Crypto Broker Voyager will resume cash withdrawals soon
Crypto Broker, Voyager, has decided to resume its cash withdrawals on its app. Users should be able to make cash withdrawals from the application, this news comes after Voyager suspended trading, deposits, withdrawals and loyalty rewards for over a month.
The cryptocurrency lender has panned to restart customer access to withdrawals from August 11, as mentioned in Voyager’s blog post. The platform previously filed for bankruptcy protection in July, and it received court approval earlier this month.
This approval meant that the lender could begin returning cash to its customers that had been held in a deposit account with the Metropolitan Commercial Bank. Voyager had faced heavy losses due to the collapse of crypto hedge fund Three Arrows Capital.
Voyager said customers with US dollars in their accounts will be able to withdraw up to $100,000 in one day starting next week. These funds will be available to customers within 5-10 working days. This announcement came after the judge ruled this week that the crypto lender could return $270 million in customer funds that have been held at the Metropolitan Commercial Bank in New York.
Crypto Lenders Reorganization Policy
Voyager’s reorganization process includes “simultaneously pursuing a stand-alone restructuring process and a potential sale of the company.” According to the blog post, the court has approved Voyager’s bidding procedures that will be used to manage the entire sales process.
The bids will be made towards the end of this month. In the event of a sales hearing, it could take place at the beginning of next month. 3 October is to be the deadline for customers to submit claims against the crypto lender, this also includes claims for crypto holdings.
Former Voyager executives Shingo Lavine and Adam Lavine had proposed that the lender suspend lending activities and restart live trading.
IT will also issue a recovery token to customers as a method of holding them back. It is now clear that the crypto lending company has decided to go ahead with its initial recovery plan.
Crypto Lender Voyager has rejected the buyout offer
Sam Bankman-Fried, the Crypto billionaire, had previously offered to buy Voyager’s assets with cash at market value. It has offered to give customers an opportunity to receive their share of the claims by opening a new account with FTX.
Voyager is rejecting the offer, saying it was a low liquidation bid, mainly citing concerns that the deal is not “value maximizing” for customers. The crypto lender’s lawyer for Voyager stated in court that the company has received many bids for its assets that are in excess compared to the offer from FTX and Alameda.
