Voyager Transfers Millions in SHIB and ETH to Coinbase
Voyager Digital, a bankrupt crypto brokerage, has transferred millions of dollars in SHIB and ETH tokens to Coinbase. This move comes as Voyager continues to sell off its remaining crypto holdings on centralized exchanges.
Key points:
– Voyager moved $5.5 million in crypto to Coinbase, consisting of 1,500 ETH sent in two transactions.
– Prior to the transfer, separate wallets received 1,000 ETH and 500 ETH, worth a total of $2.77 million, and 250 billion SHIB valued at $2.7 million.
– Voyager is consolidating its token holdings by moving them to its main address, likely in preparation for selling them on crypto exchanges.
Voyager’s goal is to reimburse its customers, partially at least, after going bankrupt due to the failure of Three Arrows Capital. The court approved Voyager’s plan to wind down operations and start repaying customers in May 2023.
Key points:
– Voyager had $630 million to pay back $1.8 billion in customer claims, resulting in customers only being able to claim 35.72% of their tokens.
– Customers can choose to withdraw their claims immediately or wait 30 days to be paid in USD after Voyager sells the tokens.
– Currently, there is about $81.63 million worth of cryptocurrency left in Voyager addresses.
The transfer of millions of dollars in SHIB and ETH from Voyager to Coinbase may indicate potential selling pressure on these cryptocurrencies. If Coinbase sells these tokens on the open market, it could drive prices down as supply exceeds demand.
Hot Take: Voyager’s ongoing asset sales and consolidation of holdings suggest a strategic effort to repay customers and manage its remaining assets effectively. However, the transfer of SHIB and ETH to Coinbase raises concerns about potential price impacts in the market.
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