Voyager Digital has been busy in current months because it appears to promote its remaining crypto holdings on centralized exchanges. In its newest transfer, the bankrupt crypto brokerage has transferred tens of millions in SHIB and ETH to Coinbase. Based on on-chain knowledge, Voyager moved SHIB and ETH tokens to Coinbase’s ledger on Friday, August 11.
Hundreds of thousands In SHIB And ETH Transferred To Coinbase By Voyager
Voyager has been promoting off property because the starting of the 12 months. Particularly, the newest on-chain transactions present that Voyager moved a complete of $5.5 million in crypto to Coinbase. The transactions consisted of 1,500 ETH despatched in two transactions.
Earlier than being moved to Coinbase, 1,000 ETH and 500 ETH, with a mixed worth of $2.77 million, have been despatched to separate wallets. One other 250 billion SHIB valued at $2.7 million was then despatched to Coinbase.
On-chain knowledge additionally exhibits that Voyager has been transferring all its token holdings to its major handle. This possible means the corporate is consolidating its crypto property earlier than transferring them to crypto exchanges.
Bankrupt crypto agency Voyager transferred 1,500 ETH ($2.77 million) and 250 billion SHIB ($2.7 million) to Coinbase. Moreover, Voyager is transferring all remaining tokens to the primary handle. There are at present about $81.63 million value of cryptocurrency in Voyager addresses.…
— Wu Blockchain (@WuBlockchain) August 12, 2023
Trying To Pay Pack Prospects
Voyager’s aim is to ultimately reimburse all buyer accounts, a minimum of partially. The agency went bankrupt final 12 months after the failure of crypto hedge fund Three Arrows Capital which didn’t repay its $665 million Voyager mortgage. The corporate, nonetheless, acquired court docket approval in Might 2023 to start winding down its operations and begin repaying prospects a portion of their crypto property that’s been locked for over a 12 months.
Based on court docket filings, Voyager had solely about $630 million to pay again $1.8 billion in buyer claims. Because of this, Voyager customers might solely declare 35.72% of their tokens. They might both withdraw their claims instantly or select to attend for 30 days to be paid in USD after Voyager sells the tokens.
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On the time, knowledge from Arkham Intelligence showed that Voyager had $268 million in ETH, $236 million in USDC, and $77 million in SHIB. However now that the time for buyer claims is over, Voyager appears to be consolidating its remaining property into one handle earlier than promoting them. Based on Arkham Intel, there’s currently about $81.63 million value of cryptocurrency left in Voyager addresses.
What This Means For SHIB And ETH Costs
The current transfers of tens of millions of {dollars} in SHIB and ETH tokens from Voyager Digital to Coinbase might sign promoting stress is on the best way for the 2 cryptocurrencies. If Coinbase unloads these tokens onto the open market, it might drive costs down additional as provide outpaces demand.
SHIB is at present on a roll and is up by 15.55% in a 7-day timeframe. ETH, then again, is at present ranging round $1,850 after the ETH ecosystem reached a milestone just lately with the variety of non-zero addresses reaching a brand new all-time excessive.
Featured picture from Foreign money.com, chart from Tradingview.com