Bankrupt Crypto Lender Moves 250 Billion Shiba Inu ($SHIB) in Surprising Transaction
Bankrupt cryptocurrency lender Voyager has transferred 250 billion Shiba Inu ($SHIB) tokens worth over $3.4 million to the Nasdaq-listed cryptocurrency exchange Coinbase, in a transaction that surprised onlookers and sparked speculation.
According to data from cryptocurrency security firm PeckShield, Voyager has transferred a total of $28.7 million worth of digital currencies to both Coinbase and Binance.US, including 15,000 ETH worth over $25.5 million. The firm received 105,000 $ETH back in November from collapsed exchange FTX, then word over $150 million.
Ethereum blockchain data shows that shortly after the $SHIB transactions, Voyager also sent 10,000 ether to Binance.US, before following that transaction up with one moving 5,000 ETH to Coinbase.
It is worth mentioning that on the previous day, Voyager made comparable transfers to Binance US and Coinbase as well. Specifically, on February 14, Voyager sent 6,000 ETH to Binance US and 1,000 ETH to Coinbase, as per PeckShield. Notably, Shiba Inu is still Voyager’s second-largest position as the company still holds 1.6 trillion SHIB worth over $23.5 million.
The reason behind these transactions isn’t currently clear, although rumors on social media suggest Voyager may be taking advantage of the recent cryptocurrency market rally to liquidate its holdings and compensate creditors. There’s little to back these rumors, however.
Back in January, Voyager received initial court approval for a proposed $1 billion sale of its assets to Binance.US, and said it will seek to expedite a U.S. national security review of the deal.
U.S. bankruptcy judge Michael Wiles in New York, has given permission for Voyager to proceed with an agreement to sell assets to Binance.US and also seek approval from creditors for the sale. However, the sale will not be completed until it is approved in a later court hearing.
Binance.US’s transaction includes a $20 million cash payment and an agreement to transfer Voyager’s customers to its exchange. Customers would then be able to withdraw their funds. The sale will allow customers to recover 51% of the value of their deposits at the time of Voyager’s bankruptcy filing.
Shiba Inu, as CryptoGlobe reported, has recently been added to Binance’s Proof of Reserves verification system along with other digital assets, including the native token of the “blockchain of blockchains” Polkadot ($DOT).
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