With the recent maneuvers from the bankrupt crypto lender, Voyager Digital, the crypto enthusiasts are buzzing with myriad presumptions. Voyager Digital’s movement of 1,500 Ether (ETH) and an astonishing 250 billion Shiba Inu (SHIB) tokens to Coinbase, which equate to approximately $2.77 million and $2.7 million respectively, has sparked a wave of suspicion in the crypto universe, as suspicions about potential intentions of liquidation seep into the cryptoverse discussions.
The executed transfers were observed to take place within an hour last Friday, thereby stirring up the community with interesting discourses. The most unsettling revelation of this incident was the immediate dip in the crypto wallet holdings of Voyager to a fiat value of about $81.63 million.
Now, this situation has the spectators neatly divided. On one hand, there will be those hinting towards a consolidation initiative from Voyager, believing it’s merging its tokens from different addresses into one primary wallet address, presenting a seemingly plausible explanation. On the contradictory end, the theory of a sell-off being underway is gaining traction, the supporting evidence for it being Voyager’s prior divestment of SHIB holdings since the onset of 2023.
Let’s roll back a bit. In February, Voyager implemented transfers approximating to nearly $10 million in a single day across several exchanges which included 270 billion SHIB, 4.9 million Voyager Token (VGX), a chunky 3,050 ETH, and 221,000 Chainlink (LINK).
Adding another layer to this financial narrative, Voyager’s financial complications were further deepened when Binance.US asserted legal control over its assets. Following this move, more than $56 million in digital holdings across several exchanges were liquidated. However, Binance.US later withdrew from the acquisition deal, as a supposedly “hostile and uncertain” regulatory environment in the US was cited as the reason for this retreat.
Intriguingly, Voyager’s recent strategic moves are in sync with the company’s ongoing trend of trimming its SHIB holdings. This sell-off has triggered worrisome notions that the troubled lender is perhaps making maneuvers to handle its financial predicaments. There has been an influx of speculation about the potential fallout for the stakeholders from this situation and, by extension, the wider crypto market. It’s a wait and watch situation now, as the beleaguered Voyager navigates its tricky financial maze.
Source: Cryptonews
