Voyager Digital, a cryptocurrency brokerage, is getting ready to relaunch its app and enable users to finally withdraw their money.
Voyager Customers Finally Get Access to their Funds
Just one month prior to the statement, the Official Committee of Unsecured Creditors (UCC) had forecast that clients and creditors of the bankrupt firm may get their delayed funds in the upcoming weeks.
On June 14, Paul Hage, the administrator of Voyager’s bankruptcy plan, predicted in a court document that the Voyager app might be upgraded on June 15 to reflect the amount open to withdrawal, and that the time frame for withdrawing is scheduled to start from June 20 to July 5.
Customers to get Initial 35.72% of their Claims
Customers will get the initial 35.72% of their claims under the bankruptcy plan, which was first granted in court on May 17, either in cash or cryptocurrency through the Voyager app after 30 days.
However, a total of $445 million in customer cash is scheduled to be made available to creditors until the conclusion of Alameda Research’s preference case regarding Voyager, which isn’t expected to be made until around September 2023.
3AC Still Owes $650M to Voyager
Hage additionally said that even if this initial phase of withdrawals permits just over 35% of the client’s money to be withdrawn, “the primary focus will shift to recovering additional assets that can be distributed to creditors.”
This is because bankrupt crypto hedge fund Three Arrows Capital still owes Voyager $650 million.
Binance.US Pulling Out of the Deal
Voyager Digital stated in April that Binance.US will no longer be purchasing its assets. However, before pulling out of the deal, Binance’s CEO indicated that his company could back out owing to increased regulatory attention since it started building interactions with Voyager in order to purchase it.
At that time, the news came as a disappointment for Voyager, the bankrupt firm has said it would continue to return value to its customers which the firm seems to do.