Bankrupt Crypto Lender Moves 250 Billion Shiba Inu ($SHIB) in Surprising Transaction

Cryptocurrency lender Voyager, which declared bankruptcy back in November of 2022, has recently made a surprising move by transferring 250 billion Shiba Inu ($SHIB) tokens worth over $3.4 million to the Nasdaq-listed cryptocurrency exchange Coinbase. The transaction sparked speculation among onlookers, and data from cryptocurrency security firm PeckShield shows that Voyager has transferred a total of $28.7 million worth of digital currencies to both Coinbase and Binance.US.

The firm received 105,000 Ethereum ($ETH) back in November from collapsed exchange FTX, then worth over $150 million. Ethereum blockchain data shows that shortly after the $SHIB transactions, Voyager also sent 10,000 ETH to Binance.US, before following that transaction up with one moving 5,000 ETH to Coinbase. On the previous day, Voyager made comparable transfers to Binance US and Coinbase as well. Specifically, on February 14, Voyager sent 6,000 ETH to Binance US and 1,000 ETH to Coinbase, as per PeckShield. Notably, Shiba Inu is still Voyager’s second-largest position as the company still holds 1.6 trillion SHIB worth over $23.5 million.

The reason behind these transactions isn’t currently clear, although rumors on social media suggest Voyager may be taking advantage of the recent cryptocurrency market rally to liquidate its holdings and compensate creditors. There’s little to back these rumors, however. In January, Voyager received initial court approval for a proposed $1 billion sale of its assets to Binance.US, and said it will seek to expedite a U.S. national security review of the deal.

U.S. bankruptcy judge Michael Wiles in New York has given permission for Voyager to proceed with an agreement to sell assets to Binance.US and also seek approval from creditors for the sale. The sale will not be completed until it is approved in a later court hearing. Binance.US’s transaction includes a $20 million cash payment and an agreement to transfer Voyager’s customers to its exchange. Customers would then be able to withdraw their funds. The sale will allow customers to recover 51% of the value of their deposits at the time of Voyager’s bankruptcy filing.

Shiba Inu, as CryptoGlobe reported, has recently been added to Binance’s Proof of Reserves verification system along with other digital assets, including the native token of the “blockchain of blockchains” Polkadot ($DOT). This suggests that the recent transaction could be related to the exchange’s efforts to increase its holdings of the digital asset.

The recent transaction by Voyager has caused a stir in the cryptocurrency community, as the firm’s financial situation is still uncertain. It is unclear if the company is liquidating its holdings to pay back creditors, or if it is simply taking advantage of the current market rally. Whatever the case may be, it is clear that the firm is making moves to try and secure its future.

Voyager’s decision to transfer 250 billion Shiba Inu tokens to Coinbase has certainly raised a few eyebrows, and it will be interesting to see what the future holds for the cryptocurrency lender. It remains to be seen if Voyager will be able to successfully liquidate its holdings and pay back its creditors, or if the company will be forced to continue its bankruptcy proceedings. Only time will tell.


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