Bankrupt Crypto Lender Voyager Sells 400 Billion Shiba Inu ($SHIB) on Coinbase
Bankrupt cryptocurrency lender Voyager Digital has sold off some 400 billion Shiba Inu ($SHIB) tokens on Nasdaq-listed cryptocurrency exchange Coinbase, alongside other cryptocurrencies including Ethereum ($ETH), Voyager Token ($VGX), and Chainlink ($LINK).
According to data from blockchain analysis service Lookonchain, Voyager recently received a total of 33,700,000 USDC from Wintermute Trading, Binance US, and Coinbase. Despite these recent transactions, Voyager still holds $757.8 million worth of assets, including a total of 459.8 million USDC and 4 trillion SHIB.
This is not the first time Voyager has conducted large transactions to Coinbase. In recent weeks, the company moved 300 billion SHIB worth approximately $3.4 million to Coinbase, and shifted 15,000 Ethereum worth $25.3 million to both Coinbase and Binance.
Since February 14, Voyager has been sending assets to Coinbase regularly. Voyager has transferred 2.24 trillion SHIB, worth about $28 million, to Coinbase since that date, while still holding a large amount of assets.
Voyager filed for bankruptcy in July 2022, and recently saw most of its customers, representing 98% of total claims, favor a restructuring plan that will see BinanceUS acquire some of its assets.
Earlier this week, the firm secured court approval to sell its assets and transfer its users to Binance.US, in a deal valued at $1.3 billion, though the firm still has to clear additional hurdles before the deal is finalized.
US bankruptcy Judge Michael Wiles has approved Voyager’s restructuring plan, centered on the Binance.US acquisition, at a hearing in New York. Binance.US agreed to pay $20 million in cash to the lender, and crypto deposited by its users.
Notably, most Shiba Inu investors have shown they aren’t planning on selling en masse, as the median time that users on Coinbase hold onto the meme-inspired cryptocurrency before either selling it or moving it to an external address has surpassed the 230-day mark.
Featured image via Unsplash.
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