CryptoWallCity vs MEXC Exchange

Big week for Voyager Digital customers as cash outs are about to begin

Struggling crypto lender Voyager Digital said it plans to “restore access” to USD deposits this week. Here’s what the process might look like.

In a blog post on Friday, Voyager said customers with cash in their accounts will be able to withdraw up to $100,000 in a 24-hour period, starting Aug.

The company said that eligible customers will receive an email with more details before the withdrawal process begins. “We expect customers to receive funds in about 5-10 business days after making a claim,” they added.

The move comes after a court approved Voyager’s proposal to return $270 million worth of funds held for the benefit of the company’s customers at Metropolitan Commercial Bank, where Voyager has accounts deposits.

As part of the next steps in the reorganization, Voyager reiterated that it will consider an independent restructuring and a potential sale of the company.

As part of our effort to maximize the value of cryptocurrencies on the platform, we are simultaneously pursuing an independent restructuring and potential sale of the company,” the company said. learn more that the courts that have approved their bidding procedures will govern the sales process.

As reported, the lender received “multiple bids for its property in excess of its previous offer” from crypto exchange FTX and affiliated trading firm Alameda Research.

Voyager filed for bankruptcy protection in July after suffering massive losses from the failure of crypto hedge fund Three Arrows Capital (3AC) and the broader crypto crisis.

In the bankruptcy filing, Voyager claimed it had more than $110 million in cash, more than $350 million in cash held in accounts for the benefit of customers at Metropolitan Commercial Bank, around $1.3 billion in crypto on its platform and claims against 3AC over $650 million of that.