Voyager Digital’s Token Transfer to Coinbase Sparks Speculation and Sell-Off Suspicions

Bankrupt cryptocurrency lender Voyager Digital has raised suspicions within the crypto community due to its recent token transfers to Coinbase. On August 11th, Voyager moved 1,500 Ether (ETH) valued at approximately $2.77 million, and 250 billion Shiba Inu (SHIB) tokens worth roughly $2.7 million to the exchange. These transactions, occurring at hourly intervals, have prompted speculations about a possible sell-off strategy, as Voyager’s wallet holdings now stand at $81.63 million in digital assets.

While some suggest that the abrupt token movements could signify an impending liquidation, others argue that Voyager might be consolidating tokens from multiple addresses into a primary one. Adding to the suspicion is Voyager’s history of divesting its SHIB holdings since the beginning of the year. In February, the company executed transfers totaling almost $10 million in digital assets to various cryptocurrency exchanges on a single day. These transfers included 270 billion SHIB, worth $3.2 million; 4.9 million Voyager Token (VGX), valued at $2.1 million; 3,050 ETH, worth $3 million; and 221,000 Chainlink (LINK) tokens valued at $1.5 million.

The situation escalated after Binance.US’s acquisition of Voyager’s assets, when blockchain analysis platform Lookonchain reported the liquidation of over $56 million in digital holdings across three cryptocurrency exchanges. About three months later, the insolvent exchange continued to engage in transactions involving the transfer of around 350 billion SHIB tokens. The ongoing series of movements and transfers have led to heightened speculation and concern among the crypto community about Voyager’s motives and financial stability.

Source: Cointelegraph