Bankrupt Voyager Sends 250B SHIB to Coinbase, Raising SHIB Price Concerns

Bankrupt brokerage firm Voyager has caused a stir in the Shiba Inu community by sending 250 billion Shiba Inu tokens worth $3.4 million to Coinbase, as reported by blockchain security firm PeckShield. In total, Voyager transferred $28.7 million worth of cryptocurrencies to BinanceUS and Coinbase, including 15,000 ETH, equivalent to about $25.3 million.

The move comes at a time when the crypto market is experiencing an upswing, with the Shiba Inu price jumping 4% in the last 24 hours. Despite this, concerns have been raised that the SHIB price could suffer from great selling pressure if the tokens are sold sometime in the future, given Voyager still holds 1.6 trillion SHIB ($23.5 million), which is the broker’s second-largest single position.

Voyager made similar transfers to Binance US and Coinbase the day before, sending 6,000 ETH to Binance US and 1,000 ETH to Coinbase on February 14, according to PeckShield. Rumors have been circulating on Twitter that Voyager may be looking to capitalize on the recent market rally and liquidate the altcoins to compensate its creditors, but there is no solid evidence for this.

Binance.US had agreed to buy some of Voyager’s assets in December, but the deal is still in limbo as US regulators have vetoed it. A final hearing on the matter is scheduled for March in the Bankruptcy Court for the Southern District of New York. While it looks like the deal will go through, it also needs the approval of the majority of Voyager’s creditors.

Meanwhile, Binance US and Voyager have worked out a plan that would allow Voyager’s customers to withdraw their assets through accounts at Binance US. Both companies expect payments to begin in March, although customers may not get all of their funds back.

The recent transfers' implications for the Shiba Inu price remain to be seen, but an immediate sell-off seems unlikely. At press time, the SHIB price stood at $0.00001377, with $0.00001397 as key upside and the $0.00001312 level as the first support in case of a downturn for Shiba Inu.

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