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 $100Ok in money by way of an automatic clearing home (ACH) switch.
Voyager Digital Plans to Open the Withdrawal Gates and Restrict Clients to $100Ok ACH Transfers on August 11
Final 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 important 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 Road Journal reported that Decide Michael Wiles of the U.S. Chapter Courtroom in New York accepted the discharge of $270 million in money deposits held by Metropolitan Industrial financial institution (MCB).
The next day, Voyager detailed in a weblog put up that it was updating prospects on entry to money, and the subsequent steps of the corporate’s reorganization course of. Voyager plans to open up money withdrawals subsequent week, and funds will likely be disbursed to folks’s accounts round 5-10 enterprise days later.
“We anticipate resuming entry to the Voyager app for money withdrawals solely, beginning on Thursday, August 11th,” Voyager stated on Friday. “Clients with money (U.S. {dollars}) in their accounts will obtain an electronic mail with extra particulars earlier than money withdrawal entry in the app turns into out there.”
On 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 will likely be “held on September eighth.”
The U.S. Chapter Courtroom 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 Collectors (UCC) final month.
“As soon as money withdrawals are enabled, prospects can request withdrawals of as much as $100,000 by way of ACH in a 24-hour interval,” Voyager’s weblog put up concludes.
What do you consider Voyager Digital opening up money withdrawals on August 11? Tell us your ideas about this topic in the feedback part under.
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