Bankrupt crypto lender Voyager is sending large amounts of crypto assets to Coinbase as it continues to deal with its crumbling balance sheet.
According to blockchain intelligence firm Arkham, Voyager sells around nine figures worth of assets every week.
Voyager’s largest holdings include Ethereum (ETH), USDC, and Shiba Inu (SHIB).
Arkham data shows that 300 billion SHIB, worth about $3.85 million, has flowed from Voyager wallets to Coinbase, presumably for sale.
“Voyager continues to sell assets at a pace of approximately $100 million per week.
They currently hold around $700 million in two very large wallets.
Their top holdings:
$236 million USDC
$77 million SHIB”
Voyager continuing to sell assets at a rate of around $100M/week.
Currently they hold almost $700M in two very large wallets.
Their top holdings:
$77M SHIB pic.twitter.com/ZtTQSVJLrJ
— Arkham (@ArkhamIntel) February 27, 2023
Earlier this month, blockchain security firm Peckshield reported that Voyager sent 250 billion SHIBs, worth about $3.4 million at the time.
Peckshield has released images of the cryptocurrency’s path to Coinbase.
Voyager has already sent 2.24 trillion SHIB, plus many other altcoins, to Coinbase since February 14, according to on-chain tracking firm Lookonchain.
“The following assets have been transferred from Voyager to Coinbase since February 14th.
- 2.24 trillion SHIB ($28 million)
- 15,635 ETH ($25 million)
- 28.5 million VGX ($12.85 million)
- 640,000 links ($4.74 million)
- 7.75 million oceans ($3 million)
- 350,000 UNI ($2.28 million)
- 3.26 million mana ($2.15 million)
- 4 million ENJ ($1.88 million)
- 2.3 million sandwiches ($1.64 million).”
Voyager filed for bankruptcy in July 2022, citing the failure of former crypto hedge fund Three Arrows Capital to pay a $650 million loan.
The company was eventually acquired by Binance.US in a $1 billion deal late last year.
At the time of writing, SHIB is trading at $0.0000124, down 3% for the day.