According to Etherscan, Voyager Digital, a bankrupt cryptocurrency exchange, transferred 1,500 Ether (ETH $1,846), worth around $2.77 million and an additional 250 billion Shiba Inu (SHIB $0.000010), worth roughly $2.7 million, to Coinbase, a crypto exchange on August 11, 2023.
It is expected that many theories have been identified related to the motive behind this transaction. Supposedly, one of the source mentioned that there might have been a sell-off. It is expected that the transfers might have reduced the distressed crypto lender’s wallet holdings to about $81.63 million of digital assets, Cointelegraph added.
According to Etherscan, transactions occurred at one-hour intervals and the sudden movement of the tokens might lead to liquidation. However, some sources are expected to mention that Voyager is shifting all tokens from various addresses into primary addresses.
Furthermore, the speculation of a sell-off is expected to be supported by Voyager’s ongoing divestment of its SHIB holdings since the start of 2023, Cointelegraph concluded.
(With insights from Cointelegraph)