Voyager Liquidates 1,396,159,318,339 Shiba Inu (SHIB) on Coinbase As Bankruptcy Process Continues: On-Chain Data
Beleaguered crypto lender Voyager is selling troves of its Shiba Inu (SHIB) holdings as it liquidates millions worth of the crypto asset on the US-based digital asset exchange Coinbase.
Data from the blockchain analytics platform Lookonchain shows that in the last several days, Voyager sold 49 different tokens on Coinbase amounting to about $63 million.
Shiba Inu makes up nearly 23% of the total sale as Voyager liquidated almost 1.4 trillion SHIB, valued at $14.4 million. The crypto asset is currently worth $0.0000093, down by over 9% in the past 24 hours.
Voyager is selling off its assets amid its bankruptcy woes. The company filed for Chapter 11 bankruptcy protection in July last year after one of its biggest customers, crypto hedge fund Three Arrows Capital (3AC), defaulted on its loans worth around $650 million.
In March, a bankruptcy court issued a ruling allowing Voyager to sell its assets to the US arm of crypto exchange Binance. The company had hoped that the sale would allow its customers to recover 73% of their assets at the time, but Binance.US called off the asset purchase agreement the following month because of regulatory uncertainties in the US.
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