That’s a good news ! Voyager Digital customers will finally be able to withdraw their blocked funds for several months from next Tuesday through the application of the platform.
Each client will thus be able to make withdrawals, but also see how much they can withdraw knowing that it won’t be 100% funds originally owned.
Good news despite the long wait
A year after filing a Chapter 11 motion signaling a bankruptcy in the United States, Voyager Digital will finally reopen its application soon and allow its customers to withdraw their funds.
Voyager Digital bankruptcy administrator Paul Hage said that around June 15 the application will be updated to allow customers to consult their account and see the amount available to withdraw.
With regard to the withdrawal itself, a first estimate suggests a lead time of about two good weeks between June 20 and July 5.
🚨 Voyager Court adjourned for the day
Fee examiners findings approved by the judge
App will come back online on or around 15 June
Estimated window for withdrawals opening 20 June to 5 July
30 days to withdraw once window opens
all creditors will receive 35.72 initial…
— Neville 🟢 (@neville_p) June 14, 2023
It was on May 17 that the court approved the bankruptcy plan and this will therefore the return of 35.72% of their funds to each customer by making withdrawals in cryptocurrencies or in foreign currency via the Voyager Digital app after 30 days.
Hage took the opportunity to add that the Three Arrows Capital platform, also bankrupt, must still 650 million dollars at Voyager Digital. Thus, even if the withdrawals allow the funds to be partially recovered, the plan remains to do everything possible to recover this type of capital due in order to redistribute it thereafter to the creditors.
Two failed plans
In addition to Three Arrows Capital, it is potentially possible for Voyager Digital to recover $455 million belonging to customers should a resolution regarding Alameda Research pass. Nevertheless, this court decision requires waiting a few more months, since a first response should take place in the middle of next September.
Anything less than 100% return would be a devastating result for Voyager creditors! pic.twitter.com/Y6IDAOgeT7
— EthDaddy 🏴☠️ (@ETHjuiced) June 14, 2023
All in all, it’s great news that customers can finally begin to recover some of their funds when it is known that after filing for bankruptcy, Voyager Digital has attempted two restructuring plans and it was a failure in both cases.
Indeed, the first plan concerned FTX US, the subsidiary of FTX in the United States which was ready to pay 1.4 billion dollars, but after the bankruptcy of the FTX giant of course this operation did not take place.
The other trade was for Binance US which had offered to support Voyager Digital before dropping its offer last April following the climate of strict and uncertain regulations currently taking place in the United States in particular with the SEC.
Source : Cointelegraph
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