Coinbase Receives $5.4M in Crypto from Voyager Sparking Sell-off Rumors

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As per the recent reports published, the insolvent cryptocurrency lender Voyager Digital has transferred 1,500 Ether which currently is worth around $2.77 million, as well as 250 billion Shiba Inu, worth approximately $2.7 million to the cryptocurrency exchange platform, Coinbase.

Coinbase Transactions Took Place on August 11

In accordance with Etherscan, the financial transactions took place on August 11 at one-hour checks. The sudden shifts of the tokens has prompted speculation about a probable sale.

A possible explanation proposes that an asset sale is likely to happen, since these transfers have reduced the troubled crypto lender’s reserves to $81.63 million in digital assets. However, according to a number of sources, Voyager plans to merge all of the tokens from numerous accounts under a single main account.

Liquidating Assets via Coinbase

Back in February this year, Lookonchain reported in an article that the failed crypto lender was liquidating its assets through the Coinbase digital exchange. An on-chain expert reported on X (previously known as Twitter) that Voyager has transferred crypto funds to Coinbase almost on a daily basis since February 14.

Voyager Bankruptcy

Furthermore, on-chain data revealed that the bankrupt company acquired at least one hundred billion dollars in USD Coin over the span of three days commencing February 24.

Notably, Voyager Digital filed for bankruptcy under Chapter 11 in July 2022, just days after suspending transactions from the company’s platform due to its financial uncertainties. At the time, the firm stated that the filing was necessary towards ensuring value for its users. The filing was approved by the court on May 17, 2023.

Voyager App May be Updated on June 15

In the meantime, a court filing filed on June 14 revealed that the Voyager app may be updated on June 15 to display the sum of money that can be withdrawn, and the time frame for withdrawing had been scheduled from June 20 to July 5.

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