Questions as Voyager Sends 270B SHIB to Crypto Exchanges

Questions as Voyager Sends 270B SHIB to Crypto Exchanges

Voyager, a bankrupt cryptocurrency lender, transferred 270 billion SHIB to Coinbase, Kraken, and Binance US in three transactions totaling 90 billion SHIB. 

This mysterious Shiba Inu move raises questions in the crypto community on Twitter.

Crypto on-chain analytics platform Lookonchain shared a link to the transaction details on Twitter today to announce the development. 

Approximately 12 hours have passed since the transfers took place, with the first one traveling to what Lookonchain identified as the Binance.US deposit address based on a screenshot it received. 

The defunct cryptocurrency lender still has 6.8 trillion SHIB, as reported by Lookonchain and verified by the information on the Voyager address.

The Reason for the SHIB Move is Still Unknown

Significantly, there is no explanation for this movement, and Voyager has not yet responded to inquiries for comment. 

Unsurprisingly, it has caused controversy among the cryptocurrency community, with many people thinking that the bankrupt cryptocurrency lender is attempting to pay off creditors by capitalizing on the current market upswing. 

It has also raised concerns about an impending Shiba Inu sell-off, which might have a detrimental effect on its price.

At the time of publication, there is little indication of this since the token is trading for $0.000012, up 2.91% over the previous day, in line with the market surge following the Fed’s rate hike decision.

Voyager to Sell its Assets

Remember that the collapse of the Terra ecosystem in May led to Voyager declaring bankruptcy in July, which had an impact on the whole crypto market.

Currently, it appears that it will sell its assets to Binance.US in a transaction where the US division of the top cryptocurrency exchange would pay $20 million in cash and move Voyager users to the cryptocurrency exchange. 

According to a Reuters article in early January that states that the judge has given his initial clearance of the acquisition, Voyager predicts that the sale will enable consumers to recover 51% of their deposits from the time of the bankruptcy filing.

It is important to remember that the agreement is still subject to a judicial hearing that will take place later. 

Despite the exchange’s assertions that it is independent of Binance, the global organization, the US Securities and Exchange Commission (SEC), expressed dissatisfaction with Binance.US’s disclosure.

Also, the Committee on Foreign Investment in the United States (CFIUS), which believes it must review the deal for national security risks, could oppose it.

It should be noted that Voyager initially signed a contract with FTX for its assets. But it failed with FTX’s demise and accusations of fraud against its founder Sam Bankman-Fried.

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