Voyager’s token transfer to Coinbase grows selloff suspicions

Bankrupt cryptocurrency lending institution Voyager Digital moved 1,500 Ethereum (ETH) valued at around $2.77 million and an additional 250 billion Shiba Inu (SHIB) equivalent to $2.7 million to the Coinbase Exchange.Based on blockchain information, Voyager started the transfer of SHIB and ETH tokens to Coinbases journal on August 11. The motive behind these transactions has set off more speculation within the larger crypto community. One theory suggests a probable sell-off, considered that these recent transfers have reduced the distressed crypto lenders wallet holdings to a simple $81.63 million worth of digital assets.Significantly, these deals happened at a one-hour interval, as indicated by Etherscan records. The abrupt motion of these tokens has activated conversations concerning a possible liquidation. Particular sources assert that Voyager Digital is currently in the procedure of consolidating all tokens from different addresses into a main address.Screenshot of the transfers from Voyager to Coinbase. Source: EtherscanThe speculation of a sell-off gains extra support from Voyager Digitals continuous trend of divesting its SHIB holdings considering that the start of this year. In February, the business performed transfers of almost $10 million worth of digital properties to several cryptocurrency exchanges within a single day.The tokens moved consist of 270 billion SHIB, valued at $3.2 million, 4.9 million Voyager Tokens (VGX) with an approximated worth of $2.1 million, 3,050 ETH equating to $3 million and 221,000 Chainlink (LINK) amounting to approximately $1.5 million. Its important to highlight that these assessments represented the tokens market values during the time of the transfer.Related: Voyager consumers targeted by scammers throughout 30-day withdrawal period: ReportFollowing Binance U.S.s court-sanctioned acquisition of the lending institutions assets, blockchain analysis platform Lookonchain disclosed that Voyager liquidated digital holdings exceeding $56 million across three cryptocurrency exchanges. Approximately 3 months later, the insolvent exchange engaged in different deals involving the transfer of around 350 billion Shiba Inu tokens.The significant SHIB transfer to Coinbase appears to have a fairly modest effect on community sentiment relating to possible sell-offs and their consequences. Magazine: Deposit danger: What do crypto exchanges actually finish with your money?