Billions of Shiba Inu tokens transferred as bankrupt crypto lender Voyager moves funds, potentially connected to reopening withdrawals.
Billions of Shiba Inu (SHIB) tokens are on the move as Voyager, the bankrupt crypto lender, transfers funds from its hot wallet. In a recent tweet, Lookonchain, an on-chain analytics firm, revealed that Voyager has been shifting a substantial amount of SHIB tokens.
While the exact motive behind this transfer remains undisclosed, the market tracker theorized that it could be connected to the embattled lender’s plan to reopen customer withdrawals.
Voyager is transferring tokens out from the hot wallet.
Seems to be related to reopening withdrawals to customers.
Creditors can withdraw about 35% of their cryptocurrencies between June 20 and July 5.https://t.co/EVaoqkMpmRhttps://t.co/2d59UNR4G7 pic.twitter.com/o9fkZVSp8R
— Lookonchain (@lookonchain) June 20, 2023
According to Lookonchain, withdrawal facilities for Voyager’s creditors to access approximately 35% of their crypto holdings, which included Shiba Inu, began on June 20 and will last until July 5.
This development comes after Voyager halted all deposits and withdrawals when it ceased its primary operations in July 2022. After over a year of locked assets, customers of Voyager can finally access a portion of their crypto holdings.
287 Billion SHIB Moved to an Unknown wallet
Lookonchain shared a link to prominent Ethereum blockchain explorer Etherscan displaying Voyager’s recent transfers involving Shiba Inu. The explorer shows that the four most recent Shiba Inu transactions bear 70 billion SHIB tokens each.
These tokens were moved from the address designated ‘Voyager 1’ to an unknown wallet address. In addition, an earlier transaction from the Voyager 1 address involved the transfer of 70 million SHIB tokens. Overall, the recent fund shift by Voyager accounted for a total of 287 billion Shiba Iu coins.
Recall that Voyager dumped over five trillion Shiba Inu coins earlier this year, as reported by The Crypto Basic.
Whales Move Shiba Inu Out of Exchanges
In a related development, the Etherscan shows that no fewer than two billion Shiba Inu coins are being moved from prominent wallets and exchanges, such as Binance, Coinbase, and Hotbit, to decentralized exchanges and untagged addresses.
Source: Etherscan
At the time of writing, Shiba Inu has seen a 15.39% cumulative seven-day growth, with a market cap worth $4.69 billion.