Will Bankrupt Voyager’s Recent Selling Spree Cause a Market Wide Sell-off? Here’s What’s Going On

The post Will Bankrupt Voyager’s Recent Selling Spree Cause a Market Wide Sell-off? Here’s What’s Going On appeared first on Coinpedia Fintech News

From the beginning of February, the price of Shiba Inu has been declining, and the tension of a significant sell-off by Voyager appears to be looming on the market.

According to the Twitter account run by blockchain security company PeckShield, the insolvent cryptocurrency exchange Voyager just acquired 68 billion SHIB, or more than $820,000, from a dead address it refers to as “0x31FC.”

A two-year-old unnamed wallet recently sent 68 billion Shiba Inu (SHIB) to the troubled crypto company Voyager. Voyager sent Coinbase $12.3 million worth of cryptocurrency, including 300 billion SHIB, shortly after receiving the SHIB tokens. The wallet had not been active since it had communicated with the CAW project’s smart contract prior to this outflow.

“Here are the assets transferred from Voyager to Coinbase since February 14. 2.24 trillion SHIB ($28 million) 15,635 ETH (25 million dollars) 28.5 million VGX ($12.85 million) 640,000 LINK ($4.74 million) 7.75 million OCEAN ($3 million) 350,000 UNI ($2.28 million) 3.26 million MANA ($2.15 million) 4 million ENJ ($1.88 million) 2.3 million from ARENA ($1.64 million)”.

According to statistics from Etherscan, the unnamed wallet transferred the tokens to Voyager yesterday at 11:45 (UTC). These assets comprised 4,000 ETH worth $6.6 million, 300 billion SHIB worth $3.7 million, and 5 million Voyager Tokens (VGX) valued at $2 million each. A different Voyager address was used to send the ETH tokens.

Furthermore, PeckShield reported that Voyager had acquired USDC worth $50 million from Coinbase in just 8 hours. If there will be a sell-off, though, it is not yet certain.

Since Three Arrows Capital, the company’s previous backers, didn’t pay back $650 million in debts, Voyager filed for bankruptcy in July 2022. At the time of writing, SHIB is trading at $0.00001197, down 3% on the day.