35.7M MATIC Transferred To Voyager Raising Concerns

$30 million in MATIC transfer to Voyager causes a stir amongst investors.

On Wednesday, Whale Alert tweeted about a 35.7 million MATIC transfer from an unknown wallet to Voyager.

? 35,728,252 #MATIC (30,627,444 USD) transferred from unknown wallet to #Voyagerhttps://t.co/m6tS4R04ug

— Whale Alert (@whale_alert) November 2, 2022

Unsurprisingly, the transfer caused quite a stir among investors. For example, one user questioned how the company was still trading crypto despite an ongoing buyout by FTX as the company battles bankruptcy.

Despite the speculations, a trace of the transaction on Etherscan via the receiving Voyager wallet reveals that it is an internal transaction. However, the reason for the huge transfer remains unknown. Currently, the Voyager address holds over 52k ETH worth over $82.17 million at current rates.

The Crypto Basic reported that FTX.US won a bid to buy Voyager’s assets in September. It is worth noting that Voyager had initially described the bid of $1.4 billion as too low. Meanwhile, recent reports indicate that the deal could see customers of the defunct crypto lender receive up to 72% of their funds.

However, it is worth noting that the courts are yet to finalize the sale. The Judge in charge of the bankruptcy proceeding has urged the company to include a “fiduciary out” clause that will allow it to consider higher bids before finalizing the sale. Notably, the deal can not be completed till the plan receives approval from the Judge, with many expecting a final decision in December.

It bears mentioning that Voyager filed for Chapter 11 bankruptcy in New York in July. The filing came despite assurances in June that it had sufficient credit lines from FTX to keep operating after defunct crypto venture capital firm Three Arrows Capital (3AC) had defaulted on uncollateralized loans.