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HomeCrypto NewsMarket35.7M MATIC Transferred To Voyager Raising Concerns

35.7M MATIC Transferred To Voyager Raising Concerns

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$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.

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.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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