Bankrupt lending firm Voyager recently sent another batch of ethereum (ETH), voyager token (VGX) and shiba inu (SHIB) tokens to Coinbase as reports of a systematic dump gain steam.

The transactions amounted to $12.3 million worth of digital assets and involved two Voyager and two Coinbase addresses.

The recent slew of transactions began with an inflow into a Voyager wallet yesterday at 11:45 (UTC). The wallet received 68 billion SHIB from an unidentified address that had been dormant for two years, as highlighted by PeckShield, a blockchain security platform.

#PeckShieldAlert Voyager has transferred 4k $ETH ($6.6M), 300B $SHIB ($3.7M) & 5M $VGX ($2M) to CoinbaseBefore transferring out, Voyager received 68B $SHIB (~820k) from a dormant address 0x31FC. The address had received 68B $SHIB 2 years ago (~$528 at the time of transfer) pic.twitter.com/iV7vFrykxT

— PeckShieldAlert (@PeckShieldAlert) March 2, 2023

Following the influx of funds, Voyager promptly transferred 5 million VGX ($2 million) to Coinbase at 14:31 UTC yesterday. Subsequently, the bankrupt lender sent 300 billion SHIB to another Coinbase address, and an hour later, 4,000 ETH ($6.6 million) was transferred from a different Voyager address to Coinbase.

Moreover, Peck Shield drew attention to another set of transactions that saw Coinbase transfer $50 million worth of USDC to Voyager in three transfers. These transfers occurred shortly after Coinbase received the crypto lender’s $12.3 million worth of assets.

Voyager-labeled address has received ~50M $USDC from Coinbase within the last 8 hours pic.twitter.com/lhMLcGAlox

— PeckShieldAlert (@PeckShieldAlert) March 2, 2023

Recently, Voyager has been making a series of transfers worth millions to several crypto exchanges, including Coinbase, Kraken and Binance US, with the majority of these funds heading to Coinbase. As previously reported, the bankrupt lending firm sent 2,500 ETH and 250 billion ETH to Coinbase on Feb. 19.

Reports of a systematic Voyager dump

These Voyager transactions have become a topic of concern and speculation within the crypto community. Notably, blockchain analytics firm Arkham Intelligence disclosed this week that Voyager is allegedly dumping the assets.

According to Arkham Intelligence, the lending firm is reportedly selling off its crypto assets at $100 million per week in an elaborate distribution campaign.

In addition, Lookonchain made a similar claim on Feb. 26, alleging that Voyager has recently been liquidating its assets through Coinbase. Lookonchain disclosed that Voyager had received $100 million worth of USDC from Coinbase in the 3 days leading to Feb. 26. However, Voyager has been sending risk assets to the American exchange almost every day.

1/ It seems that #Voyager is selling assets through #Coinbase.We noticed that #Voyager has received 100M $ USDC from #Coinbase in the past 3 days.And #Voyager has sent assets to #Coinbase almost every day from Feb 14.https://t.co/VW8o8dBQtqhttps://t.co/qbHt0r7VNG pic.twitter.com/kfxF6rwHFk

— Lookonchain (@lookonchain) February 26, 2023