Crypto lender Voyager Digital Holdings has reported users with U.S. dollars in their accounts could withdraw up to $100,000 in a 24-hour period, with the funds received in 5–10 business days more than a month after suspending trading, deposits, withdrawals, and loyalty rewards.
Voyager assures in a Friday blog post that the clients with U.S. dollars in their accounts could withdraw up to $100,000 in a 24-hour period starting as early as Aug. 11, with the funds received in 5–10 business days. The declaration followed a judge ruling on Thursday the crypto lending firm was free to return $270 million in customer funds held at the Metropolitan Commercial Bank in New York.
Voyager said, “Requests will be processed as quickly as possible but will require some manual review, including fraud reviews and account reconciliation, and timing will depend, in part, upon the individual banks to which customers transfer their cash.”
Voyager declared in June that it had entered into a $500 million loan agreement with trading firm Alameda Research due to losses from its revelation to Three Arrows Capital, which has also reportedly been ordered settled by a British Virgin Islands court. The crypto lending firm filed for bankruptcy under Chapter 11 in the Southern District Court of New York on July 5, saying at the time the move was part of a reorganization plan that would finally allow users access to their accounts again.
However, Voyager formerly disallowed a buyout bid from Alameda and FTX in July — saying it was not “value-maximizing” for its customers — the firm said on Friday it was still considering a potential sale of the company. Following the court approving bidding procedures, Voyager said bids will be due by Aug. 26 with a hearing on the potential sale expected on Sept. 8.
Leave a Reply