Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts

Following the chapter decide approving the discharge of $270 million in money deposits, the crypto agency Voyager Digital has introduced that it plans to open money withdrawals beginning on Thursday, August 11. After the money withdrawal gates are open, Voyager prospects can withdraw as much as $100K in money through an automatic clearing home (ACH) switch.

Voyager Digital Plans to Open the Withdrawal Gates and Limit Customers to $100K ACH Transfers on August 11

• Last month, on July 1, Voyager Digital suspended buying and selling, deposits, and withdrawals, and every week later, the corporate formally filed for chapter safety. Voyager had vital publicity to the now defunct crypto hedge fund Three Arrows Capital (3AC), and 3AC defaulted on a $620 million mortgage owed to Voyager.
• On August 4, 2022, the Wall Street Journal reported that Judge Michael Wiles of the U.S. Bankruptcy Court in New York approved the discharge of $270 million in money deposits held by Metropolitan Commercial financial institution (MCB).
• The following day, Voyager detailed in a blog post that it was updating prospects on entry to money, and the following steps of the corporate’s reorganization course of. Voyager plans to open up money withdrawals subsequent week, and funds shall be disbursed to individuals’s accounts round 5-10 enterprise days later.
• “We anticipate resuming entry to the Voyager app for money withdrawals solely, beginning on Thursday, August eleventh,” Voyager mentioned on Friday. “Customers with money (U.S. {dollars}) of their accounts will obtain an e mail with extra particulars earlier than money withdrawal entry within the app turns into obtainable.”
• At the identical time, Voyager is “concurrently pursuing a standalone restructuring course of and a possible sale of the corporate.” Bidding for the corporate begins on August 26 and the sale listening to shall be “held on September eighth.”

• The U.S. Bankruptcy Court in New York can also be giving Voyager prospects up till October 3, 2022 to file claims towards Voyager, which incorporates claims for cryptocurrency holdings. Voyager has additionally created an Official Committee of Unsecured Creditors (UCC) final month.
• “Once money withdrawals are enabled, prospects can request withdrawals of as much as $100,000 through ACH in a 24-hour interval,” Voyager’s weblog publish concludes.

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