Voyager may reopen withdrawals to customers this month
In a court filing on Wednesday, Voyager outlined plans to reopen to customers between June 20 and July 5 so creditors can withdraw about 35 percent of their cryptocurrencies.
Voyager shut down its core line of business in July 2022, stopping customer deposits and withdrawals in the process. Paul R. Hage, the agency’s supervisor of bankruptcy proceedings, told creditors in the filing that they will be able to view the initial distribution they are expected to receive through Voyager’s app on Friday. The initial distribution of cryptocurrency will be made to creditors within three to seven calendar days of the submission of the withdrawal request. A month ago, a judge allowed Voyager and its counterparties to liquidate the company. Previously, Voyager had been fighting for a Chapter 11 reorganization. The company said at the time it planned to return about $1.3 billion to customers. Reuters previously said the recovery rate was expected to be around 35%. The litigation involving Three Arrows Capital and FTX will significantly increase Voyager's existing assets, thereby improving the client's asset recovery rate. It is reported that Voyager is asking FTX to repay approximately $445 million in loans. The company's claim against 3AC is $650 million.
Voyager shut down its core line of business in July 2022, stopping customer deposits and withdrawals in the process. Paul R. Hage, the agency’s supervisor of bankruptcy proceedings, told creditors in the filing that they will be able to view the initial distribution they are expected to receive through Voyager’s app on Friday. The initial distribution of cryptocurrency will be made to creditors within three to seven calendar days of the submission of the withdrawal request. A month ago, a judge allowed Voyager and its counterparties to liquidate the company. Previously, Voyager had been fighting for a Chapter 11 reorganization. The company said at the time it planned to return about $1.3 billion to customers. Reuters previously said the recovery rate was expected to be around 35%. The litigation involving Three Arrows Capital and FTX will significantly increase Voyager's existing assets, thereby improving the client's asset recovery rate. It is reported that Voyager is asking FTX to repay approximately $445 million in loans. The company's claim against 3AC is $650 million.
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