Shiba Inu price drops amid market decline as bankrupt Voyager moves billions of SHIB tokens to unknown wallets while lawyers seek $5.1M in compensation.
The price of Shiba Inu is down by nearly 5% in its cumulative seven-day performance amid the broader crypto market bleeding trend.
While Shiba Inu struggles to maintain its ranking among the top 20 cryptos with the most significant market cap, recent data from blockchain explorer reveals a noteworthy movement of billions of Shiba Inu tokens initiated by Voyager, a crypto lender facing bankruptcy.
Over the past weeks, Voyager has been transferring Shiba Inu in billions to different unknown wallets, with the motive behind these transactions unclear, given its bankruptcy status. In the last 24 hours alone, the embattled crypto lender moved 90 billion Shiba Inu in three transactions to unknown destinations.
Voyager Moves 255 Shiba Inu in Two Days
In the last days of June 2023, specifically on 29 and 30, Voyager transferred 255 billion Shiba Inu to six untagged wallets, similar to how it moved 280 billion SHIB nine days before.
Before the significant movements in June, Voyager last transferred Shiba Inu 113 days ago, according to Ethersacn data. Lookonchain, an on-chain analytics resource, shed more light on Voyager’s recent activities, as captured by The Crypto Basic.
Lookonchain speculated that the motive behind these transfers could be linked to Voyager’s plan to reopen customer withdrawals. It highlighted that Voyager enabled its creditors to access approximately 35% of their crypto holdings, including Shiba Inu, the week before.
This redemption opportunity for Voyager’s customers comes after the crypto lender suspended all deposits and withdrawals when it ceased primary operations in July 2022.
Lawyers Demand $5.1M Compensation
In a related development, according to a court filing of July 3, McDermott Will & Emery, a law firm based in New York, has made a claim for $5.1 million in compensation from the creditors of Voyager.
The requested amount covers the legal services provided by the law firm from March 1 to May 13, 2023. According to the court documents, the law firm billed their services at an hourly rate of $1,026.76 during the specified period.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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