Embattled crypto lender Voyager is relocating millions of dollars worth of Ethereum (ETH) to US-based digital asset exchange Coinbase.
The series of Ethereum transfers was initially spotted by the blockchain-tracking platform Etherscan.
Analytics firm Akrham confirmed that the Ethereum stacks were sent to various wallets controlled by Coinbase.
Etherscan’s data shows that a wallet controlled by Voyager started to move its Ethereum troves on Friday, making an initial 500 ETH transfer worth about $922,625 to Coinbase. Hours later, Voyager sent 1,000 ETH worth $1.84 million to the centralized crypto exchange.
On Saturday, the crypto lender moved 1,000 ETH to a different wallet controlled by Coinbase.
A day later, Voyager moved a total of 4,500 ETH worth $8.30 million to Coinbase in three transactions. The first transfer saw the crypto lender shift 1,500 ETH worth $2.76 million to the crypto exchange. Next, Voyager relocated another batch of 1,500 ETH to Coinbase. Voyager went on to transfer 1,500 ETH to the centralized platform.
In total, Voyager moved 7,000 ETH worth $12.91 million. Since the Ethereum troves were sent to a crypto exchange, they can potentially be sold on the open market.
Earlier this year, the US subsidiary of leading crypto exchange Binance was poised to acquire the assets of the bankrupt crypto lender to the tune of $1.3 billion. However, Binance.US backed out of the asset purchase, citing regulatory uncertainties in the US.
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