We are here with a rug pull warning in the crypto money world. A company has started dumping a significant number of altcoins. So what’s behind the event? Let’s have a look at the details.
Bizarre move from crypto company filing for bankruptcy
Crypto brokerage firm Voyager Digital, which has filed for bankruptcy, made a strange move today. Accordingly, it is making preparations to reopen partial withdrawals for its users. The on-chain data tracker reveals that the troubled crypto firm transferred tokens from its hot wallet.
The wallet address 0x500a746c9a44f68fe6aa86a92e7b3af4f322ae66 associated with Voyager made a significant move today. The move shows significant transfers of altcoins. Note that creditors must withdraw approximately 35% of their crypto holdings from Voyager between June 20 and July 5, 2023.
Moved figure
The troubled crypto firm moved around 350 billion Shiba Inu (worth about $2.6 million) in multiple transactions. Accordingly, the largest recorded transaction involved the movement of 70 billion SHIB (worth approximately $537K) from the hot wallet. At the time of this writing, SHIB was trading at an average of $0.0000073.
The second largest meme coin has seen a 7% price increase over the past 7 days. The upcoming withdrawal action by users of crypto company Voyager is expected to intensify the selling pressure on Shiba Inu Coin. Subject to cryptocoin.com When we look at it as a sales pressure, it is not very desirable to have such a sales pressure. Because such sales waves always mean bearish for the cryptocurrency.
Will Sales Pressure Increase in the Future?
The Voyager-linked wallet then moved 279.79k Polygon (MATIC) tokens (approximately $180k worth) in a single transaction. However, the crypto firm had carried a smaller amount of MATIC tokens prior to this significant transfer. MATIC has witnessed a 7% price increase in the last 24 hours. Accordingly, it provided some relief from the recent downtrend. However, a price drop is expected as Voyager users aim to get their funds back.
Voyager’s bankruptcy plan manager, Paul Hage, stated that on June 15, the Voyager app will display the amount available for user withdrawals, according to court filings dated June 14, 2023. After 30 days, customers will withdraw their crypto holdings via the app. They will also have the option to request a cash payment. On the other hand, this move of the company clearly raises suspicion in the crypto money world. Let’s see if the company will open payment channels for its customers on the relevant dates.
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