The reason for the transactions has sparked speculation in the wider crypto community. On August 11, according to Etherscan, bankrupt cryptocurrency lender Voyager Digital transferred 1,500 ether worth approximately $2.77 million and an additional 250 billion shiba inu worth approximately $2.7 million to cryptocurrency exchange Coinbase.
Within the larger crypto community, curiosity has been sparked about the purpose of the transactions. Given that the transfers have reduced the struggling crypto lender’s wallet holdings to $81.63 million of digital assets, one theory hypothesises that a sell-off is likely.According to Etherscan, the transactions took place at hourly intervals. Conversations about a potential liquidation have started as a result of the tokens’ sudden movement. Voyager is allegedly combining all tokens from different addresses into one account, according to certain reports.
Voyager’s continued sale of its SHIB shares since the beginning of 2023 lends credence to the speculation about a sell-off. The corporation transferred roughly $10 million worth of digital assets to various cryptocurrency exchanges in a single day in February.
Among the tokens exchanged were 270 billion SHIB, worth $3.2 million, 4.9 million Voyager Token (VGX), worth $2.1 million, 3,050 ETH, worth $3 million, and 221,000 Chainlink, worth $1.5 million. Adopting Binance.Blockchain research platform Lookonchain revealed that Voyager liquidated digital holdings totaling more than $56 million across three cryptocurrency exchanges following the US’s court-approved takeover of the lender’s assets. Three months later, the bankrupt exchange carried out a number of transactions involving the transfer of about 350 billion SHIB