Struggling Crypto Lender Voyager Liquidates Substantial SHIB Holdings on Coinbase Amid Bankruptcy Woes

Struggling Crypto Lender Voyager Liquidates Substantial SHIB Holdings on Coinbase Amid Bankruptcy Woes

Crypto News – In a time of tumultuous challenges, cryptocurrency lender Voyager finds itself in the midst of a significant undertaking, selling off substantial holdings of Shiba Inu (SHIB) as part of a broader effort to liquidate cryptocurrency assets on the US-based digital exchange, Coinbase.

Utilizing data sourced from the blockchain analytics platform Lookonchain, it is evident that over recent days, Voyager has orchestrated the sale of an impressive array of 49 distinct tokens on Coinbase, amounting to an approximate total of $63 million.

A notable proportion of this sale can be attributed to the liquidation of Shiba Inu (SHIB), constituting nearly 23% of the overall transaction. Voyager has successfully divested close to 1.4 trillion SHIB tokens, with an assessed value of $14.4 million. At its current valuation of $0.0000093 per token, SHIB has observed a depreciation exceeding 9% over the past 24 hours.

Furthermore, Voyager has embarked on the liquidation of other prominent cryptocurrencies, including the sale of 781 Bitcoin (BTC) and 9,570 Ethereum (ETH), yielding returns of $22.97 million and $17.64 million, respectively.

Amidst its financial tribulations, the beleaguered firm has also offloaded 234,660 units of Chainlink (LINK), translating to a value of $1.74 million. Additionally, holdings of 1.86 million Polygon (MATIC), valuing at $1.27 million, and 3.006 million Decentraland (MANA), equating to an approximate sum of $1.1 million, have been part of the ongoing divestment strategy.

These asset liquidations come against the backdrop of Voyager grappling with its bankruptcy challenges. The company sought refuge in Chapter 11 bankruptcy protection in July of the preceding year, primarily triggered by the default on loans, worth roughly $650 million, by one of its major patrons—crypto hedge fund Three Arrows Capital (3AC).

In a subsequent development, a bankruptcy court ruling in March permitted Voyager to proceed with the sale of its assets to the US-based arm of the cryptocurrency exchange giant, Binance. With the initial intention of enabling customers to recoup 73% of their holdings, this prospective agreement was, however, curtailed in the subsequent month. The decision was prompted by regulatory uncertainties prevailing in the United States, leading Binance.US to retract from the asset purchase agreement.

As Voyager navigates the intricate web of crypto asset liquidation, the industry watches with keen interest, assessing the outcome of these strategic maneuvers in the face of an evolving financial landscape.