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270 Billion SHIB Sent to Exchanges by Bankrupt Broker, Here's Shiba Inu Token Price Reaction

Thu, 02/02/2023 - 09:45
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Gamza Khanzadaev
Bankrupt crypto broker Voyager (VGX) sends $3 million worth of Shiba Inu tokens to exchanges, still one of the biggest SHIB holders
270 Billion SHIB Sent to Exchanges by Bankrupt Broker, Here's Shiba Inu Token Price Reaction
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Cryptocurrencies worth around $9.6 million were transferred to major centralized exchanges today from the accounts of bankrupt North American crypto broker Voyager (VGX), PeckShieldAlert reports. About a third of this was made up of Shiba Inu tokens, specifically 270 billion SHIB. The destination of the displaced cryptocurrencies was Coinbase, Kraken and Binance US, the U.S. arm of the black-and-yellow crypto giant.

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Meanwhile, Voyager remains one of the largest holders of Shiba Inu token. According to Etherscan, one of its accounts holds 6.8 trillion SHIB, equivalent to $81.8 million, and representing 1.23% of the circulating token supply. The bankrupt crypto broker is thus 18th on the list of the top SHIB holders.

In response to a possible $3 million sell-off threat, Shiba Inu's token has fallen by 1.91%. However, SHIB is still trading in the green zone since the start of the new trading day on the crypto market.

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Voyager: state of affairs

As a reminder, Binance US had previously shown interest in buying the bankrupt crypto broker's assets. A final hearing on the acquisition will take place in early March, at which time asset pricing is scheduled to take place. If the market price as of the revaluation date is higher than as of Dec. 18, the level of recovery of blocked funds to users will exceed 51%.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.