Voyager Sells 1.396 Trillion Shiba Inu (SHIB) on Coinbase Amid Ongoing Bankruptcy Proceedings

Struggling Crypto Lender Voyager Divests Significant Shiba Inu (SHIB) Holdings During Liquidation on US-Based Digital Exchange Coinbase.

Recent information gathered from Lookonchain, a blockchain analytics platform, reveals that Voyager, a crypto lender facing considerable challenges, has been engaged in the sale of a variety of tokens on Coinbase. This liquidation process has led to transactions worth approximately $63 million over the past few days.

Within this series of transactions, Shiba Inu constitutes a noteworthy portion, accounting for nearly 23% of the overall sales. Voyager’s divestment encompassed a substantial amount of almost 1.4 trillion SHIB, which holds a valuation of $14.4 million. Presently, this crypto asset maintains a value of $0.0000093, reflecting a decline of over 9% within the last 24 hours.

In addition to the SHIB liquidation, Voyager has also sold 781 Bitcoin (BTC) and 9,570 Ethereum (ETH), generating respective sums of $22.97 million and $17.64 million.

Further tokens included in this sale comprise 234,660 units of Chainlink (LINK), valued at $1.74 million, 1.86 million Polygon (MATIC) tokens, with an approximate worth of $1.27 million, and 3.006 million Decentraland (MANA) tokens, collectively amounting to around $1.1 million.

These asset sales by Voyager are a response to its ongoing financial difficulties, which eventually led the company to file for Chapter 11 bankruptcy protection in July of the previous year. This course of action followed the default on loans worth roughly $650 million by one of Voyager’s prominent clients, the crypto hedge fund Three Arrows Capital (3AC).

In March of the current year, a bankruptcy court issued a ruling permitting Voyager to liquidate its assets to the US division of the crypto exchange Binance. At the time, the company held the expectation that this sale would enable its customers to recover approximately 73% of their assets. However, the subsequent month saw Binance.US discontinuing the asset purchase agreement due to regulatory uncertainties in the United States.

Read Also: FTX Aims for $176 Million Settlement with Genesis Entities During Legal Conflict

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.

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