In 2022, crypto brokerage firm Voyager Digital, which filed for Chapter 11 bankruptcy, is preparing to reopen partial withdrawal operations for its users. On-chain data tracker reported the troubled crypto firm’s token transfers from its hot wallet.
Latest Status on Voyager Withdrawals?
The on-chain data of the wallet address 0x500a746c9a44f68fe6aa86a92e7b3af4f322ae66 associated with Voyager displays large altcoin transfers. Those positioned as creditors over the company must remember they will be able to withdraw about 35% of their crypto assets with Voyager between June 20 and July 5, 2023.
The troubled crypto firm, which had significant problems in the past, transferred approximately 350 billion Shiba Inu Coins (valued at about $2.6 million) in multiple transactions. Moreover, the largest recorded transaction involved transferring 70 billion SHIB (worth approximately $537,000) from the hot wallet. At the time of writing, SHIB was trading at a price of approximately $0.0000073.
The second-largest meme crypto by market value saw its price increase by approximately 7% over the last seven days. However, it could be expected that the upcoming Voyager withdrawals might increase the selling pressure for Shiba Inu Coin.
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Will Voyager Create Sales Pressure?
Later, the Voyager-linked wallet moved 280,000 Polygon (MATIC) tokens in a single transaction, estimated to be worth approximately $180,000. However, before this mega transaction, the crypto firm also moved a small amount of MATIC tokens. MATIC’s 7% price increase in the last 24 hours seemed to aid in its recovery from recent downtrends. Meanwhile, a price drop might be expected as Voyager users attempt to retrieve their funds.
According to court filings dated June 14, 2023, Voyager’s bankruptcy plan manager, Paul Hage, indicated around June 15 that the Voyager app would show the available amount for user withdrawals. However, 30 days later, customers will be permitted to withdraw their crypto assets via the app or request cash payment.
