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Voyager Digital to Resume Withdrawals Over a Month After Halting Activities

Voyager Digital Holdings, a renowned crypto lending company, has said it will resume cash withdrawals on the application over a month after halting trading, deposits, withdrawals, and loyalty rewards.

Voyager to resume withdrawals on August 11

Voyager published a blog post on Friday saying that clients using US dollars in their cryptocurrency exchange accounts will have the ability to withdraw a maximum of $100,000 within 24 hours. The withdrawals will commence on August 11, and users will receive their funds within 5 to 10 business days.

The resumption of withdrawals follows a ruling by a judge on Thursday, where the crypto lending company was mandated to return $270 million worth of customer funds held at the Metropolitan Commercial Bank in New York.

In the announcement, Voyager said that the withdrawal requests would be processed as quickly as possible. However, it will require a manual review, such as account reconciliation and fraud reviews. Additionally, the timing of processing the requests will also depend on the individual banks where the customers will send their funds.

Voyager’s financial troubles

Voyager stated in June saying that it had secured a $500 million loan agreement with FTX-owned Alameda Research. The loan agreement followed Voyager’s massive exposure to the Three Arrows Capital crypto hedge fund.

Three Arrows Capital owed a $680 million loan to Voyager that it failed to repay because of massive exposure to the collapsed Terra Luna ecosystem. 3AC has been ordered to liquidate by a court in the British Virgin Islands.

After failing to repay the debt owed to Voyager, 3AC filed for Chapter 11 bankruptcy in the Southern District Court of New York on July 5. At the time, the hedge fund said that the filing was part of a reorganization strategy that would allow users to reaccess their accounts after restoring normalcy.

Last month, FTX proposed a buyout deal for Voyager. However, Voyager rejected this deal, saying it was not beneficial to its customers. The firm also announced that it would consider a potential sale of the company. The court has approved bids that will facilitate the sale of the company to a new entity. Voyager has said that all bids will be due on August 26, and a hearing of the potential sale will happen on September 8.

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The post Voyager Digital to Resume Withdrawals Over a Month After Halting Activities appeared first on Business 2 Community.

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Written by Ali Raza

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