 3,050 ETH, worth $3 million; and 221,000 Chainlink (LINK), worth $1.5 million.Related: Voyager customers targeted by scammers during 30-day withdrawal period: ReportFollowing Binance.US’s court-sanctioned acquisition of the lender’s assets, blockchain analysis platform Lookonchain disclosed that Voyager liquidated digital holdings exceeding $56 million across three cryptocurrency exchanges. Approximately three months later, the insolvent exchange engaged in various transactions involving the transfer of around 350 billion SHIB tokens.Magazine: Deposit risk: What do crypto exchanges really do with your money?

Source
Voyager’s token transfer to Coinbase sparks sell-off suspicions is written by Cointelegraph By Amaka Nwaokocha for cointelegraph.com

Related Posts

Tactical RPG Champions Tactics Free NFT Mint Debuts Today

What are Champions NFTs?In Champions Tactics: Grimoria Chronicles,...

FHE and confidential computing will unlock $1T in crypto capital

Confidential computing technologies could unlock the next $1 trillion...

Crypto Hiring: Schwab veteran joins Bitcoin-focused platform

A former executive at Charles Schwab has joined bitcoin...

Genesis Trading-labelled address moves $720M BTC to Coinbase, pointing to the start of asset liquidations

A cryptocurrency wallet related to Genesis Trading has transferred...

Istanbul Blockchain Week Partners with Fortune Magazine Türkiye

What is Istanbul Blockchain Week?Istanbul Blockchain Week is an...

Helium eyes energy sector with ‘virtual power plant’ network

Last week, the Helium Foundation said in a somewhat-cryptic...
ethereum
Ethereum (ETH) $ 3,424.70
bitcoin
Bitcoin (BTC) $ 64,706.34
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 0.61032
binance-usd
BUSD (BUSD) $ 0.984968
cardano
Cardano (ADA) $ 0.440304
dogecoin
Dogecoin (DOGE) $ 0.123179
litecoin
Litecoin (LTC) $ 72.18
solana
Solana (SOL) $ 158.24