Voyager Crypto Transacts $8500,000 To Usdc Amid Bankruptcy – On-chain Data
Bankrupt Voyager Crypto moved a huge sum to Coinbase Exchange. The statistics demonstrated the transfer of 1,500 Ethereum (ETH) amounting to $2.77 million and 250 billion Shiba Inu (SHIB) equivalent to $2.7 million from Voyager Digital to the Coinbase Exchange.
The on-chain data about this transfer was first revealed by Journalist Collin Wu which sparked speculation in the market. Various groundbreaking assumptions also came forward in the process. The most notable one after the latest bouts of transfer is that crypto-lender has only $81.63 worth of cryptos in their record.
Etherscan released the data of these massive sell-offs and recorded the time between each transaction to be an hour. Moreover, it’s highly expected that the crypto transfers from Voyager Digital might be a potential sell-off. Contrary to the mainstream assumptions, some sources certify that Voyager Crypto is attempting to transfer all of the tokens in its addresses to their primary address a mod bankruptcy.
Voyager Crypto on Selling Spree
Earlier in February, the corporation transferred 10 million worth of digital assets to various leading cryptocurrency exchanges within 24 hours. Among the recipients, cryptocurrency exchange companies were Coinbase, Bitcoin U.S., and Kraken.
The transferred tokens consist of;
- 270 billion SHIB valuing up to $3.2 billion
- 4.9 million total Voyager Tokens (VGX) amounting to $2.1 million
- 3,050 ETH amassing to $3 million
- 221,000 Chainlink (LINK) equivalent to $1.5 million
All the values of the tokens cited above are according to the market rates of February 2023.
The recent sell-off didn’t have a major impact on community sentiments. A huge transfer of Voyage Crypto to Coinbase Exchange brought about the tokens on the rampage. In the last 24 hours. They scored about 6%, whereas, Shiba Inu was exchanging at $0.0000108.
After the bankruptcy, the company isn’t moving investors in part due to the publically launch of Shibarium, Shiba Inu’s Layer 2 scaling solution (blockchain) on August 16. The launch of the Layer 2 blockchain will significantly impact the price of altcoin.
Etherscan Data About Voyager Bankruptcy
The series of Ethereum transfers were first spotted by Etherscans, a blockchain tracking platform. Later, they also released their statistics on it. Akrham, an analytical firm, stated that Ethereum stacks were sent to various wallets.
Etherscan report indicates;
- 500 ETH transfer equal to $922,625 to Coinbase (Friday)
- 1,000 ETH accumulating to $1.84 million to centralize crypto exchange (Friday)
- 1,000 ETH transferred to Coinbase through a different wallet (Saturday)
- 45,000 ETH worth about $8.30 million was transacted to Coinbase in three turns (Sinday)
- 1,500 ETH worth $2.76 million to a crypto exchange
- Another assortment of 1,500 ETH we’re transferred to Coinbase
- 1,500 ETH transferred to the centralized platform
In total, $12.91 million worth 7,000 ETH was moved to the crypto exchange by Voyager Crypto.
Is Voyager Crypto going to shut down?
On August 15, 2023, the Voyager Crypto app announced that it was shutting down due to bankruptcy. Additionally, they will add various features to their website that will give updates about the commencing of the app and other details. Wind Down Debtors will add those new features to the website in September.
The Singaporean company is currently tackling insolvency. The user base of the corporation demanded recovery compensation for their losses, and Voyager Digital significantly launched a flat compensation process.
The process guarantees converting the persisting cryptocurrencies into U.S. dollars and eventually distributing them to their legitimate owners. The users can either redeem 35.72% of their tokens before the sale initiates or opt for USD restitution. Both options will be accessible to the users for 30 days following the token’s liquidation by Voyager Digital.
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Impact of Voyager Crypto Bankruptcy on Bitcoin
Voyager’s bankruptcy and ongoing asset sales had an impact on Bitcoin. Various speculation is formulated in this regard. Last year in 2022, the Singaporean company was a leader in the cryptocurrency space with liabilities and assets accumulating to $10 billion.
Thousands of clients and investors reverberated due to their bankruptcy, affecting 100,000 clients over the world. Davies and Zhu’s Three Arrows Capital (3AC) insolvency intertwined with their downfall. Three Arrows Capital faced default due to high-end gambling on Terra Luna’s stablecoin.
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