Cryptocurrency brokerage Voyager Digital is preparing to reopen its app and allow customers to finally withdraw funds nearly a year after filing for Chapter 11 bankruptcy protection.
Voyager's Bankruptcy Plan Administrator, Paul Hage, Said in A June 14 Court Filing that the Voyager App Will Be UPDated June 15 to Show The amount That Can B E withdrawn, Estimation that the withdrawal Period Will be from june 20. Start some time between July 5th. The bankruptcy plan, which was first approved in court on May 17, will result in customers withdrawing cryptocurrencies via the Voyager app or cash after 30 days, initially receiving 35.72% of the claim.
In the filing, Hage also noted that bankrupt cryptocurrency hedge fund Three Arrows still owes Voyager $650 million, so while the first withdrawals allow withdrawals of more than 35 percent of client funds, “the main focus will shift to recovering additional funds on ce they have been withdrawn.” The initial distribution is completed and the assets can be distributed to creditors”.
Additionally, an additional $445 million in client funds could be made available to creditors pending final resolution of Alameda Research's priority claims against Voyager, which is not expected to happen until at least mid-September 2023. After initially fi ling for bankruptcy on July 5, Voyager previously filed two bankruptcy plan proposals that fell through. The first of these deals was for FTX's US arm, FTX US, but the $1.4 billion deal fell through after FTX filed for bankruptcy.
A subsequent $1 billion deal with Binance. US also fell through after it pulled out on April 25, citing a “hostile and uncertain regulatory environment in the United States.”
