According to the report, Voyager Digital hastily sold these 1.4 trillion SHIB tokens in 4 days using Coinbase.

In its latest move, Voyager Digital has been swiftly unloading its crypto assets, including a significant number of Shiba Inu (SHIB) tokens, on Coinbase. This aggressive liquidation has significantly diminished the crypto reserves of the distressed firm.

Read Also: How Much You Need to Make $1M, $5M, or $10M If SHIB Surges 1,000% After Shibarium Launch

Earlier today, Lookonchain spotlighted the massive sales initiated by Voyager. According to their report, Voyager concluded 49 cryptocurrency transactions on Coinbase over a four-day span. This report also highlighted that Voyager has, in its tenure, amassed 845 million USDC from Coinbase, with an additional 85 million USDC transferred to Circle.

Voyager has been selling assets on #Coinbase for the past 4 days and has sold 49 tokens for ~$63M.

Including:

781 $BTC ($23M);
9,570 $ETH ($17.6M);
1.4T $SHIB ($14.4M);
234,660 $LINK ($1.74M);
1.87M $MATIC ($1.27M);
3M $MANA ($1.1M);
… pic.twitter.com/SUGjjQQvja

— Lookonchain (@lookonchain) August 15, 2023

Apart from 1.4 trillion Shiba Inu tokens, Voyager’s also liquidated assets encompassed 781 BTC, 9,570 ETH, 234,660 LINK, 1.87M MATIC, and 3M MANA. Of the $63 million generated from these recent trades, BTC transactions represented $23 million, whereas ETH sales amounted to $17.6 million.

Voyager 300 Billion SHIB Moved to Coinbase

During its recent asset liquidation spree, Voyager sold 1.4 trillion SHIB on Coinbase within a mere 4 days, as cited by Lookonchain. This sale amounted to an estimated value of $14.4 million.

Etherscan data indicates that Voyager channeled 300 billion SHIB to Coinbase on August 14. To put this in perspective, just 2 days earlier, on August 12, the crypto lending firm had transferred 250 billion SHIB to the same exchange.

A revised data sheet from Lookonchain reveals that Voyager presently has no SHIB tokens in its possession.

Read Also: Top Analyst Spots Shiba Inu (SHIB) Bullish Reversal As Community Anticipates Shibarium Launch

The spate of Voyager’s SHIB transfers and their subsequent sales coincided with the cryptocurrency’s impressive double-digit appreciation in recent weeks. This shows that the sales whopping sales in 4 days did not impact SHIB negatively in terms of price. Current reports indicate a 13% increase in SHIB’s value over the last week.

Experts link this steady ascent to the eagerly awaited debut of the Shibarium mainnet, scheduled for later this month. Many in the fintech sector opine that should the layer-2 scaling solutions meet market anticipation, SHIB stands to realize even greater value.

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The transfers, which were worth a combined $5.47 million at the time of writing, are part of Voyager’s efforts to sell off its remaining crypto assets and pay back users in USD.

Voyager filed for bankruptcy in July 2022 after being unable to meet its margin calls from Three Arrows Capital, a major crypto hedge fund that filed for bankruptcy the same month. As part of its bankruptcy proceedings, Voyager is liquidating its assets and returning them to users.

Read Also: 3.4 Billion SHIB On the Verge of Being Dumped As Binance.US Pulls Out of Voyager Deal: Details

In June, Voyager began allowing users to reclaim 35.72% of their cryptocurrency holdings in USD. The company has said that it will continue to sell off its assets and make payments to users until all of its debts are repaid.

The transfers to Coinbase are a sign that Voyager is making progress in its bankruptcy proceedings. The company is likely hoping to sell the ETH and SHIB on Coinbase for a good price. If successful, this could help Voyager to repay its users more quickly.

It remains to be seen how much Voyager will be able to recover from its bankruptcy proceedings. However, the company’s recent transfers to Coinbase are a positive sign for users who are hoping to get their money back.

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Background on Voyager Digital

Voyager Digital was founded in 2018 and quickly became one of the leading crypto lending platforms. The company offered high-interest rates on cryptocurrency deposits and allowed users to trade a variety of digital assets.

Voyager’s business model was built on the assumption that the value of cryptocurrency would continue to rise. However, the 2021 bear market caused the value of many cryptocurrencies to plummet. This, combined with the collapse of Three Arrows Capital, led to Voyager’s bankruptcy filing.

Read Also: Billionaire Mark Cuban To Be Questioned Over His Alleged Promotion of Voyager Digital

The Future of Voyager Digital

It is still too early to say what the future holds for Voyager Digital. The company is still in the process of liquidating its assets and repaying its users. However, the recent transfers to Coinbase are a positive sign. If Voyager is able to sell its assets for a good price, it could emerge from bankruptcy in a stronger position.

