The last 2 months have been terrible for the crypto markets. The global crypto scene is grappling with negative emotions and unfortunate news. The latest blow came from Voyager Digital. A millionaire who was unable to withdraw the Shiba Inu cryptocurrency from Voyager Digital has announced that he has lost more than 200 million SHIBs. Here are the details…
Shiba Inu investors worried
The final blow to crypto investors came from Voyager Digital, a major crypto exchange and trading platform after it stopped withdrawals, trading and operations for all of its users. Investors went into a panic mode when the news that they could no longer access their funds. The meme token communities on Twitter are furious and angry about this. Specifically, ShibArmy, the community of Shiba Inu, rival of the biggest meme coin DOGE.
ShibArmy is known as the most loyal crypto community on Twitter. A Twitter user revealed that more than 200 million Shiba Inu have lost their supply after being denied access to Voyager Digital. ShibArmy members took to the comments section of Voyager Digital’s announcement tweet to express their anger and disappointment, as well as alert other SHIB supporters of the terrible news. Many Shiba Inu users have announced that they have pending withdrawals. Their anxiety has reached record levels.
The latest at Voyager Digital
As we have also reported as Kriptokoin.com, Voyager Digital has suspended all activities including trading, deposits, withdrawals and rewards. The company’s share price fell 38 percent after the news. Its native token, VGX, fell 9 percent. While trading on the platform is not currently available, over 25 percent of VGX trading volume takes place on Binance. At the time of writing, the token is still tradable on Binance, Coinbase, FTX and others.
Voyager recently received $200 million and 15,000 BTC from Alameda Research to help stabilize its liquidity and cover its investment in Three Arrows Capital. The deal resulted in FTX CEO Sam Bankman-Fried buying an 11 percent stake in Voyager Digital. At the time of the SEPA filing on June 17, the average share price of SBF’s shares was $2.34. The share price has now dropped below $0.40.
But documents submitted on June 23 show that Alameda Ventures has handed over 4.5 million shares. It also shows that he has reduced his shareholding to less than 10 percent. Voyager’s decision to suspend trading has sounded alarm bells for investors after the stock market’s recent string of problems. Unlike other exchanges like Celsius and BlockFi, Voyager is a public company in Canada. Therefore, investors need to timely disclose factors that may affect their holdings.
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