The cryptocurrency broker Voyager has decided to restart the cash withdrawals using its app. Users will be able to withdraw funds from the app after Voyager suspended trading, deposits, withdrawals, and loyalty rewards for more than a month. When will Voyager resume trading?
What Is Going On With Voyager?
Voyager Digital filed for Chapter 11 bankruptcy on July 6, just a few days after suspending trading and withdrawals from its platform. Shares have been halted as a result.
The company claims the failure of Three Arrows Capital and the volatility in the market as reasons for this decision. According to CEO Stephen Ehrlich, Voyager will be able to optimize the amount of money it can recover through this process.
According to a researcher, It appears that the bailout wasn't enough to save the company. The company, which is led by Sam Bankman-Fried, provided a $485 million credit line. However, each 30-day period is limited to $75 million in utilization. Strangely enough, Alameda also owes $376.8 million to Voyager.
In addition, it is unlikely that account holders will recover all their crypto back. The company's plan includes repaying customers a mix of crypto, Voyager stock, and money recovered from Three Arrows Capital, which owes $650 million.
When Will Voyager Resume Trading
Beginning as early as August 11, Voyager stated clients having US dollars in their accounts could withdraw up to $100,000 in a 24-hour period, with the money arriving in 5- 10 working days. The declaration came after a judge on Thursday gave permission for the cryptocurrency lending business to repay $270 million in client cash stored at the Metropolitan Commercial Bank in New York. The court authorized the platform's prior bankruptcy petition, which it filed in July.
The lender was permitted to start paying back money to its clients that had been stored in deposit accounts with Metropolitan Commercial Bank after receiving this approval. Voyager had to incur enormous losses as a result of the bitcoin hedge fund Three Arrows Capital failing.
conclusion
Voyager's blog post states that on August 11, the cryptocurrency lender reopened customer withdrawal access.
When Will Voyager Resume Trading? What Is Going On With Voyager? - Hopefully, this article can help you to understand it better.
