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Trillions of Shiba Inu (SHIB) on the Go as Bankrupt Crypto Lender Moves Funds

Wed, 06/21/2023 - 12:48
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Tomiwabold Olajide
2.8 trillion Shiba Inu (SHIB) on move as Voyager shifts funds
Trillions of Shiba Inu (SHIB) on the Go as Bankrupt Crypto Lender Moves Funds
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Trillions of Shiba Inu (SHIB) tokens have been shifted in recent hours by Bankrupt crypto lender Voyager. According to on-chain analytics firm Lookonchain, Voyager seems to be transferring tokens out of its hot wallet.

Though the exact reason for the move remains unknown, Lookonchain speculates that it might be related to the move to reopen withdrawals for customers. Between June 20 and July 5, creditors could withdraw around 35% of their cryptocurrency holdings.

A screenshot of token transactions from the previous day was shared by Lookonchain. Five Shiba Inu transactions that were executed most recently, specifically within the past 12 hours, are visible on Etherscan.

About 12 hours ago, four transactions each carrying 70 billion (70,000,000,000) SHIB were performed. The said SHIB tokens were transferred from an address identified as "voyager 1" to an unknown wallet address, just a few minutes apart from one another.

Before this, 70 million (70,000,000) SHIB were transferred from the "voyager 1" address. In total, 2.87 trillion SHIB were moved during the most recent Voyager fund shift.

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

Bankrupt crypto lender Voyager, which shut down its main business operations in July 2022, held a significant amount of SHIB. According to U.Today's last report in April, Voyager's wallet held over 3.1 trillion Shiba Inu tokens at the time.

According to a recent court filing, plans have been put forward for Voyager's platform to reopen to users between June 20 and July 5 so that creditors can withdraw around 35% of their cryptocurrency.

Voyager had stopped processing deposits and withdrawals from customers when it shut down its main operation last year.

Customers of Voyager will now be able to withdraw some of their crypto holdings after more than a year since assets were locked on the platform.

At the time of writing, SHIB was trading up 2.19% in the last 24 hours at $0.00000743.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.