Voyager plans to resume withdrawals on August 11

0
38

Crypto lender Voyager Digital Holdings has reported that users may be able to withdraw funds from the app more than a month after suspending trading, deposits, withdrawals and loyalty rewards.

In a blog post on Friday, Voyager said customers with US dollars in their accounts could withdraw up to $100,000 in a 24-hour period from August 11, with the money received within 5-10 business days. The announcement followed a court ruling on Thursday that the crypto lending company was allowed to return $270 million in customer funds held at New York’s Metropolitan Commercial Bank.

See also  Roman Catholic Archdiocese of Washington, DC Accepts Crypto Donations

“Requests will be processed as quickly as possible, but will require some manual review, including fraud reviews and account reconciliation, and the timing will depend in part on the individual banks to which customers transfer their funds,” Voyager said.

Voyager announced in June that it had entered into a $500 million loan agreement with trading firm Alameda Research over losses from its exposure to Three Arrows Capital, which has also reportedly been liquidated by a court in the British Virgin Islands. The crypto lending company filed for Chapter 11 bankruptcy in New York’s Southern District Court on July 5, saying the move was part of a reorganization plan at the time that would eventually allow users to regain access to their accounts.

See also  Bitcoin Bulls Miss Key Resistance Flip as BTC Price Drops 8%

Related: Voyager cannot guarantee that all customers will receive their crypto under the proposed recovery plan

Although Voyager turned down a takeover offer from Alameda and FTX earlier in July — because it wasn’t “maximizing value” for its customers — the company said Friday it was still considering a possible sale of the company. After the court cleared the bidding processes, Voyager said the bids must be submitted by August 26, with a hearing on the potential sale expected September 8.

See also  German crypto bank Nuri files for bankruptcy