Voyager plans to resume cash withdrawals on Aug. 11

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

In a Fri­day blog post, Voy­ager said 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 announce­ment fol­lowed a judge rul­ing on Thurs­day the cryp­to lend­ing firm was cleared to return $270 mil­lion in cus­tomer funds held at the Met­ro­pol­i­tan Com­mer­cial Bank in New York. 

“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,” said Voyager.

Voy­ager announced in June that it had entered into a $500 mil­lion loan agree­ment with trad­ing firm Alame­da Research due to loss­es from its expo­sure to Three Arrows Cap­i­tal, which has also report­ed­ly been ordered liq­ui­dat­ed 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 even­tu­al­ly allow users access to their accounts again. 

Relat­ed: Voy­ager can’t guar­an­tee all cus­tomers will receive their cryp­to under pro­posed recov­ery plan

Though Voy­ager pre­vi­ous­ly reject­ed 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.



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