Latest News

Bankrupt Crypto Lender Voyager Sells 400 Billion Shiba Inu ($SHIB) on Coinbase

($SHIB) tokens, along with other cryptocurrencies including Ethereum ($ETH), Voyager Token ($VGX), and Chainlink ($LINK), on the Coinbase cryptocurrency market, which is listed on the Nasdaq.

Data from blockchain analysis site Lookonchain shows that Wintermute Trading, Binance US, and Coinbase recently gave Voyager a combined 33,700,000 USDC. Voyager still has $757.8 million worth of assets, including a total of 459.8 million USDC and 4 trillion SHIB, notwithstanding these recent trades.

Voyager has previously made significant transactions to Coinbase. The corporation just sent 15,000 Ethereum worth $25.3 million to Coinbase and Binance, as well as 300 billion SHIB, worth about $3.4 million, to Coinbase. Voyager has been routinely delivering funds to Coinbase since February 14. Since that time, Voyager has transferred 2.24 trillion SHIB, or around $28 million, to Coinbase while continuing to maintain a significant amount of assets.

In a recent vote, the majority of Voyager’s customers—representing 98% of all claims—favored a restructuring proposal in which BinanceUS would buy some of the company’s assets. Voyager filed for bankruptcy in July 2022.Earlier this week, the company obtained court clearance to sell its assets and transfer its customers to Binance.US in a $1.3 billion agreement, but there are still several legal requirements that must be satisfied before the sale can be closed.

At a hearing in New York, US bankruptcy judge Michael Wiles authorized Voyager’s restructuring plan, which was built around the purchase of Binance.US. Binance.US agreed to reimburse the lender $20 million in cash as well as cryptocurrency that its users had placed. The typical amount of time customers on Coinbase keep the meme-inspired cryptocurrency before selling it or moving it to an external address has crossed the 230-day mark, indicating that most Shiba Inu investors aren’t going to sell in bulk.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.