Bankrupt Crypto Lender Voyager Sends Additional 270 Billion $SHIB to Coinbase
Bankrupt cryptocurrency lender Voyager Digital has sent an additional 270 billion tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) to the Nasdaq-listed cryptocurrency exchange Coinbase, alongside other tokens including Ethereum’s ether.
According to data from blockchain analysis service Lookonchain, Voyager has sent an additional 270 billion SHIB tokens to the cryptocurrecy exchange, alongside 17,000 $ETH worth over $19 million, and 12 million $VGX worth around $4 million.
Voyager has conducted other similar large transactions to Coinbase in the past, including the sale of 400 billion SHIB on the platform earlier this month, which were exchanged for USDC.
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, 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 Pixabay.
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