Voyager may have a negative impact on 4 altcoins in the coming days. The bankrupt crypto company has 315 million worth of crypto that it can cash out to pay off its debts.
Voyager bankruptcy could bring big sell on 4 cryptocurrencies
Voyager, the crypto company that went bankrupt in the 2022 crisis, continues to sell its assets. According to a report by OnchainDataNerd, close to a trillion SHIBs have been launched in the past 24 hours via major crypto exchanges Binance and Coinbase.
The data shows that Voyager has moved massive Ethereum, VGX, LINK and SHIB reserves to Binance and Coinbase. 22,200 Ethereum worth $33 million, $1 million LINK, $6 million VGX and $9 million worth 825 billion Shiba Inu moved to centralized exchanges. As Kriptokoin.com, we have included the company’s portfolio before transfers in this article.
While all eyes are on @silvergatebank liquidation, you should not ignore #voyager.
Today, they have sent to @coinbase and @binance:
• 22.2K $ETH ($33M)
• 11M $VGX ($6M)
• 825B $SHIB ($9M)
• 160K $LINK ($1M)Along with other tokens such as $COMP, $MKR, $SUSHI … pic.twitter.com/Il9stXJ949
— The Data Nerd (@OnchainDataNerd) March 9, 2023
The latest Voyager sales continue as the market’s attention is fully diverted to the Silvergate bankruptcy and Bitcoin, which has suddenly dropped below the $20,000 level under the influence of a number of negative factors. On March 9, Voyager sold half of the amount it now carries to Binance and Coinbase. These include 400 billion SHIB worth $4.4 million.
In late February, when Voyager began selling its reserves, the Shiba Inu was the company’s largest stash. By then he had already been doing daily SHIB sales regularly for three months. On Thursday, February 9, Voyager sold a total of $358.52 million worth of crypto, including the Shiba Inu, and received $407.3 million USDC. According to data shared by the Arkham analytics platform, he has $271.5 million in crypto that he plans to sell. The first sales were made with SHIB and ETH.
Ethereum and SHIB are the first altcoins Voyager chooses to sell
Voyager currently has huge reserves of Ethereum, VGX, LINK and SHIB that it continues to sell. The Arkham Intel report confirms that the company has been on a sales spree for the past six weeks. In addition, it is seen that sales are primarily focused on $151 million worth of ETH and $50 million worth of Shiba Inu (SHIB).
According to the report, Voyager sold $100 million worth of ETH this month, $25 million worth of SHIB, and $11 million worth of the platform’s native token, VGX. Ethereum and SHIB have lost more than 10% over the week.
Voyager currently has $750 million worth of reserves, of which $488 million stands in USD Coin (USDC). Here’s a breakdown of Voyager’s remaining assets:
- ETH worth $151.22 million
- $49.53 million VGX
- $41.4 million SHIB
- All of these assets are at risk of being sold
Voyager sales kick off soon after Binance deal
Voyager appears to have started its selling activity long before US Bankruptcy Judge Michael Wiles approved Binance’s $1.3 billion bid to acquire Voyager. This restructuring agreement with Binance will allow Voyager customers to withdraw their funds using the Binance US exchange.
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