Last month, on June 23, Voyager Digital, a bankrupt crypto lender, made a surprising move by reopening withdrawals for investors. This decision comes almost a year after the company stopped its withdrawals and filed for Chapter 11 bankruptcy. This resulted in many users not being able to access their funds. Now, he is on the agenda by activating some coins in his hand. Here are the details…
Cryptocurrency company mobilized these coins
According to data from Dune Analytics, more than $250 million in crypto assets have flowed out of the platform since withdrawals were reopened. This significant net exit left Voyager Digital with $176 million worth of remaining crypto assets. This resulted in a Clean Asset ratio of 96.15%. Assets held by the platform include 2,287.4 BTC, 27,363.7 ETH, 18,558,340 USDC, 2,060 trillion SHIB and more. cryptocoin.com As we have reported, Voyager Digital’s bankruptcy occurred after the collapse of the Terra ecosystem. This resulted in the loss of over $40 billion in investor funds. Users rushed to withdraw their assets. Therefore, the crypto lender faced a serious liquidity crisis and ultimately went bankrupt.
In May, the bankruptcy plan for Voyager Digital received court approval. Under this plan, customers are entitled to 35.72 percent of their initial claim. They have the option to withdraw this amount in crypto via the Voyager app or in cash after a 30-day waiting period. Voyager Digital CEO Alex Hage revealed that bankrupt crypto hedge fund Three Arrows Capital still owes Voyager $650 million. While the initial withdrawal round allows clients to access just over 35 percent of their funds, the focus is on recovering more assets to be distributed to creditors once this initial distribution is complete.
There is also additional funding for creditors
In addition, there is the potential of $445 million in additional client funds to be made available to creditors. However, this is dependent on the resolution of Alameda Research’s concession request against Voyager, which is not expected until at least mid-September 2023. Separately, Binance has expressed interest in acquiring Voyager Digital for $1 billion. However, the US government intervened and halted the deal due to ongoing legal proceedings against Binance by institutions such as the Securities and Exchange Commission and the Department of Justice.
The resumption of withdrawals by Voyager Digital has brought some relief to investors who have been unable to access their funds for over a year. As the process continues, users look forward to the recovery of additional assets and a resolution to their bankruptcy proceedings, which will determine the final distribution to creditors.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.