Voyager Could Reopen Customer Withdrawals As Early As 20th June

Voyager customers were in for some good news a year after their assets were frozen, with the platform stating that they could withdraw a significant chunk of their crypto assets.

The protocol’s customers will soon be able to check how much of their assets could be withdrawn, nearly a year after Voyager filed for Chapter 11 bankruptcy.

A Sigh Of Relief

Paul Hage, Voyager’s bankruptcy administrator, stated in a court filing on the 14th of June that the Voyager app would be updated by the 15th of June. Once the app has been updated, customers will be able to check the amount they can withdraw. Hage also estimated that the withdrawal period could start between the 20th of June to the 5th of July. The bankruptcy plan was approved in court on the 17th of May and will see Voyager customers initially receive around 35% of their claims through withdrawals from the Voyager app. They can also withdraw in cash after a period of 30 days.

“Voyager Court adjourned for the day. Fee examiner’s findings approved by the judge app will come back online on or around the 15th of June Estimated window for withdrawals opening the 20th of June to the 5th of July 30 days to withdraw once the window opens all creditors will receive 35.72 initial distribution.”

Once submitted, withdrawals will take between 3 and 7 days to process. Additionally, some liquidations may take longer depending on the liquidity available at the time of liquidation. Supported cryptocurrencies will be distributed in kind, while unsupported cryptocurrencies will be distributed in USDC. Hage stated,

“The initial distributions of cryptocurrency will be made to creditors between three to seven calendar days after a withdrawal request is submitted on the Voyager platform.”

Three Arrows Capital Still Owes $650 Million

Hage also added that the bankrupt crypto hedge fund Three Arrows Capital (3AC) still owed Voyager around $650 million. The first tranche of withdrawals will allow customers to withdraw just over 35% of their funds. Once completed, the focus of the proceedings will shift

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Author: Amara Khatri

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