Voyager Digital has been busy selling its remaining crypto holdings on centralized exchanges for the past few months. In its latest move, the bankrupt crypto brokerage transferred millions in SHIB and ETH to Coinbase. On Friday, August 11, Voyager moved SHIB and ETH tokens to Coinbase’s ledger, according to on-chain data.
Millions in SHIB and ETH transferred to Coinbase by Voyager
Voyager has been selling assets since the beginning of the year. Specifically, the latest on-chain transactions show that Voyager has moved a total of $5.5 million worth of crypto to Coinbase. The transactions consisted of 1,500 ETH sent in two transactions.
Before being moved to Coinbase, 1,000 ETH and 500 ETH, with a combined value of $2.77 million, were sent to separate wallets. Another 250 billion SHIB worth $2.7 million was then sent to Coinbase.
On-chain data also shows that Voyager has moved all of its token holdings to its primary address. This likely means that the company is consolidating its crypto assets before moving them to crypto exchanges.
Bankrupt crypto company Voyager has transferred 1,500 ETH ($2.77 million) and 250 billion SHIB ($2.7 million) to Coinbase. In addition, Voyager moves any remaining tokens to the root address. There is currently about $81.63 million worth of cryptocurrency in Voyager addresses.…
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Voyager’s goal is to eventually refund all customer accounts, at least in part. The company filed for bankruptcy last year following the bankruptcy of crypto hedge fund Three Arrows Capital, which failed to repay its $665 million Voyager loan. However, the company was allowed by the court in May 2023 to begin winding down its business and refund customers a portion of their crypto assets that have been tied up for more than a year.
According to court documents, Voyager only had about $630 million to pay back $1.8 billion in customer claims. As a result, Voyager users were only able to claim 35.72% of their tokens. They can withdraw their claims immediately or choose to wait 30 days for payment in USD after Voyager sells the tokens.
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Data from Arkham Intelligence at the time showed that Voyager had $268 million in ETH, $236 million in USDC and $77 million in SHIB. But now that the time for customer claims is over, Voyager appears to be consolidating its remaining assets into one address before selling them. According to Arkham Intel, yes currently approximately $81.63 million in cryptocurrency left in Voyager addresses.
What this means for SHIB and ETH prices
The recent transfers of millions of dollars in SHIB and ETH tokens from Voyager Digital to Coinbase may indicate selling pressure is brewing for the two cryptocurrencies. If Coinbase releases these tokens onto the open market, it could drive prices down further as supply exceeds demand.
SHIB is currently rolling and is up 15.55% in the space of 7 days. ETH, on the other hand, is currently hovering around $1,850 after the ETH ecosystem took a milestone recently where the number of non-zero addresses reaches a new record.
Featured image from Currency.com, chart from Tradingview.com
