Bankrupt crypto lender Voyager is sending large amounts of crypto assets to Coinbase as the firm continues to deal with its distressed balance sheet.
According to blockchain intelligence firm Arkham, Voyager has been selling roughly nine figures worth of its assets each week.
Among Voyager’s biggest 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 to sell.
“Voyager continuing to sell assets at a rate of around $100M/week.
Currently they hold almost $700M in two very large wallets.
Their top holdings:
$268M ETH
$236M USDC
$77M SHIB”
Earlier this month, blockchain security firm Peckshield reported that Voyager sent 250 billion SHIB worth about $3.4 million at the time.
Peckshield released an image tracing the path the crypto took on its way to Coinbase.
According to on-chain tracking firm Lookonchain, Voyager has already sent 2.24 trillion SHIB, plus many other altcoins to Coinbase since the 14th of February.
“Here are the assets transferred from Voyager to Coinbase since Feb 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 of 2022, citing the failure of former crypto hedge fund Three Arrows Capital to pay $650 million in loans.
The firm was ultimately acquired by Binance.US late last year in a $1 billion deal.
At time of writing, SHIB is trading at $0.0000124, down 3% on the day.
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