Bankrupt Voyager Sends 250 Billion Shiba Inu To Coinbase, Whats Up?

Bankrupt brokerage firm Voyager is currently causing a stir in the Shiba Inu community again. As blockchain security firm PeckShield reports, Voyager recently sent 250 billion Shiba Inu tokens worth $3.4 million to Coinbase.

In total, Voyager has transferred $28.7 million worth of cryptocurrencies to BinanceUS and Coinbase, including 15,000 ETH, the equivalent of about $25.3 million. Remarkably, the move comes at a time when the crypto market is experiencing an upswing, with the Shiba Inu price jumping 4% in the last 24 hours.

Etherscan data shows that the SHIB transfer to Coinbase took place at 3:09 pm EST yesterday. Shortly after that transfer, Voyager sent 10,000 Ether worth $16.9 million to Binance US at 3:46 pm EST. A few seconds later, a transfer of 5,000 ETH to Coinbase followed.

Shiba Inu Facing A Sell-Off?

It is important to note that Voyager still holds 1.6 trillion SHIB ($23.5 million), which is the broker’s second largest single position. In general, it is also worth highlighting that Voyager made similar transfers to Binance US and Coinbase the day before. PeckShield explained that Voyager sent 6,000 ETH to Binance US and 1,000 ETH to Coinbase on February 14.

As Bitcoinist reported, the bankrupt crypto broker already started moving some of its crypto holdings two weeks ago. According to PeckShield, about $9.6 million in cryptocurrencies were transferred from Voyager to crypto exchanges Coinbase, Binance US and Kraken. This included 270 billion SHIB ($3 million).

At the time, this already caused concern among Shiba Inu investors that SHIB price could suffer from great selling pressure if the tokens are sold sometime in the future. Meanwhile, the rationale for all the transfers is still unknown.

While rumors have been circulating on Twitter that Voyager may be looking to capitalize on the recent market rally and liquidate the altcoins to compensate its creditors, there is no solid evidence for this.

Binance.US had agreed to buy some of Voyager’s assets in December. However, the deal is still in limbo as US regulators have vetoed it.

A final hearing on the matter is scheduled for March in the Bankruptcy Court for the Southern District of New York. While it looks like the deal will go through, it also needs the approval of the majority of Voyager’s creditors.

Meanwhile, it became known a week ago that Binance US and Voyager have worked out a plan that would allow Voyager’s customers to withdraw their assets through accounts at Binance US.

According to a court filing, both companies expect payments to begin in March, although customers may not get all of their funds back. What the recent transfers mean for the Shiba Inu price remains to be seen. However, an immediate sell-off seems unlikely.

At press time, the SHIB price stood at $0.00001377. On the upside, $0.00001397 is key, while the $0.00001312 level could serve as the first support in case of a downturn for Shiba Inu.