Bankrupt Crypto Firm Voyager Makes Significant Transfers Amidst Final Payouts

In a dramatic twist to the Voyager saga, the bankrupt crypto company transferred a whopping 1,500 ETH and 250 billion SHIB tokens to Coinbase, one of the world’s leading crypto exchanges.

Bankrupt Crypto Firm Voyager Makes Significant Transfers Amidst Final Payouts

This move, as reported by on-chain data platform Ember, seems to be part of Voyager’s ongoing efforts to wind down its operations and settle with its users.

Key Takeaways

• Major Transfers to Coinbase: The most noteworthy development is the transfer of 1,500 ETH, currently valued at $2.77 million, and 250 billion SHIB, approximately $2.7 million, to Coinbase. This transfer took place on August 12, 2023.
• Consolidating Remaining Tokens: Voyager is also in the process of accumulating all the remaining tokens scattered across its wallet addresses into a primary address. This could be in preparation for a more significant liquidation event.
• Shift to Fiat Payouts: With the closure of cryptocurrency claims, Voyager is transitioning into its final phase of settling its obligations – a fiat payment process. This likely involves selling off the firm’s remaining cryptocurrency assets to refund its users in USD. Earlier, users had an option: either claim and withdraw 35.72% of their held tokens or wait to be paid in USD once Voyager liquidated its assets.
• Throwback to June 2023: Voyager had previously initiated withdrawal processes for its users on June 24, 2023. At that time, users had the option to reclaim 35.72% of their digital assets directly rather than waiting for a fiat refund.
• Voyager’s Prime Days: At the pinnacle of its success, Voyager claimed a staggering user base of 3.5 million. Of these users, the majority (97%) held less than $10,000 on the platform. As a crypto lending platform with listings on stock markets across various global regions, Voyager was once considered a promising beacon in the crypto industry. However, the 2021 bear market dealt a fatal blow, resulting in insurmountable challenges and eventual bankruptcy in 2022.

Summary

The unfolding Voyager narrative serves as a reminder of the volatile nature of the crypto industry. It also underscores the importance of regulatory oversight and robust risk management strategies, especially for platforms handling the assets of millions of users. The coming weeks will be crucial in determining how Voyager’s endgame pans out for its users and the broader crypto community.