Voyager Digital, a crypto brokerage platform, has come under fire for allegedly selling off large amounts of its cryptocurrency holdings. Arkham Intelligence, a blockchain intelligence firm, revealed that the firm had transferred more than $121 million worth of crypto assets onto exchanges.
Arkham Intelligence’s transaction records show that Voyager Digital has transferred $24.7 million worth of ether (ETH), $12.2 million of Shiba Inu (SHIB) and $2.5 million of Chainlink’s LINK (LINK) to exchanges within the past seven days. The majority of the assets were transferred to Binance.US and Coinbase.US for sale.
Voyager Digital has faced many challenges in recent months, including regulatory scrutiny as well as declining trading volumes. Some view the decision of Voyager Digital to sell its cryptocurrency holdings as an attempt at increasing its liquidity.
Arkham Intelligence data shows that the company has 166,223 ETH worth $271 millions. It also has 6.2 trillion SHIB tokens valued at $77 million and 148.4 million of its own VGX token worth around $63 million. Voyager Digital also has $13 million in LINK, $5.5 million of Fantom’s FTM and $5,000,000 of other tokens.
Some analysts view the sale of Voyager Digital’s cryptocurrency holdings as a negative move. However, others see it as a strategic move that allows Voyager Digital to take advantage of current market conditions.
Voyager Digital did not comment on the recent sale of its cryptocurrency holdings. The firm has made several strategic moves in recent months, including the launch of its first debit card and the partnership with Chainlink, a leading blockchain firm. This partnership will enable Chainlink to integrate decentralized price data feeds into its trading platform.
Voyager Digital is still one of the most trusted crypto brokerage platforms, despite recent difficulties. It has a user base exceeding 1 million and a market cap of more than $1 billion. The company’s actions are likely to be closely monitored by the wider cryptocurrency community over the next few days and weeks.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
