Voyager, a cryptocurrency brokerage company, intends to repay $270 million in customer funds once the bankruptcy judge gives the go-ahead. The sum is just a small percentage of the cryptocurrency holdings that customers had locked up after the business declared, how April. long does it take Voyager to process a withdrawal? We will talk about it.
How Long Does It Take Voyager To Process A Withdrawal?
The proposal to allow clients of Voyager to once again access monies stored at Metropolitan Commercial Bank for their benefit was authorized by Judge Michael Wiles, who is presiding over the bankruptcy case. According to his decision, the business had "adequate foundation" to back up its request, and he estimates that clients will get their money within 5 to 10 business days of submitting their claims.
When cash withdrawals are authorized, Voyager users can withdraw up to $100K in cash via an ACH transfer within a 24-hour window.
The news comes just a week after Voyager Digital's attorney called a joint plan from FTX and Alameda to save the insolvent crypto lender "a low-ball bid disguised as a white knight rescue."
Crypto billionaire Sam Bankman-Fried has offered to give Voyager's customers early-access liquidity as a lifeline. With the exception of the debts to the insolvent cryptocurrency hedge fund Three Arrows Capital, all of Voyager's crypto assets and loans would be marketed in beash purchase value by West Realm Shires, the owner and operator of FTX US and Alameda Ventures.
Customers of Voyager would be entitled to claim a portion of the cash that were earlier blocked last month if allowed. Customers would have the option of receiving their share of claims by registering a new account at FTX, according to FTX.
In response, Sam-Bankman Fried's offer was criticized by Voyager's bankruptcy attorneys as being damaging, seriously misleading, and exclusively advantageous to FTX.
Voyager Digital and Alameda Ventures agreed to extend an earlier credit facility earlier in June in order to help Voyager Digital satisfy the liquidity demands of its clients. Alamada Research, headed by Bankman-Fried, offered a 15,000 BTC line revolver and a $200 m cash and USDC.
Summary
How long does it take Voyager to process a withdrawal? Along with this facility, Voyager also has $152 million in cash and owned crypto assets on hand, along with $20 million in cash that can only be used to buy USDC. The TSX-listed company Also served 3AC with a formal notice of default in an effort to recoup the allegedly loaned sum of $660 million to the Singapore-based hedge fund.
