Crypto
Voyager’s Coin Transaction to Coinbase Ignites Suspicions Concerning a Sell-Off
Defunct Voyager Digital sent 1.5K ETH ($2.77M) & 250B Shiba Inu ($2.7M) to Coinbase on August 11. Speculation rises on the motive for transfers in crypto circles.
A now-defunct crypto lending platform Voyager Digital transacted up to 1,500 ETH tokens (having a worth of up to $2.77M) and an extra 250B Shiba Inu (nearly $2.7M) to the well-known crypto exchange named Coinbase. As per Etherscan, this took place on the 11th of August this year. The motive at the back of the respective transfers has ignited speculation within the wider crypto community.
Token Transactions of Voyager to Coinbase Initiate Suspicions Regarding a Sell-Off
One of the different theories in this respect indicates a potential sell-off, keeping in view that the transactions have reduced the wallet holdings of the beleaguered crypto lending firm to nearly $81.63M worth of digital assets. The above-mentioned transfers took place at intervals of one hour, as mentioned by Etherscan.
The sudden shift of the coins has initiated discussions dealing with a likely liquidation. Nonetheless, a few sources are of the view that the platform is associating all coins from diverse addresses with a fundamental address. The speculation dealing with a sell-off is additionally backed by the current divestment of the company’s holdings in the form of SHIB tokens since the beginning of this year.
Also Read: Binance.US Steps Back from Its $1B Voyager Acquisition Contract
The Platform Transferred Substantial Digital Assets During Recent Months
In February, the firm performed transactions of digital assets of up to $10M worth to several crypto exchanges in a day. The transferred tokens take into account 270B SHIB (almost $3.2), 221,000 LINK (nearly $1.5M), 3,050 ETH (approximately $3M), and 4.9M VGX (up to $2.1M).
After the court-authorized acquisition of Voyager’s assets, Lookonchain (a blockchain analytics firm) revealed that the platform liquidated the held digital assets surpassing $56M across 3 crypto exchanges. Almost 3 months later, the bankrupt crypto exchange got involved in diverse transfers dealing with the transaction of nearly 350B SHIB coins.
