In a recent development, Voyager Digital, a now-defunct cryptocurrency brokerage, has been actively working to sell remaining crypto holdings centralized exchanges. As part of its latest move, the bankrupt firm has shifted significant amounts of SHIB and ETH to Coinbase, a popular cryptocurrency exchange. Data from on-chain transactions reveals that Voyager transferred these tokens to Coinbase’s ledger on August 11.
A Closer Look at Voyager’s Recent Transactions
Voyager has been offloading its assets since the start of the year. The most recent transactions indicate that Voyager relocated a total of $5.5 million in cryptocurrency to Coinbase. This comprised 1,500 ETH that were sent in two separate transactions. Prior to being shifted to Coinbase, 1,000 ETH and 500 ETH, with a total value of $2.77 million, were sent to different wallets. Furthermore, 250 billion SHIB, valued at $2.7 million, was also sent to Coinbase.
Additional on-chain data suggests that Voyager is moving all of its token holdings to its primary address, possibly consolidating its crypto assets before transferring them to cryptocurrency exchanges.
Voyager’s Road to Reimbursement
The primary aim of Voyager is to reimburse its customer accounts, at least partially. The firm declared bankruptcy last year following the collapse of crypto hedge fund Three Arrows Capital, which failed to repay a $665 million loan to Voyager. However, in May 2023, the company received court approval to start winding down its operations and begin repaying customers a part of their crypto assets that had been frozen for over a year.
Court documents indicate that Voyager had only around $630 million available to pay back $1.8 billion in customer claims. As a result, Voyager users could only reclaim 35.72% of their tokens. They had the option to withdraw their claims immediately or wait for 30 days to be paid in USD after Voyager sells the tokens.
Impact on SHIB and ETH Prices
The recent transfers of substantial amounts of SHIB and ETH tokens from Voyager Digital to Coinbase might indicate an impending selling pressure for the two cryptocurrencies. If Coinbase releases these tokens onto the open market, it might result in a price drop as supply exceeds demand.
Currently, SHIB is performing well, witnessing a 15.55% rise in a 7-day timeframe. ETH, on the other hand, is hovering around $1,850 after the ETH ecosystem recently achieved a milestone with the number of non-zero addresses reaching a new all-time high.
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