Key Points:
Bankrupt crypto project Voyager Digital will reopen its app and allow customers to withdraw funds almost a year after the company filed for Chapter 11 bankruptcy.
Voyager bankruptcy plan manager Paul Hage said in a June 14 court filing that around June 15, its app would be updated to show the amount that can be withdrawn, and the estimated withdrawal period will be from June 20 to July 5.
This plan was first approved by the court on May 17, and it is expected that customers will receive 35.72% of their funds within 30 days of requesting withdrawal.
In the filing, Hage also noted that Three Arrows Capital had gone bankrupt and still owed Voyager $650 million. As such, this initial withdrawal only allows for the withdrawal of more than 35% of client funds, and “the main focus will shift to recovering additional assets that can be distributed to creditors” upon completion of the initial distribution.
Additionally, $445 million of customer funds could be returned to creditors pending the final resolution of Alameda Research’s priority claim for Voyager. It is not expected to happen at least until mid-September 2023.
Voyager is a lending project that went bankrupt after the 3AC fund collapsed. The main reason behind this was that the project needed more money because the 3AC fund refused to pay the debt of $650 million.
Voyager initially agreed to sell it back to FTX for $1.4 billion in October 2022 but failed because FTX went bankrupt.
Subsequently, Binance offered to acquire Voyager for $1 billion. However, this deal was withdrawn due to obstructions by the Securities and Exchange Commission and the Department of Justice.
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JinseFinanceThis process may imply Voyager's active conversion of these stablecoins as part of its commitment to reimburse customers by approximately 35% of their crypto deposits, as the company proceeds with its winding-down operations.
BrianA federal bankruptcy court judge heard hours of testimony on Voyager Digital’s proposed asset sale to Binance.US during a hearing that at one point turned into a shouting match.
TheBlockBinance.US’s accepted $1 billion bid for Voyager Digital’s assets was approved by a US bankruptcy court.
BeincryptoLast month, bankrupt crypto lender Voyager Digital accepted Binance.US’s bid to purchase its assets for over $1 billion.
BitcoinistCelsius has received 30 potential bids, but the company has not yet confirmed whether they would sign the deals.
Beincrypto“There will be no transaction with FTX, I think that is quite obvious,” Voyager's attorney said at a hearing on Tuesday.
Voyager’s collapse shocked crypto markets earlier this year. It’s close to finding a buyer for its assets.
CoindeskThe lending firm said clients with U.S. dollars in their accounts could withdraw up to $100,000 in a 24-hour period, with the funds received in 5–10 business days.
CointelegraphOn June 22, VYGVF fell as much as 60% during regular trading hours, and finally closed at $0.5998, a 50.84% drop on the day.
Cointelegraph