Voyager Sells 1.39 Trillion Shiba Inu (SHIB) Tokens on Coinbase Amid Ongoing Bankruptcy Proceedings

The beleaguered cryptocurrency lender Voyager is currently offloading substantial quantities of its Shiba Inu (SHIB) holdings, as part of its process of liquidating cryptocurrency assets valued in the millions on the US-based digital asset exchange Coinbase.

Recent data gleaned from the blockchain analytics platform Lookonchain reveals that over the past few days, Voyager has executed the sale of 49 distinct tokens on the Coinbase platform, totaling approximately $63 million in value.

Shiba Inu constitutes a significant portion of this overall sale, with Voyager successfully converting nearly 1.4 trillion SHIB tokens, valued at $14.4 million. At present, the value of this particular cryptocurrency stands at $0.0000093, reflecting a decline exceeding 9% within the past 24 hours.

In addition to the SHIB tokens, Voyager has also liquidated 781 Bitcoin (BTC) and 9,570 Ethereum (ETH), yielding values of $22.97 million and $17.64 million, respectively.

The embattled company has also divested itself of 234,660 Chainlink (LINK) tokens valued at $1.74 million, as well as 1.86 million Polygon (MATIC) tokens appraised at $1.27 million, along with 3.006 million Decentraland (MANA) tokens assessed at approximately $1.1 million.

Voyager’s current action of asset liquidation arises from the challenges it faces in the context of its ongoing bankruptcy concerns. The firm initiated Chapter 11 bankruptcy protection proceedings in July of the previous year, following the default on loans worth approximately $650 million by one of its principal clients, the cryptocurrency hedge fund Three Arrows Capital (3AC).

In March, a bankruptcy court issued a verdict permitting Voyager to divest its assets to the US branch of the cryptocurrency exchange Binance. The original intention was to enable the company’s clients to reclaim 73% of their assets during that time. However, Binance.US subsequently terminated the asset purchase agreement in the subsequent month due to uncertainties surrounding US regulatory factors.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.