Bankrupt crypto lender Voyager Digital’s current switch of 1,500 Ether (ETH) and 250 billion Shiba Inu (SHIB) tokens, price round $2.77 million and $2.7 million respectively, to Coinbase has ignited suspicion and hypothesis within the crypto neighborhood.
The transfers, happening inside an hour on Friday final week, have triggered discussions within the crypto neighborhood about potential sell-off intentions, as Voyager’s crypto pockets holdings dropped to a fiat worth of $81.63 million.
Observers are divided on the motives behind the transfers.
Whereas some sources counsel Voyager is perhaps consolidating tokens from completely different addresses right into a main pockets handle, others suspect a sell-off might be underway.
This suspicion is bolstered by Voyager’s prior divestment of SHIB holdings because the begin of 2023.
Follows giant transactions from February
In February, Voyager executed transfers price almost $10 million throughout a number of exchanges in a single day, together with 270 billion SHIB, 4.9 million Voyager Token (VGX), 3,050 ETH, and 221,000 Chainlink (LINK).
Voyager’s monetary woes have been exacerbated when Binance.US legally acquired its property and subsequently liquidated over $56 million in digital holdings throughout a number of exchanges.
Binance.US later walked away from the acquisition deal, citing a “hostile and unsure” regulatory setting within the US as its purpose.
Coincidentally, Voyager’s current transfer aligns with an ongoing pattern of the corporate lowering its SHIB holdings.
The promoting has sparked issues that the struggling lender is perhaps taking steps to handle its monetary difficulties, resulting in hypothesis concerning the potential penalties for its stakeholders and the broader crypto market.