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.
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.
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Author: Amaka Nwaokocha
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