Voyager Sells 1.4 Trillion SHIB on Coinbase Amid Bankruptcy: On-Chain Analysis
Crypto lender Voyager, facing challenges, is offloading a significant portion of its Shiba Inu (SHIB) assets on US-based exchange Coinbase, amounting to millions in value.
Voyager, under financial strain, has been actively selling its crypto assets on Coinbase, with recent blockchain insights from Lookonchain revealing sales of 49 different tokens totaling roughly $63 million.
Of this, Shiba Inu (SHIB) represented nearly 23%, with the firm liquidating around 1.4 trillion SHIB tokens equivalent to $14.4 million. SHIB's price is currently $0.0000093, reflecting a 9% drop in the last day.
Additionally, Voyager sold 781 Bitcoin (BTC) valued at $22.97 million and 9,570 Ethereum (ETH) totaling $17.64 million. Other assets like 234,660 Chainlink (LINK) for $1.74 million, 1.86 million Polygon (MATIC) at $1.27 million, and 3.006 million Decentraland (MANA) worth approximately $1.1 million were also liquidated.
This asset sale comes as Voyager grapples with bankruptcy. After Three Arrows Capital (3AC) defaulted on a $650 million loan last year, Voyager filed for Chapter 11 bankruptcy in July. By March, a court ruling permitted Voyager to transfer its assets to Binance's US division. The initial plan was to allow Voyager's clients to reclaim 73% of their assets. However, due to US regulatory concerns, Binance.US rescinded the agreement a month later.
Aug 18, 2023