Only time will tell whether Voyager will be able to recover from its bankruptcy. However, the company’s recent actions suggest that it is committed to repaying its users and rebuilding its business.

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As of the time of filing this report, the motive behind Voyager’s alleged move remains unconfirmed, but based on speculations, it could be a plan by the bankrupted crypto trader to reopen customer withdrawals.

Read Also: Shiba Inu Lead Developer: I’m Not Playing Around, Shibarium is Near Completion

Creditors’ Access To Voyager’s Withdrawal Facilities

A recent tweet on Lookonchain’s verified account revealed that creditors on the bankrupt crypto lender’s withdrawal facilities would gain access to their crypto holdings, which include Shiba Inu; the offer will run between June 20 and July 5.

Notably, the latest offer to access crypto holdings on Voyager’s withdrawal facilities is coming after Voyager made a move to stop all deposits and withdrawals when it discontinued its primary operations in July 2022.

Voyager is transferring tokens out from the hot wallet.

Seems to be related to reopening withdrawals to customers.

Creditors can withdraw about 35% of their cryptocurrencies between June 20 and July 5.https://t.co/EVaoqkMpmRhttps://t.co/2d59UNR4G7 pic.twitter.com/o9fkZVSp8R

— Lookonchain (@lookonchain) June 20, 2023

Read Also: Shiba Inu Regains $4 Billion Market Cap: Will SHIB Remove Another Zero?

287 Billion SHIB Assets Moved To Unknown Wallets

In addition, Looksonchain shared a link to the renowned Ethereum blockchain explorer, Etherscan, which exposed Voyager’s newest transfers involving Shiba Inu.

Per data obtained from the Ethereum blockchain explorer, the four most recent Shiba Inu transactions incurred 70 billion Shib tokens each. These tokens got moved from the address specified ‘Voyager 1’ to an unknown wallet. Although, an earlier transfer already moved 70 million SHIB tokens to a mystery wallet, which brings the total lost coins to approximately 287 billion.

About 2 Billion Shiba Inu coins Moved Out Of Exchanges

In other developments, Etherscan revealed that about 2 billion SHIB tokens were moved to unknown addresses and other decentralized exchanges from prominent wallets and exchanges like Coinbase, Hotbit, and Binance.

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In a Tuesday tweet, Binance.US announced its withdrawal from the deal to buy Voyager’s crypto assets including 3.4 billion SHIB tokens worth about $33.3 million at the time of writing. According to the exchange, the ‘difficult decision’ became necessary following the ‘hostile and uncertain regulatory climate in the U.S.” 

Recall that the U.S. Securities and Exchange Commission (SEC) led by Gary Gensler has launched attacks on several U.S.-based crypto companies including Kraken, Ripple, Paxos and Coinbase. Amid calls from crypto companies for clear rules, the securities agency seeks to achieve crypto regulation by enforcement. 

The update said, “Binance.US has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager.  While our hope throughout this process was to help Voyager’s customers access their crypto in kind, the hostile and uncertain regulatory climate in the United States has introduced an unpredictable operating environment impacting the entire American business community. We are focused on creating a safe platform where our customers can participate in the digital asset economy.” 

Implication for SHIB Price

Voyager, a once-thriving crypto lending platform was among the companies to face liquidity crunches following the historic collapse of the Terra ecosystem in May. This led to the now-defunct company filing for Chapter 11 bankruptcy in 2022 and slowly selling off its holdings to offset debts to customers and other creditors. 

Among the crypto assets Voyager has been heavily dumping in the market since February 2023 are Shiba Inu (SHIB) and Ether (ETH) in a bid to raise funds. In February, the bankrupt crypto lender moved 270 billion to top crypto exchanges. As published, Voyager Digital also moved a whopping 300 billion and 270 billion Shiba Inu tokens to Coinbase in March 2023 in separate transactions. 

To help Voyager’s customers access their crypto in kind, Binance.US proposed a $1 billion deal to acquire the bankrupt company’s assets including its remaining 3.4 billion SHIB. As a result, the top crypto firm paused its frequent SHIB sell-offs. 

However, given Binance.US’ withdrawal from the acquisition deal, Voyager Digital could be forced to resume dumping its crypto holdings including the 3.4 billion SHIB on its balance sheet. Should this be the case, would there be any negative impact on SHIB price? 

Whether the top firm would or would not dump its remaining SHIB assets is only a matter of time. Regarding the price action of Shiba Inu in the short term, we can only watch to see how things unfold. But in the last 7 days, the second-largest decentralized token has been down almost 6%.

