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Bankrupt Shiba Inu Trillionnaire Moves Billions of SHIB: Where To?

Thu, 06/29/2023 - 16:50
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Gamza Khanzadaev
Bankrupt broker Voyager makes unexpected transfer worth billions of SHIB
Bankrupt Shiba Inu Trillionnaire Moves Billions of SHIB: Where To?
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Unusual activity has been observed in the recent movements of a wallet associated with bankrupt North American cryptocurrency broker Voyager. In a surprising turn of events, a staggering 25 billion Shiba Inu (SHIB) tokens, with a current value of approximately $183,275, were transferred from the wallet.

However, what has piqued interest is the destination of these tokens, as they were not sent to any exchange address or the broker's fund wallet. Instead, they were transferred to an address linked to the SHIB token itself.

Shiba Inu (SHIB) 300 Trillion Resistance Raises Some Concerns

The Voyager wallet, despite its bankruptcy status, still retains a significant holding of 2.84 trillion Shiba Inu tokens, equivalent to an astonishing $20.8 million. It is worth noting that just a few months ago, the wallet's holdings were as high as 6.6 trillion SHIB, indicating substantial fluctuations in the assets controlled by the broker.

Source: DeBank

These movements from the bankrupt broker's wallet have not been limited to SHIB alone. Reports suggest that other cryptocurrencies have also been subject to transfers, all stemming from the ongoing resumption of withdrawals. In a bid to meet their obligations, the broker has allowed lenders to withdraw around 35% of their cryptocurrencies, a window open between June 20 and July 5. One of the platforms facilitating these withdrawals is the Gemini crypto exchange.

SHIB Going Somewhere Outside USA: Shytoshi Kusama

The future of Voyager's holdings and the implications for the wider crypto landscape remain uncertain, making this an unfolding story that demands our attention.

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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.