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

cointelegraph.com:

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.

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.

Significantly, these transactions occurred at a one-hour interval, as indicated by Etherscan records. The abrupt movement of these tokens has triggered discussions regarding a possible liquidation. However, certain sources assert that Voyager Digital is presently in the process of consolidating all tokens from various addresses into a primary address.

The speculation of a sell-off gains additional support from Voyager Digital's ongoing trend of divesting its SHIB holdings since the start of this year. In February, the company executed transfers of nearly $10 million worth of digital assets to multiple cryptocurrency exchanges within a single day.

The tokens moved include 270 billion SHIB, valued at $3.2 million, 4.9 million Voyager Tokens (VGX) with an estimated worth of $2.1 million, 3,050 ETH equating to $3 million and 221,000 Chainlink (LINK) amounting to approximately $1.5 million. It's important to highlight that these valuations corresponded to the tokens' market values during the time of the transfer.

Related: Voyager customers targeted by scammers during 30-day withdrawal period: Report

Following Binance U.S.'s court-sanctioned acquisition of the lender's assets, blockchain analysis platform Lookonchain