[vc_row full_width=”stretch_row” css=”.vc_custom_1531732107238{background-color: #fcc118 !important;}”][vc_column]

[/vc_column][/vc_row][vc_row css=”.vc_custom_1531730959461{border-bottom-width: 1px !important;background-color: #f9fafb !important;border-bottom-color: #eef3f7 !important;border-bottom-style: solid !important;}”][vc_column css=”.vc_custom_1531891416301{margin-bottom: 0px !important;}”][bsfp-cryptocurrency style=”widget-6″ align=”auto” columns=”2″ scheme=”light” coins=”top-x-coins” coins-count=”8″ coins-selected=”” currency=”USD” title=”Cryptocurrencies” show_title=”0″ icon=”” heading_color=”” heading_style=”default” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ css=”.vc_custom_1531730265600{margin-bottom: 0px !important;}” custom-css-class=”” custom-id=””][/vc_column][/vc_row]

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


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: Etherscan

The 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: Report

Following 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?