Bankrupt crypto lender Voyager has transferred 250 billion Shiba Inu ($SHIB) tokens worth over $3.4 million to Coinbase.
A blockchain cybersecurity company called Peckshield claims that Voyager Digital has sent digital assets worth $28.7 million to multiple crypto trading platforms.
The troubled cryptocurrency company transferred 15,000 Ethereum (ETH) worth $25.3 million to Coinbase and Binance, the two largest cryptocurrency exchange platforms in the world by trading volume, as well as 250 billion SHIB tokens, valued at roughly $3.4 million.
Because to the fact that many businesses and wallets connected to the bankrupt exchange shift money on and off multiple exchanges, this important move has prompted industry analysts to speculate about the future of Voyager Digital and its potential impact on the cryptocurrency market.
“Voyager has transferred $28.7M worth of crypto [assets] to crypto exchanges, including 15,000 ETH ($25.3 million) to Binance.US and Coinbase (ETH at 1,675) and 250 billion SHIB ($3.4 million). Coinbase Voyager received 105,000 ETH (ETH at $1,559 on the day of transfer) from FTX on 7th Sep. 2022.”
Voyager Digital’s Demise
Voyager Digital’s protracted and painful decline has been a blow to the cryptocurrency market. It started in July of last year when the business was forced to halt customer deposits and withdrawals due to Three Arrows Capital, another cryptocurrency company, failing to repay a loan worth hundreds of millions of dollars.
Voyager’s demise was precipitated by this action as it battled to survive in the face of escalating legal and regulatory problems. A Texas regulator objected to FTX’s purchase of Voyager’s assets, and the deal ultimately failed.
In September 2022, the now-defunct exchange, FTX, agreed to buy the company’s assets. Voyager was finally forced to file for bankruptcy in a last-ditch effort to prevent total collapse and disaster for retail investors who had money on the site, but it struck a deal with Binance who agreed to buy Voyager’s remaining assets at a discount, bringing an ignoble end to a once-promising business.
Binance would acquire Voyager’s customer base along with a substantial cash payment of $20 million as part of the agreement. The clients, who have been unable to withdraw their assets since July, will finally be allowed to do so by transferring to Binance.
If the deal is approved by the US’s national security assessment, which a judge accelerated in January, it will be used by the US’s cryptocurrency exchange.
