Cryptocurrency lender Voyager Digital Holdings said users can withdraw cash from the app more than a month after trading, deposits, withdrawals and loyalty rewards are suspended.
A Voyager blog post on Friday said customers with US dollars in accounts can withdraw up to $100,000 within 24 hours starting August 11, with funds received within 5 to 10 business days. The announcement follows a judge’s decision on Thursday that the cryptocurrency lending company has been cleared to return $270 million in customer funds held at New York’s Metropolitan Commercial Bank.
“Requests will be processed as quickly as possible but will require some manual verification, including fraud and account reconciliation, and the timing will depend in part on the individual banks to which customers transfer their cash,” Voyager said.
Yesterday, the court approved our proposal to restore access to cash (US dollars) held at the Metropolitan Commercial Bank for Voyager customers. We look forward to resuming access to in-app cash withdrawals from Thursday, August 11th. Details: https://t.co/yqsKdJhiXQ (1/7) — Voyager (@investvoyager) August 5, 2022
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 was also reportedly liquidated by a British Virgin Islands court. The cryptocurrency lending firm 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 access their accounts again.
Related: Voyager cannot guarantee that all customers will receive their cryptocurrency in accordance with the proposed recovery plan
While Voyager had previously rejected a buyout offer from Alameda and FTX in July, saying it did not “maximize value” for its customers, the firm said Friday it was still considering selling the company. After the court approved the bidding procedures, Voyager said bids would be submitted by August 26, with a hearing on the potential sale expected on September 8.
Cryptocurrency lender Voyager Digital Holdings said users can withdraw cash from the app more than a month after trading, deposits, withdrawals and loyalty rewards are suspended.
A Voyager blog post on Friday said customers with US dollars in accounts can withdraw up to $100,000 within 24 hours starting August 11, with funds received within 5 to 10 business days. The announcement follows a judge’s decision on Thursday that the cryptocurrency lending company has been cleared to return $270 million in customer funds held at New York’s Metropolitan Commercial Bank.
“Requests will be processed as quickly as possible but will require some manual verification, including fraud and account reconciliation, and the timing will depend in part on the individual banks to which customers transfer their cash,” Voyager said.
Yesterday, the court approved our proposal to restore access to cash (US dollars) held at the Metropolitan Commercial Bank for Voyager customers. We look forward to resuming access to in-app cash withdrawals from Thursday, August 11th. Details: https://t.co/yqsKdJhiXQ (1/7) — Voyager (@investvoyager) August 5, 2022
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 was also reportedly liquidated by a British Virgin Islands court. The cryptocurrency lending firm 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 access their accounts again.
Related: Voyager cannot guarantee that all customers will receive their cryptocurrency in accordance with the proposed recovery plan
While Voyager had previously rejected a buyout offer from Alameda and FTX in July, saying it did not “maximize value” for its customers, the firm said Friday it was still considering selling the company. After the court approved the bidding procedures, Voyager said bids would be submitted by August 26, with a hearing on the potential sale expected on September 8.
