Voyager’s token transfer to Coinbase sparks sell-off suspicions

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<p>Bankrupt cryptocurrency lender Voyager Digital transferred 1,500 Ether (ETH), worth around $2.77 million and an additional 250 billion Shiba Inu (SHIB), worth roughly $2.7 million, to crypto exchange Coinbase on Aug.11, according to Etherscan.</p>
<p>The motive behind the transactions has triggered speculation within the broader crypto community. One theory suggests a probable sell-off, given that the transfers have diminished the distressed crypto lender’s wallet holdings to $81.63 million of digital assets.</p>
<p>The transactions occurred at one-hour intervals, according to Etherscan. The abrupt movement of the tokens has triggered discussions regarding a possible liquidation. However, some sources say that Voyager is consolidating all tokens from various addresses into a primary address.</p>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-08/74e74fc7-8731-4f5d-8ba9-47c7aa9f908e.JPG" alt="" title="" /><figcaption><em>Screenshot of the transfers from Voyager to Coinbase. Source: Etherscan</em></figcaption></figure>
<p>The speculation of a sell-off is further supported by Voyager’s ongoing divestment of its SHIB holdings since the start of 2023. In February, the company executed transfers of nearly $10 million worth of digital assets to multiple cryptocurrency exchanges in a single day.</p>
<p>The tokens moved include 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 (LINK), worth $1.5 million.</p>
<p><strong><em>Related: </em></strong><strong><em>Voyager customers targeted by scammers during 30-day withdrawal period: Report</em></strong></p>
<p>Following Binance.US’s court-sanctioned acquisition of the lender’s assets, blockchain analysis platform Lookonchain <a href="https://twitter.com/lookonchain/status/1629700878235230208" target="_blank" rel="noopener nofollow">disclosed</a> that Voyager liquidated digital holdings exceeding $56 million across three cryptocurrency exchanges. Approximately three months later, the insolvent exchange engaged in various transactions involving the transfer of around 350 billion SHIB tokens.</p>
<p><strong><em>Magazine: </em></strong><strong><em>Deposit risk: What do crypto exchanges really do with your money?</em></strong></p>
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<br /><a href="https://cointelegraph.com/news/voyager-coinbase-token-transfer-grows-selloff-suspicions">Source link </a></p><p>The post <a href="https://forextraderhub.com/voyagers-token-transfer-to-coinbase-sparks-sell-off-suspicions.html">Voyager’s token transfer to Coinbase sparks sell-off suspicions</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>