Voyager Digital, a bankrupt crypto brokerage firm, has been actively selling off its remaining cryptocurrency assets on centralized exchanges in recent months. In its latest move, the company transferred millions of dollars' worth of SHIB and ETH to Coinbase. On-chain data reveals that Voyager moved SHIB and ETH tokens to Coinbase's ledger on Friday, August 11.
According to the latest on-chain transactions, Voyager has transferred a total of $5.5 million worth of cryptocurrencies to Coinbase since the beginning of the year. These transactions include 1,500 ETH, sent in two separate transactions.
Prior to the transfer to Coinbase, 1,000 ETH and 500 ETH, with a total value of $2.77 million, were sent to separate wallets. Additionally, 250 billion SHIB tokens, worth $2.7 million, were sent to Coinbase.
On-chain data also shows that Voyager has moved all of its token holdings to its primary address. This likely indicates that the company is consolidating its crypto assets before transferring them to crypto exchanges.
The bankrupt crypto company Voyager transferred 1,500 ETH ($2.77 million) and 250 billion SHIB ($2.7 million) to Coinbase. Furthermore, Voyager is shifting all of its remaining tokens to the main address. Currently, Voyager addresses hold cryptocurrencies worth approximately $81.63 million.
Voyager's goal is to eventually refund its customers' accounts, at least in part. The company filed for bankruptcy last year after crypto hedge fund Three Arrows Capital failed to repay its $665 million Voyager loan. However, in May 2023, the company obtained court permission to start winding down its operations and refund customers a portion of their locked-up crypto assets.
According to court filings, Voyager had only around $630 million to repay customer claims worth $1.8 billion. As a result, Voyager users were only able to claim 35.72% of their tokens. They could either withdraw their claims immediately or wait for 30 days for the payment to be made in USD after Voyager sold the tokens.
At the time, data from Arkham Intelligence showed that Voyager had $268 million in ETH, $236 million in USDC, and $77 million in SHIB. However, as the deadline for customer claims expired, Voyager appears to be consolidating its remaining assets at one address before selling them. According to Arkham Intel, there are currently cryptocurrencies worth around $81.63 million remaining in Voyager addresses.
The recent transfers of SHIB and ETH tokens worth millions of dollars from Voyager Digital to Coinbase could indicate upcoming selling pressure on both cryptocurrencies. If Coinbase brings these tokens to the open market, it could further lower the prices as the supply exceeds demand.
SHIB is currently on a bull run and has increased by 15.55% in the past 7 days. ETH, on the other hand, is currently trading around $1,850 after the Ethereum ecosystem reached a milestone recently, with the number of non-zero addresses reaching a new all-time high.
Featured image from Currency.com, chart from Tradingview.com
