According to Paul Hage, the bankruptcy plan administrator, an update to the Voyager app on June 15 will display the available withdrawal amount, with the withdrawal period estimated to begin between June 20 and July 5.
The court-approved bankruptcy plan, granted on May 17, will enable customers to initially recover 35.72% of their claims by withdrawing cryptocurrency through the Voyager app or receiving cash after a 30-day waiting period.
Hage also highlighted in the filing that the bankrupt crypto hedge fund Three Arrows Capital still owes Voyager a substantial sum of $650 million. Therefore, after the initial distribution, efforts will primarily focus on recovering additional assets that can be distributed to creditors.
Furthermore, an additional $445 million of customer funds may become available to creditors, pending the resolution of Alameda Research’s preference claim against Voyager. However, this resolution is not expected until at least mid-September 2023.
Voyager Digital set to reopen app for fund withdrawals
Voyager had previously submitted two bankruptcy plan proposals, which fell through. The first proposal was a $1.4 billion deal with FTX US, the United States arm of FTX, but it collapsed after FTX US also filed for bankruptcy.
Subsequently, a $1 billion deal with Binance.US met the same fate when Binance.US withdrew from the agreement on April 25, citing a “hostile and uncertain regulatory climate in the United States.”
At the time of writing, Voyager’s native VGX token is exchanging hands for $0.0944, representing a decrease of 7.28% in the last 24 hours, as per data by CoinMarketCap.
voyager crypto withdrawal
Voyager Digital, a prominent crypto brokerage firm, has recently announced its plans to reopen its app for fund withdrawals. This highly-anticipated news comes after the company filed for Chapter 11 bankruptcy nearly a year ago.
During the bankruptcy proceedings, customers of Voyager Digital were unable to access their funds held on the app. This caused frustration and concern among users who had invested in various cryptocurrencies and were eager to retrieve their assets.
However, the wait is finally coming to an end. Voyager Digital has revealed that customers will be able to initiate withdrawals from June 20 to July 5. This means that users will have a limited time frame to access their funds and move them to other platforms or offline wallets if they wish to do so.
Losing funds to cryptocurrency scams can be devastating and frustrating for users. In recent years, there has been an increase in online scams related to cryptocurrency, making it essential for users to exercise caution when investing.
voyager withdrawal pending
It’s important to note that while forensic firms can increase your chances of recovering your funds, there is no guarantee of success. Therefore, it’s crucial to take preventative measures such as researching potential investment opportunities and educating yourself on the risks associated with investing in cryptocurrencies.
Overall, it’s essential to exercise caution when investing in cryptocurrency and to seek professional help if you become a victim of a scam or are unable to make withdrawals.
For many affected customers, the reopening of the app and the ability to withdraw funds will come as a relief. The company has assured users that the withdrawal process will be smooth and efficient, and they are working diligently to ensure a seamless experience for their customers.
It’s important to note that this development does not mean the end of Voyager Digital. While the company did file for bankruptcy, this reopening of the app for withdrawals signals a positive step towards resolving their financial challenges and regaining the trust of their user base.
Overall, the reopening of the Voyager Digital app for fund withdrawals is a promising development for customers who have been patiently waiting to access their funds. With the specified withdrawal window, users can now begin planning their next steps and regain control over their cryptocurrency holdings.
