Shiba Inu: 3.1 Trillion Tokens at Risk as Binance-Voyager Deal Fails

Paigambar Mohan Raj
Source: Crypto news Flash

Binance.US recently announced that it has canceled its deal with bankrupt crypto firm Voyager Digital. Binance’s American arm was supposed to purchase $1 billion worth of assets from the fallen company. However, the exchange cited a hostile regulatory environment in the U.S. as its reason for exiting the agreement. However, the deal falling through might pose a risk to the popular dog-themed crypto project, Shiba Inu (SHIB).

The wallet of the defunct corporation still has a total of $260 million in crypto assets. The stablecoin USDC makes up half of them, with the remaining assets being other cryptocurrencies. Specifically, the company has 3.1 trillion Shiba Inu tokens, worth $32 million. If Voyager’s assets were sold to Binance.US, the cryptocurrencies in its wallets could have ended up in the market. This may have had an impact on SHIB prices. However, with the deal not going through, the circumstances remain unknown.

What will happen to Voyager’s 3.1 trillion Shiba Inu tokens?

Voyager initially had around 6 trillion SHIB. However, hundreds of billions of tokens were sold off from the address of the now-defunct cryptocurrency broker. Whether a direct sale from the firm’s wallets will continue or not, is not known.

Voyager’s announcement following the news that a deal with Binance.US would not be reached, adds no additional context. Customers will be able to receive cash and cryptocurrencies directly through the Voyager platform, despite the fact that the current circumstances have an impact on the firm’s preparations for bankruptcy reorganization, according to the statement from the company.

The Shiba Inu (SHIB) tokens in the firm’s possession may be sold directly via the platform. If another company enters the fray to purchase Voyager assets, the SHIB could make its way to another wallet. Or they may be seized by authorities if another deal does not happen. Regardless, there is no clarity on what will happen to the firm’s crypto assets.