Voyager Digital is a cryptocurrency broker. Bankrupt for almost a year, he is preparing to reopen his application. This will allow its customers to withdraw funds.
Voyager Digital reactivates its application for withdrawals
After almost a year since declaring bankruptcy, Voyager Digital is preparing to get its app back on track. But most importantly, this initiative will allow its customers to withdraw their funds. Good news for users who had to wait for a year to recover blocked funds.
According A declaration filed in court on June 14 by Paul Hage, administrator of Voyager’s bankruptcy plan, the platform’s application will be updated around June 15. Once updated, users will be able to view the forms along with their initial distribution amounts. The estimated period for withdrawals will extend from June 20 to July 5.
It’s time to consider the future!
In accordance with the bankruptcy plan approved by the court on May 17, Voyager customers will initially only receive 35.72% of what is due to them. This means that users will have to accept a significant loss on their holdings.
That’s not all ! Voyager must also deal with major creditors seeking to recover funds. Among its major creditors is Alameda Research, FTX’s failed trading arm. He seeks to recover $445 million from Voyager Digital.
According to Hage, this amount could be made available to creditors pending a final resolution of the Alameda Research claim. But it is unlikely that this resolution will come before at least mid-September 2023.
Another major creditor: crypto hedge fund Three Arrows Capital (3AC). This last still owes Voyager $650 million. This amount makes it one of the platform’s biggest creditors.
Despite these challenges, Voyager Digital has promising prospects for the future. In any case, recovering from bankruptcy is always difficult for any business.
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