Voyager App Reopens Withdrawal Feature for Customers Starting June 20

Voyager App, the leading cryptocurrency platform, announces the reopening of its withdrawal feature starting June 20. Digital assets can be seamlessly withdrawn again, providing enhanced flexibility and control. The highly anticipated update reinforces Voyager’s commitment to providing a user-centric experience and empowering individuals.

After a Year of Bankruptcy, Voyager Digital Enables User Access to Funds

Cryptocurrency brokerage Voyager Digital is set to reopen its app so customers can withdraw their funds. The company filed for Chapter 11 bankruptcy almost a year ago. Using the Voyager app, customers can manage their funds again. 

The bankruptcy administrator for Voyager said in a June 14 filing that the Voyager app would be updated around June 15 to show the withdrawal amount, and that the withdrawal period would start around June 20.

Following court approval on May 17, the bankruptcy plans are in motion. After a 30-day period, customers can withdraw 35.72% of their claims in cryptocurrency or cash. Customers will receive a portion of their funds within a month, either in digital currency or cash.

Battle for Recovery: Voyager’s Ongoing Efforts to Retrieve Funds

Hage says Voyager’s owed $650 million by Three Arrows Capital, a bankrupt crypto hedge fund. Customers can withdraw over 35% of their money after the first distribution. After that, the focus will shift to recovering more assets so creditors can get paid. Consequently, Voyager will try to get more money to compensate those affected.

In addition, creditors could access another $445 million of customer funds. However, this depends on whether Alameda Research’s preference claim against Voyager is resolved by mid-September 2023. Until the claim is resolved, the extra funds aren’t available. FTX Official and invest voyager were mentioned by EtherDaddy on Twitter.

Voyager initially filed for bankruptcy on July 5 and presented two previous plans to resolve it. Unfortunately, both proposals fell through. The first plan involved FTX.US, the United States arm of FTX, with a deal worth $1.4 billion. However, this plan collapsed when FTX also filed for bankruptcy.

Furthermore, Binance.US backed out of a $1 billion deal on April 25 due to a “hostile and uncertain regulatory climate in the United States.” 

Due to Binance.US’ move, US investors are worried about the impact of US regulation on the cryptocurrency industry. The US government hasn’t provided clear and consistent guidance for the industry, so companies can’t invest with certainty.