Bankrupt Crypto Lender Liquidates Billions of $SHIB and Other Tokens on Coinbase

Bankrupt cryptocurrency lender Voyager Digital has reportedly been offloading a hefty amount of cryptocurrency on Nasdaq-listed cryptocurrency exchange Coinbase, with over 1.4 trillion Shiba Inu ($SHIB), 781 BTC, and 9,570 ETH being burned on the platform.

According to data from on-chain analysis service Lookonchain, Voyager has been selling assets on Coinbase over the last few days, and has so far sold 49 different tokens for around $63 million. The lion’s share of these sales were in BTC, ETH, and the meme-inspired cryptocurrency Shiba Inu. These were followed by $1.74 million in $LINK, $1.27 million in $MATIC, and $1.1 million in $MANA.

Supplementing these transactions, Voyager also received 84.5 million USDC from Coinbase, which were then moved onto Circle. These transactions suggest Voyager has been cashing out these stablecoins as it moves to compensate customers by recovering about 35% of their crypto deposits as it winds down.

Despite these significant dispositions, Voyager’s current coffers still boast a substantial $11.3 million, with assets that include 52.4 million VGX valued at $8.27 million and a respectable 55 Bitcoin, approximated at $1.62 million.

As CryptoGlobe reported, earlier this year Voyager had already been sending billions of SHIB tokens to Coinbase, alongside other tokens including Ethereum’s ether. Voyager has conducted other similar large transactions to Coinbase in the past, including the sale of 400 billion SHIB on the platform earlier this month, which were exchanged for USDC.

The firm’s recent moves come after a staggering 3.3 trillion SHIB tokens have been pulled out of centralized cryptocurrency exchanges throughout the month of July in a large-scale withdrawal analysts are seeing as a drop in available supply.

Featured image via Unsplash.

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