Bankrupt crypto lender Voyager is sending large amounts of crypto assets to Coinbase as the company continues to deal with its troubled balance sheet.
According to blockchain intelligence firm Arkham, Voyager sells around nine figures of its assets every week.
Among Voyager’s largest holdings are Ethereum (ETH), USDC and Shiba Inu (SHIB).
Arkham’s data shows 300 billion SHIB worth about $3.85 million flowing out of Voyager’s wallet and into Coinbase, presumably for sale.
“Voyager continues to sell assets at a rate of approximately $100 million/week.
They currently hold nearly $700 million in two very large wallets.
Their top performances:
$268 million ETH
$236 million USDC
$77 million SHIB”
Earlier this month, blockchain security firm Peckshield reported that Voyager sent 250 billion SHIB worth about $3.4 million at the time.
Peckshield has released an image that traces the path crypto took on its way to Coinbase.
According to on-chain tracker Lookonchain, Voyager has already sent 2.24 trillion SHIB, plus many other altcoins to Coinbase since February 14th.
“Here are the assets transferred from Voyager to Coinbase since February 14th.
- 2.24 trillion SHIB ($28 million)
- 15,635 ETH ($25 million)
- 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 SAND ($1.64 million)’.
Voyager filed for bankruptcy in July 2022, citing former crypto hedge fund Three Arrows Capital’s failure to pay $650 million in loans.
The company was eventually acquired by Binance.US late last year in a $1 billion deal.
At the time of writing, SHIB is trading at $0.0000124, down 3% on the day.
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Featured image: Shutterstock/3d_illustrator/Liu zishan