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

Following the bankruptcy justice approving the merchandise of $270 cardinal successful currency deposits, the crypto steadfast Voyager Digital has announced that it plans to unfastened currency withdrawals starting connected Thursday, August 11. After the currency withdrawal gates are open, Voyager customers tin retreat up to $100K successful currency via an automated clearing location (ACH) transfer.

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

• Last month, connected July 1, Voyager Digital suspended trading, deposits, and withdrawals, and a week later, the institution officially filed for bankruptcy protection. Voyager had important vulnerability to the present defunct crypto hedge money Three Arrows Capital (3AC), and 3AC defaulted connected a $620 cardinal indebtedness owed to Voyager.
• On August 4, 2022, the Wall Street Journal reported that Judge Michael Wiles of the U.S. Bankruptcy Court successful New York approved the merchandise of $270 cardinal successful currency deposits held by Metropolitan Commercial slope (MCB).
• The pursuing day, Voyager elaborate successful a blog post that it was updating customers connected entree to cash, and the adjacent steps of the company’s reorganization process. Voyager plans to unfastened up currency withdrawals adjacent week, and funds volition beryllium disbursed to people’s accounts astir 5-10 concern days later.
• “We expect resuming entree to the Voyager app for currency withdrawals only, starting connected Thursday, August 11th,” Voyager said connected Friday. “Customers with currency (U.S. dollars) successful their accounts volition person an email with much details earlier currency withdrawal entree successful the app becomes available.”
• At the aforesaid time, Voyager is “simultaneously pursuing a standalone restructuring process and a imaginable merchantability of the company.” Bidding for the institution begins connected August 26 and the merchantability proceeding volition beryllium “held connected September 8th.”

• The U.S. Bankruptcy Court successful New York is besides giving Voyager customers up until October 3, 2022 to record claims against Voyager, which includes claims for cryptocurrency holdings. Voyager has besides created an Official Committee of Unsecured Creditors (UCC) past month.
• “Once currency withdrawals are enabled, customers tin petition withdrawals of up to $100,000 via ACH successful a 24-hour period,” Voyager’s blog station concludes.

What bash you deliberation astir Voyager Digital opening up currency withdrawals connected August 11? Let america cognize your thoughts astir this taxable successful the comments conception below.