Bankrupt cryptocurrency lender Voyager Digital's transfer of 1,500 Ether (worth around $2.77 million) and 250 billion Shiba Inu (worth roughly $2.7 million) to Coinbase on August 11 has triggered speculation of a possible sell-off in the crypto community.
According to a report published by Cointelegraph, Voyager Digital, a distressed crypto lender, has recently transferred significant amounts of digital assets to cryptocurrency exchange Coinbase. The move has prompted speculation within the crypto community, with some suggesting an imminent sell-off. Voyager's wallet holdings have decreased to $81.63 million in digital assets following these transfers.
The transactions took place at one-hour intervals, as per Etherscan. While some sources claim that Voyager is consolidating all tokens from various addresses into a primary address, others speculate a liquidation due to the company's ongoing divestment of its SHIB holdings since the beginning of 2023.
In February, Voyager transferred nearly $10 million worth of digital assets, including 270 billion SHIB, 4.9 million Voyager Token (VGX), 3,050 ETH, and 221,000 Chainlink (LINK), to various cryptocurrency exchanges in a single day. Following the court-sanctioned acquisition of the lender's assets by Binance.US, Lookonchain reported that Voyager had liquidated more than $56 million worth of digital holdings across three cryptocurrency exchanges. Months later, the insolvent exchange continued to engage in transactions that involved the transfer of around 350 billion SHIB tokens.
