What Now for 3.1 Trillion SHIB as Binance US-Voyager Agreement Collapses?

Binance US has announced that it has backed out of its agreement to acquire Voyager Digital, a bankrupt cryptocurrency broker. The reason behind this decision, according to Binance US, is the unfriendly regulatory climate in the United States.

https://t.co/AZwoBOgsqS has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager.

While our hope throughout this process was to help Voyager's customers access their crypto in kind, the hostile and uncertain regulatory climate…
— Binance.US 🇺🇸 (@BinanceUS) April 25, 2023

It is noteworthy that the wallet of the bankrupt firm still holds a total of $260 million worth of cryptocurrency assets. Out of this sum, 50% is in the form of USDC stablecoin, while the other half is invested in relatively unstable digital currencies. Notably, around $32 million is in the form of 3.1 trillion Shiba Inu tokens.

According to a previous report, if Binance we acquired Voyager Digital, it could have resulted in a massive influx of Shiba Inu tokens into the market, which could have had an unforeseeable impact on the value of the cryptocurrency.

Voyager In Dilemma

The situation has become more confusing as the tokens still held in Voyager’s wallet add to the uncertainty. Before this, the bankrupt cryptocurrency broker’s address had sold off billions of tokens, with an initial balance of over 6 trillion SHIB.

It is unclear whether the sale of tokens directly from Voyager’s wallet will continue. Following the news that they will not be making a deal with Binance US, Voyager’s statement does not clarify this matter. The company stated that the current situation has impacted its plans for bankruptcy reorganization. However, they will still enable their customers to receive both cash and cryptocurrency directly through their platform.

Olasunkanmi Abudu

Olasunkanmi Abudu is a Web3 content writer with over five years of experience covering blockchain, decentralized finance, and digital assets. He specializes in producing well-researched and accessible content that explains complex technologies and market trends to both general readers and industry professionals.

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