- Voyager, a cryptocurrency firm, has moved a substantial portion of its assets to Coinbase during its bankruptcy proceedings.
- These assets comprise 1,500 $ETH valued at about $2.77 million and 250 billion $SHIB worth around $2.7 million, totaling approximately $5.5 million.
Cryptocurrency enthusiasts were taken by surprise as Voyager Digital, a prominent player in the crypto trading platform space, recently executed a substantial transfer of its native tokens to Coinbase, one of the world’s largest cryptocurrency exchanges. This intriguing move has given rise to speculation of potential sell-offs and has prompted a closer examination of the underlying motives behind this transfer.
Voyager Digital, which is currently facing financial challenges, recently carried out significant transfers of tokens to the crypto exchange Coinbase on August 11th. These transfers included 1,500 Ether (ETH) valued at approximately $2.77 million, and an additional 250 billion Shiba Inu (SHIB) tokens, worth around $2.7 million, as per data from Etherscan. This situation has prompted inquiries into the reasoning behind Voyager’s decision.
Voyager has been known for providing users with convenient access to a wide range of cryptocurrencies. Thus, the move to transfer a substantial portion of its tokens to a competing exchange like Coinbase seems counterintuitive initially. Notably, these transfers occurred at one-hour intervals, as recorded by Etherscan.
The sudden movement of these tokens has sparked discussions about the possibility of liquidation. However, some sources indicate that Voyager might be in the process of consolidating tokens from various addresses into a central address.
Having passed the withdrawal window deadline, Voyager is now moving into the next phase of its process, involving the liquidation of its remaining assets into stablecoins.
However, there are concerns about the potential impact of this liquidation, as it could create After Binance.US’s court-approved acquisition of Voyager’s assets, the struggling exchange had liquidated digital holdings exceeding $56 million across three cryptocurrency exchanges.
Roughly three months later, the financially troubled exchange was involved in a series of transactions, resulting in the transfer of approximately 350 billion SHIB tokens.
Recent consolidation within Voyager has sparked differing theories among analysts. One perspective suggests that the consolidation might pave the way for the sale of Voyager’s assets as part of an operational streamlining process before divestment.
Conversely, an alternative viewpoint suggests that the consolidation signals a forthcoming change in Voyager’s strategic direction. Analysts in this camp predict that the consolidation will serve as a catalyst for resetting the company’s objectives and strategy.