Benzinga - Distressed cryptocurrency lender Voyager Digital (CRYPTO: VGX) is bolstering its liquidity by transferring large amounts of digital assets to Coinbase (NASDAQ: COIN).
What Happened: Data from blockchain intelligence firm PeckShield on Wednesday revealed a major outflow of 300 billion Shiba Inu (CRYPTO: SHIB) worth approximately $3.85 million, Ethereum (CRYPTO: ETH) worth $6.6 million, and $2 million Voyager Token (CRYPTO: VGX) to Coinbase, presumably for selling purposes.
PeckShield revealed that before transferring out, Voyager received 68 billion SHIB worth $820,000 that was originally received from a dormant address.
#PeckShieldAlert Voyager has transferred 4k $ETH ($6.6M), 300B $SHIB ($3.7M) & 5M $VGX ($2M) to CoinbaseThe data firm said, in the last 8 hours, a Voyager-labeled address has received a total of 50 million USDC (CRYPTO: USDC) from Coinbase.Before transferring out, Voyager received 68B $SHIB (~820k) from a dormant address 0x31FC. The address had received 68B $SHIB 2 years ago (~$528 at the time of transfer) pic.twitter.com/iV7vFrykxT
— PeckShieldAlert (@PeckShieldAlert) March 2, 2023
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“Voyager continuing to sell assets at a rate of around $100M/week. Currently, they hold almost $700M in two very large wallets,” blockchain intelligence firm Arkham said on Monday.
Voyager filed for bankruptcy in July 2022 after Three Arrows Capital, their former backers, failed to pay back $650 million in loans. Things were looking grim, but then Binance.US swooped in late last year with a $1 billion deal to acquire the firm and breathe new life into its operations.
Price Action: At the time of writing, SHIB was trading at $0.000012, down 1.61% in the last 24 hours, according to Benzinga Pro.
Disclosure: Benzinga CEO Jason Raznick is a member of the unsecured creditor committee in the Voyager Digital Bankruptcy case.
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