Voyager, the bankrupt cryptocurrency lending platform, has disposed of approximately 5.62T Shiba Inu (SHIB) which is equivalent to $67.54 million at the present rate of $0.000012 per unit since February.
Voygaer has been utilizing Coinbase, Binance. US, and Wintermute in order to execute a large-scale dissemination initiative, with the majority of the resources sold through Coinbase.
Arkham Intelligence, a renowned blockchain analysis firm, stated that the sale of SHIB tokens worth $67.54 million formed part of Voyager’s liquidation of crypto assets amounting to $358 million since the start of 2021.
In January, the insolvent crypto lender began its distribution campaign by liquidating Polygon (MATIC) tokens valued at $36.27 million. This effort gained tremendous traction in February, with news reports suggesting that Voyager disposed of an impressive $183.37 million worth of tokens.
Sales in March
As March has just begun, Voyager has already sold off assets totaling $138.88 million. Of this amount, Shiba Inu accounted for the largest portion at $25.83 million, or 18.59% of all liquidated assets thus far this month. The next two most important liquidations were Ethereum ($100.74 million) and Voyager Token ($11.22 million).
Arkham Intelligence observed that Voyager predominantly used Coinbase to carry out its asset disposals, most of which included creating fresh Coinbase deposit accounts. Among these movements was one that entailed 300 billion SHIB on March 1.
Shiba Inu Sales During Past 2 Days
In the past 48 hours, Voyager has sold an impressive 951.9 billion SHIB tokens, worth a grand total of $9.59 million. OnchainDataNerd, a Twitter account devoted to making on-chain data more accessible, mentioned that 825 billion SHIB were sold on Wednesday. Since then, an extra 126.9 billion SHIB have been disposed of in the last day and a half.
The embattled lending platform now holds 3.87 trillion SHIB, which is valued at $39 million. Shiba Inu is the third-largest single holding in the platform’s portfolio, after USDC ($447.3 million) and ETH ($58.2 million).
Even though the court okayed Binance. US to purchase Voyager‘s resources, Voyager has decided to wind up its assets, raising questions about their intentions. Some people have suggested that the company may be trying to convert all of their holdings into USDC in order to make it easier for customers to get paid out.
