The bankrupt brokerage firm Voyager is now causing an uproar in the Shiba Inu community once again. As blockchain security company PeckShield reportVoyager recently sent 250 billion Shiba Inu tokens worth $3.4 million to Coinbase.
In total, Voyager has transferred $28.7 million of cryptocurrencies to BinanceUS and Coinbase, including 15,000 ETH, equal to $25.3 million. Interestingly, the move comes at a time when the crypto market is on the rise, with the price of Shiba Inu rising by 4% in the last 24 hours.
Etherscan data shows that the SHIB to Coinbase transfer took place at 3:09 pm EST yesterday. Shortly after the transfer, Voyager sent 10,000 Ether worth $16.9 million to Binance US at 3:46 pm EST. A few seconds later, the transfer of 5,000 ETH to Coinbase continued.
Shiba Inu Facing Sale?
It is worth noting that Voyager still holds 1.6 trillion SHIB ($23.5 million), which is the second largest single position at the brokerage. In general, it is also worth highlighting that Voyager did the same transfer 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 has started moving some of his crypto holdings two weeks ago. According to PeckShield, approximately $9.6 million of cryptocurrencies were transferred from Voyager to crypto exchanges Coinbase, Binance US and Kraken. This includes 270 billion SHIB ($3 million).
At the time, this had raised concerns among Shiba Inu investors that the price of SHIB could come under heavy selling pressure if the token were to be sold in the future. Meanwhile, the reasons for all the transfers are still unknown.
While rumors have spread on Twitter that Voyager may be trying to capitalize on the recent market rally and release altcoins to compensate creditors, there is no solid evidence for this.
Binance.US has agreed to buy some Voyager assets in December. However, the deal is still in limbo because 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 appears the deal will go through, it also requires the approval of a majority of Voyager’s creditors.
Meanwhile, it became known a week ago that Binance US and Voyager have come up with a plan that will allow Voyager customers to withdraw their assets through their account on Binance US.
According to court filings, both companies expect payments to begin in March, although customers may not be able to get all their funds back. What the new transfer means for Shiba Inu prices remains to be seen. However, an immediate sell-off seems unlikely.
SHIB price is currently at $0.00001377. On the upside, $0.00001397 is key, while the $0.00001312 level could be the first support in case of a downturn for Shiba Inu.
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