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400 Billion SHIB Dumped by Voyager Despite Positivity with Binance US

Wed, 03/08/2023 - 12:03
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Gamza Khanzadaev
SHIB faces big challenge as hundreds of billions of Shiba Inu tokens flow into market
400 Billion SHIB Dumped by Voyager Despite Positivity with Binance US
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Bankrupt North American crypto broker Voyager continues to dump Shiba Inu (SHIB) tokens despite positive development in the Binance US purchase of its assets. Less than eight hours ago, over 400 billion SHIB, equivalent to $4.45 million, were sold from one of the Voyager wallets.

In total, $38 million worth of cryptocurrencies were transferred from its two accounts to centralized exchanges by the broker today. Ethereum (ETH), Polygon (MATIC) and Fantom (FTM) were all subject to the sell-off, in addition to SHIB.

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Voyager continues to be one of the largest SHIB holders. Thus, another 4.4 trillion Shiba Inu tokens remain on the broker's balance sheet, representing 10 times the volume of tokens sold today.

Binance US-Voyager deal

As became known a few hours before the next round of the sale, a court approved a deal for Binance US to buy Voyager's assets, even though the SEC and other regulators were against it. In addition, permission was granted to transfer customers of the bankrupt broker to the U.S. branch of the black-and-yellow crypto giant. The total amount of the deal is expected to be $1.3 billion.

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Despite getting the green light, the deal between the companies is far from complete. It is likely that until the assets are transferred to Binance US, the sell-off by Voyager will continue.

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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.