Crypto Broker, Voyager, has decided to resume operations Cash Withdrawals on their own app. Users will be able to make cash withdrawals from the app, and this news comes after Voyager suspended trading, deposits, withdrawals and loyalty rewards for more than a month.
The cryptocurrency lender has decided to restart customer access to withdrawals from August 11, as mentioned in the blog Mail by Voyager. The platform had previously filed for bankruptcy protection in July and received court approval at the beginning of this month.
This approval means that the lender can begin returning cash to its customers in a deposit account with the Metropolitan Commercial Bank. Voyager faced huge losses due to the collapse of the Crypto Three Arrows Capital hedge fund.
Voyager said that customers who have US dollars in their accounts will be able to withdraw up to $100,000 in one day starting next week. These funds will be available to customers within 5-10 business days. The announcement came after a judge issued a rule this week that a crypto lender can return $270 million in customer funds held at Metropolitan Commercial Bank in New York.
Cryptocurrency lender reorganization policy
Voyager’s reorganization includes “simultaneous pursuit of the independent restructuring process and potential sale of the company.” According to the blog, the court approved Voyager’s bidding procedures that will be used to manage the entire sale process.
Bids are supposed to take place at the end of this month. In the case of a selling session, it could be held at the beginning of next month. October 3 will be the deadline for customers who are supposed to file claims against a crypto lender, and also include claims for crypto-holdings.
Former Voyager executives, Shingo Lavine, and Adam Lavine have suggested that the lender suspend lending activities and resume live trading.
IT may also mean issuing a redemption code to its customers as a way to stop them. It is now clear that the crypto lender company has decided to proceed with the initial redemption plan.
Crypto Lender Voyager Rejected Purchase Offer
Sam Bankman-Fried, a former crypto billionaire, offered to buy Voyager’s assets for cash at market value. I have offered to provide clients with an option to receive their share of claims by opening a new account with FTX.
Voyager dismisses that offer by saying it was a low-ball liquidation offer, citing concerns mainly that the deal is not “value maximization” for its customers. A lawyer for Voyager’s cryptocurrency lender stated in court that the company has received more bids for its assets than from FTX and Alameda.