Crypto: Voyager finally allows the withdrawal of funds for investors!

Almost a year after suspending withdrawals, crypto lender Voyager Digital is finally allowing withdrawals. While this sounds like good news, there could be new complications brewing soon, as the platform sees an outflow of almost $250 million in crypto assets.

Voyager allows withdrawals, but the task could prove more complex than expected

Voyager Digital finally opens withdrawals after many months of waiting. Good news ? Maybe not that much. As a reminder, the crypto lending platform declared bankruptcy shortly after Terra’s collapse. And since that time, customers have no longer had access to their assets.

However, on May 17, with court approval, the bankruptcy plan was lifted. And on June 23, Voyager Digital informed customers that they can now access their funds. As expected, this statement resulted in an outflow of nearly $250 million according to data from Dune Analytics.

Indeed, customers should receive 35.72% of their claims as an initial payment. However, the task could prove difficult for Voyager Digital, in particular because of the large creditors.

Binance’s offer to revive the platform

Large institutions pose many problems for the crypto lender. Voyager Digital currently has $176 million in crypto assets, with bitcoin (BTC) and ethereum (ETH) accounting for the majority. However, this would not be enough in the face of the astronomical debts of the platform.

Like Three Arrows Capital for example, to which it owes 650 million dollars. On top of that, Voyager could make over $445 million in customer funds available to creditors.

All of this could have been avoided if Binance had completed its $1 billion purchase of Voyager. However, the deal ended due to the actions of the SEC and DOJ against the exchange.

So, although Voyager Digital allows withdrawals for investors, it still has a lot of difficulties to overcome. According to the announcement, creditors have the option of withdrawing the amount in crypto or withdrawing it in cash after a period of 30 days. However, given the length of the process, the risks of uncertainty in the distribution of funds are very high.