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This dump is SHIB price ensues amid the market-wide rally that catapulted Bitcoin (BTC) to nearly $26k per coin on Tuesday. 

Notably, Shiba Inu is exchanging hands at $0.00001034 with a trading volume of approximately $451 million in the last 24 hours, at the time of writing. 

Did Voyager dump 270B SHIB?

According to the top blockchain analytics platform PeckShieldAlert, the collapsed crypto lender Voyager Digital moved as much as 270,000,000,000 SHIB tokens to the largest United States-based crypto exchange Coinbase on Wednesday morning.  

“Voyager-labeled addresses have transferred ~$27.7M worth of cryptos to Coinbase, including 17k $ETH (~$19M), 12M $VGX (~$4M), 270B $SHIB (~$3M) within the last 12 hours,” PeckShield alerted. 

It is widely speculated that the once-thriving crypto-lending platform which is currently undergoing its bankruptcy process in a United States court, may have sold this hefty amount of Shiba Inu tokens to carter for its liquidity problems. However, no official report confirms these claims

This is not the first time Voyager has transferred comparable SHIB volumes to top crypto exchanges including Binance.US and Coinbase. The insolvent crypto firm has been offloading its assets including SHIB, ETH, OCEAN, and LTC among others since February 14. At least $100 million worth of crypto assets have been sold by the company weekly since mid-February.

A recent report showed that Voyager Digital moved 300 billion SHIB on February 27 to Coinbase alongside other assets. Before then, it moved 250 billion SHIB to the same exchange on February 21.

Shiba Inu proponents should be relieved that the massive sell pressure exerted on the meme token by Voyager is gradually coming to an end. Data on Etherscan show that the company has only 3,393,149,342,541 SHIB left on its balance sheet. At its current rate of dumping, the bankrupt crypto firm would clear its SHIB holdings in less than no time.

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Per a recent update from Arkham Intel, an anti-anonymous blockchain analytics platform, the bankrupt crypto lender Voyager Digital continued its weekly hefty assets sell-off last Monday. 

The United States-based company, which is currently undergoing bankruptcy proceedings in court moved a whopping 300,000,000,000 Shiba Inu (SHIB) to Coinbase on February 27 in its latest round of offloading held assets. 

Voyager equally sent 4,000 ETH and 347.5k LINK to the largest United States-based crypto exchange by trading volume. 

It’s worth noting that Voyager has been selling at least $100 million worth of crypto assets in the past weeks since February 14, as stated by Arkham. 

Notably, Voyager has already sent roughly 2.24T SHIB ($28 million), alongside many other altcoins to Coinbase in the two weeks. A tracking platform Lookonchain wrote, 

“Here are the assets transferred from Voyager to Coinbase since Feb 14th. 2.24 trillion SHIB ($28 million), 15,635 ETH ($25 million), 28.5 million VGX ($12.85 million), 640,000, LINK ($4.74 million), 7.75 million OCEAN ($3 million), 350,000 UNI ($2.28 million), 3.26 million MANA ($2.15 million), 4 million ENJ ($1.88 million), 2.3 million SAND ($1.64 million).”

These events reduced the bankrupt crypto lenders’  asset holdings drastically. As of Monday, Voyager had only $77 million worth of SHIB and $268 million worth of ETH. 

Arkham Intel wrote, “Voyager continuing to sell assets at a rate of around $100M/week. Currently, they hold almost $700M in two very large wallets. Their top holdings: $268M ETH, $236M USDC, and $77M SHIB.”

Voyager continuing to sell assets at a rate of around $100M/week.

Currently they hold almost $700M in two very large wallets.

Their top holdings:

$268M ETH
$236M USDC
$77M SHIB pic.twitter.com/ZtTQSVJLrJ

— Arkham (@ArkhamIntel) February 27, 2023

Recall that PeckShield, another blockchain analytics channel, reported that Voyager transferred 250 billion Shiba Inu (SHIB) to Coinbase on February 21.

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Per an update shared by the top blockchain analytics platform PeckShieldAlert, Voyager Digital which was recently taken to court by another broke centralized exchange FTX, moved varying volumes of Shiba Inu (SHIB), Ethereum (ETH), Chainlink (LINK), and its ecosystem token VGX to Coinbase, Binance US, and Kraken.

Voyager Digital transferred roughly 4.9 million Voyager Token VGX worth about $2.1 million, 221,000 LINK estimated to be $1.5 million, and 3,050 ETH valued at $3 million at the time of the transaction across these exchanges. 

