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3.1 Trillion Shiba Inu (SHIB) at Risk as Voyager Deal Fails

Wed, 04/26/2023 - 09:36
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Gamza Khanzadaev
$32 million worth of SHIB in limbo after collapse of Voyager deal
3.1 Trillion Shiba Inu (SHIB) at Risk as Voyager Deal Fails
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As became known a few hours ago, the U.S. wing of global exchange Binance canceled a deal to buy bankrupt crypto broker Voyager Digital. As explained by Binance US, the decision was made due to the hostile regulatory environment in the United States.

Binance's Withdrawal from Voyager Deal Sparks Speculation on CFTC Settlement

Importantly, the bankrupt company's wallet continues to hold $260 million in crypto assets in aggregate. Of these, half is USDC, but the other half is in less stable cryptocurrencies and, in particular, in 3.1 trillion Shiba Inu tokens with an equivalent value of $32 million.

Limbo Inu

Earlier, U.Today wrote that if Voyager were sold to Binance US, trillions of SHIB could be poured onto the market, which would have an unpredictable effect on Shiba Inu token quotations.

Trillions of Shiba Inu (SHIB) Tokens May Hit Major US Exchange Following Voyager Deal

Now, the situation has become even more unclear with the tokens remaining in Voyager's wallet. Previously, hundreds of billions of tokens were sold off from the bankrupt crypto broker's address, and the initial balance was over 6 trillion SHIB.

Whether the sale directly from the wallet will continue is unknown. Voyager's statement after it was revealed that there would be no deal with Binance US does not add clarity. The company explained that although the current circumstances affect their plans for bankruptcy reorganization, it will allow customers to receive cash and cryptocurrency directly through the Voyager platform.

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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.