Voyager Withdrawal Will Lead To A Crypto Rug Pull?

Voyager Digital, a cryptocurrency brokerage firm that previously filed for Chapter 11 bankruptcy in 2022, is making preparations to resume partial withdrawals for its users. According to an on-chain data tracker, the company has recently transferred tokens from its hot wallet.

Voyager Withdrawal Will Lead To A Crypto Rug Pull？

On-chain data associated with the wallet address 0x500a746c9a44f68fe6aa86a92e7b3af4f322ae66 reveals significant transfers of altcoins linked to Voyager. Notably, creditors will have the opportunity to withdraw approximately 35% of their cryptocurrency holdings with Voyager between June 20 and July 5, 2023.

During these transfers, the troubled crypto firm moved approximately 350 billion Shiba Inu coins, equivalent to around $2.6 million, in multiple transactions. Among these transactions, the largest recorded movement involved transferring 70 billion SHIB, valued at approximately $537,000, from the firm's hot wallet. As of the press time, SHIB is trading at an average price of $0.0000073.

Over the past 7 days, SHIB, one of the prominent meme cryptocurrencies, has experienced a price increase of approximately 7%. However, it is anticipated that the forthcoming withdrawal process for Voyager users may introduce additional selling pressure on Shiba Inu Coin.

Selling Pressure To Surge Ahead？

Following the earlier transfers, the Voyager-associated wallet proceeded to move a significant amount of 279.79k Polygon (MATIC) tokens, valued at approximately $180,000, in a single transaction. It should be noted that the crypto firm had also conducted smaller transfers of MATIC tokens prior to this substantial transaction.

In the past 24 hours, MATIC has experienced a positive price surge of 7%, providing some respite from the recent downward trend. However, it is anticipated that the upcoming withdrawal process by Voyager users will likely exert downward pressure on the price.

According to court filings dated June 14, 2023, Paul Hage, the bankruptcy plan administrator for Voyager, stated that around June 15, the Voyager app will display the available amount for user withdrawals. After a period of 30 days, clients will have the option to withdraw their crypto assets through the app or request a cash payout.