In addition, the largest volume transfer in this scenario was recorded when the once-thriving crypto trading platform moved a whopping 270 billion SHIB tokens. PeckShieldAlert further added that one of Voyager’s addresses held 6.8 trillion Shiba Inu (SHIB) as of Thursday. Accordingly, this address ranks as the 18th-largest holder of the decentralized meme token, SHIB. 

#PeckShieldAlert ~$9.6M worth of cryptos transferred from Voyager to crypto-exchanges Coinbase, Binance US and Kraken, including ~4.9M $VGX (~$2.1M), 221k $LINK ($1.5M), 3,050 $ETH (~$3M), 270B $SHIIB (~$3M) within the last 12 hours pic.twitter.com/fiTOfToujD

— PeckShieldAlert (@PeckShieldAlert) February 2, 2023

Read Also: Binance Moved 1.8 Trillion Shiba Inu (SHIB). Here’s the Destination

How Voyager Could Impact SHIB Price

Voyager’s latest transfer of Shiba Inu to crypto exchanges is one of those transactions SHIB holders should be concerned about. Recall that Voyager became insolvent after the meltdown of the crypto hedge fund Three Arrows Capital (3AC). This led to the purchase of some of Voyager’s assets by Binance US after the court approved the deal in early January. 

Presently, the defunct FTX partner initiated a lawsuit against Voyager Digital. This is an attempt by the collapsed trading firm founded by Sam Bankman-Fried to recover the June 2022 loan repayments it made to Voyager. According to the court filing, the loan repayments were made shortly before FTX collapsed. Hence, it claimed it is legal to recover the interest payments as they seek to repay FTX creditors. 

Shiba Inu holders are wary that Voyager moved these many tokens to sell on the secondary marketplaces in a bid to refund the $446 million loan repayment received from Alameda Research. Should this play out, then SHIB which has been printing long green candles in the last 30 days could change its trajectory toward low levels. Notably, Shiba Inu is up by over 61% and 11% in the last 30 days and 24 hours respectively. 

But it bears mentioning that in a recent outcome, Voyager creditors’ committee and the company itself opposed the attempt by the defunct crypto hedge fund Alameda Research to extract the $446 million loan repayment, according to court filings. Voyager argues that Alameda’s inequitable misconduct and fraud cost them losses amounting to $114 to $122 million.

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Per a report, Mark Cuban requested during the discovery hearing regarding the Voyager Digital case conducted on January 6, 2023, to have the deposition split into two sessions. The topic of whether Billionaire Mark Cuban’s deposition will be limited to jurisdictional issues and the date fellow defendant Dallas Mavericks must produce employees Ryan Mackey and Kyle Tapply to be deposed. 

For context, the term deposition is used when a defendant in a court case answers questions under oath during the discovery phase of a legal battle in the buildup of a potential trial. Accordingly, United States Magistrate Judge Lisette M. Reid denied Cuban’s request to bifurcate discovery allowing the plaintiffs to initially depose witnesses regarding solely jurisdictional issues. 

The judge equally noted that Mark Cuban’s deposition will not be limited to jurisdictional issues, scheduling it to take place in Dallas, Texas, on February 2, 2023. Lied stressed that the deposition will be taken in full, further denying the Shank Tank investor’s request. 

Read Also: Billionaire Mark Cuban States the Condition That Can Make Him Buy More Bitcoin (BTC)

Part of the letter read, “Defendants shall produce Mavericks employees Ryan Mackey and Kyle Tapply to be deposed prior to February 23, 2023. Defendants shall prioritize and produce all discovery to Plaintiffs as to these two individuals by the end of January 2023.” 

The plaintiffs including Pierce Robertson, Sanford Gold, Rachel Gold, non-party Eric Rares, and other aggrieved Voyager customers represented by Attorney Adam Moskowitz filed this class action lawsuit against Cuban in August 2022.

They claimed that the deep-pocketed investor promoted the collapsed crypto broker to fans of his NBA basketball team, the Dallas Mavericks. A follow-up claim is that those who invested in Voyager through Cuban’s promotions suffered huge losses. The civil lawsuit seeks to make the Cuban and co-defendants take responsibility for the $5 billion in investor losses. 

Read Also: Billionaire Mark Cuban Hints at an Impending Implosion that Could Shake the Crypto Space

Part of the complaint read, “Mark Cuban recently spoke at a Dallas Mavericks press conference, conducted over the internet, where he strongly supported and touted the partnership between his company and the Voyager Defendants. Mr. Cuban proudly described how he would personally help significantly increase [the] scope and presence of the Deceptive Voyager Platform for those with limited funds and experience.”

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