Around 250 billion Shiba Inu tokens roughly worth $3.4 million were moved to Coinbase by now-defunct crypto brokerage firm Voyager.
As per on-chain sleuths, PeckShield, Voyager has transferred crypto worth a total of $28.7 million to BinanceUS and Coinbase, including 15k ETH, or a little over $25 million.
Surprisingly, the move occurs at a time when the price of the Shiba Inu also rose in tandem with the broader market. At the time of writing this post, SHIB trades at $0.000013, with a marginal increase in the past 24 hours.
For the record, Voyager continues to hold the second-largest single position for the broker at 1.6 trillion SHIB [$23.5 million]. The cryptocurrency broker had previously made similar transfers the day before to Binance US and Coinbase.
On February 14, Voyager sent 6,000 ETH to Binance US and 1,000 ETH to Coinbase, according to PeckShield.
The unexpected transfer from the bankrupt firm raised a few eyebrows. There were rumors going around that Voyager was trying to use the rally to liquidate money for its creditors.
It’s important to remember that in December, Binance.US and Voyager decided to sell some of their assets. The agreement has been rejected by the US regulator, so it remains in limbo.
The Southern District of New York Bankruptcy Court will hold a final hearing on the subject in March. Although it appears that the sale will be approved, it still needs the consent of the majority of Voyager’s creditors.
On the other hand, Binance.US has recently announced that on February 24 at 7:00 a.m. EST, it will delist Kilo Shiba Inu [KSHIB] and list Shiba Inu [SHIB] against the U.S. Dollar.
By February 20 at 10:00 p.m. EST, the KSHIB/USD trading pair will be discontinued, and any open KSHIB spot trade orders will be canceled, the post read.
Shiba Inu’s Major Update On Binance.US
Customers who own KSHIB will start receiving converted SHIB payouts at a ratio of 1 KSHIB for every 1,000 SHIB by February 24 onwards.
Throughout this change, users can still have access to the SHIB/USDT trading pair. In addition to listing KSHIB, Binance.US has also launched the KSHIB/USD trading pair, joining the pre-existing SHIB/USDT and SHIB/BUSD pairs.
The move is touted to benefit Binance.US clients with an improved trading experience. According to CoinMarketCap, SHIB is presently the 13th largest cryptocurrency by market capitalization.