One of the companies that went bankrupt in 2022 Voyager is triggering selling pressure on certain altcoins by reopening withdrawals. The data shows that Voyager users are quickly withdrawing funds from the exchange to hot wallets.
Loaded altcoin output started from Voyager, which opened withdrawals
In 2022, crypto company Voyager Digital, which filed for Chapter 11 bankruptcy, resumed partial withdrawals for its users. On-chain reports indicate massive altcoin transfers from the crypto firm’s hot wallet.
Notable among these was the massive amount of Shiba Inu (SHIB) flowing from Voyager to hot wallets. On-chain data source Lookonchain has theorized that although the exact reason behind the transfer has not been disclosed, it is likely that transactions could be linked to the restart scheme.
According to Lookonchain, withdrawals began on June 20 and will continue until July 5, for Voyager’s creditors to access approximately 35% of their crypto reserves, including the Shiba Inu.
This development comes after Voyager stopped all deposits and withdrawals in July 2022. For over a year, users’ funds were locked on the platform. Now, with Voyager turning on withdrawals, users can regain access to some of their crypto holdings. This strengthens its hard pressure due to the investors who have been waiting for almost a year.
287 billion SHIB moved so far
In the continuation of the report, Lookonchain shared a series of SHIB transfers from Etherscan. Accordingly, each of the four most recent Shiba Inu transactions carried 70 billion SHIB. These funds were moved from the address designated ‘Voyager 1’ to an anonymous wallet address. Additionally, an earlier transaction from Voyager 1 involved 70 million SHIB transfers. Overall, the latest funding change by Voyager totals 287 billion Shiba Inu.
In a related development, Etherscan shows that at least two billion SHIB have moved from leading wallets and exchanges such as Binance, Coinbase and Hotbit to decentralized exchanges and unlabeled addresses.
Shibburn Twitter account suspended
In another hot development surrounding the Shiba Inu, the Shibburn platform reported that its Twitter account has been blocked. cryptocoin.comAs you follow, the Shibburn team then sent a message to Elon Musk and new Twitter CEO Linda Yaccarino on Twitter.
In the related tweet, Shibburn says the suspension was a mistake. According to a post on the Developer Portal, Shibburn’s app was breaking Twitter rules. However, Shibburn claimed she never received the email with more details about the breach.
Also, Shibburn said she was having trouble submitting a support ticket as no forms were accessible. However, he stressed that his app has been active on Twitter for two years.
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