Voyager’s Token Transfer to Coinbase Raises Speculation of Sell-Off

Voyager Digital, a bankrupt cryptocurrency lender, recently transferred 1,500 Ether (ETH) and 250 billion Shiba Inu (SHIB) tokens to the crypto exchange Coinbase. This move has sparked speculation within the crypto community, with some suggesting a possible sell-off. The transfers have significantly reduced Voyager’s wallet holdings to approximately $81.63 million.

The transfers occurred at one-hour intervals, fueling discussions about a potential liquidation. However, some sources claim that Voyager is consolidating all tokens from different addresses into one primary address.

The idea of a sell-off is further supported by Voyager’s ongoing divestment of its SHIB holdings since the beginning of 2023. In February, the company transferred nearly $10 million worth of digital assets to multiple cryptocurrency exchanges in a single day.

Among the tokens that were moved are 270 billion SHIB tokens, 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.

Earlier this year, Binance.US acquired Voyager’s assets through a court-sanctioned process. Following that, a blockchain analysis platform revealed that Voyager liquidated over $56 million worth of digital assets on three different cryptocurrency exchanges. Approximately three months later, the insolvent exchange conducted various transactions involving the transfer of around 350 billion SHIB tokens.