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Unveiling Financial Redemption: Voyager Digital Nears Funds Release Post-Bankruptcy

by BlockNews Team
June 17, 2023
in BUSINESS, CRYPTO, FINANCE
Reading Time: 3 mins read
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  • The digital currency exchange Voyager Digital, having been drowned in bankruptcy a year ago, has expressed its readiness to authorize customer withdrawals once more.
  • After acquiring legal sanction of its bankruptcy scheme, Voyager Digital anticipates releasing 36% of the trapped funds back to customers, a substantial step forward after previous failures.
  • The financial future of Voyager Digital depends heavily on the outcome of the Alameda Research preference claim and the recovery of its $650 million debt from Three Arrows Capital.

As the darkness of the financial downfall begins to recede, the glimmers of hope start to shine for the clients of Voyager Digital, the previously beleaguered digital asset broker. Its journey through the trials and tribulations of bankruptcy has come to an inflection point, and the anticipation is almost palpable. For the customers, the past year has been a rollercoaster of doubt and uncertainty. Now, Voyager Digital reports its plans to restart the long-stalled withdrawal process.

The light at the end of the tunnel became brighter when Voyager’s plan to exit bankruptcy won legal approval on May 17. The go-ahead is an unexpected but highly welcomed twist in the plot for its customers, allowing for an initial return of 36% of their funds. Voyager expects to distribute this initial payment through the Voyager app or in cash within a month of the announcement.

Paul Hage, Voyager’s bankruptcy administrator, reveals that an app update planned for mid-June will show the customers the amounts they can expect to withdraw. His forecasts suggest a possible kickoff for the withdrawal process between late June and early July. As soon as the first wave of withdrawals is carried out, Voyager will focus on recovering additional assets meant for distribution to creditors.

The recovery process is a substantial undertaking, with Voyager grappling to claw back a staggering $650 million debt from the insolvent crypto hedge fund, Three Arrows Capital. Further complexities include a potential $445 million from client funds, hanging in the balance pending the result of Alameda Research’s claim against Voyager. But for now, that resolution remains uncertain, with a decision not expected until mid-September 2023.

Despite the steep path Voyager Digital has trodden since its bankruptcy filing on July 5 and its previous unsuccessful recovery attempts, this recent breakthrough offers a fresh breath of optimism. Customers stand on the precipice of potential financial relief, casting their hopeful eyes on the once-doomed company’s resurgence. As the first crypto firm in bankruptcy to unlock customer funds, Voyager Digital is forging a new narrative.

Voyager Digital Crumbles under Market Upheavals

In the grip of relentless market fluctuations and the dramatic downfall of Three Arrows Capital, renowned cryptocurrency broker Voyager Digital was compelled to seek Chapter 11 bankruptcy protection on July 6, 2022. Three Arrows Capital, a principal financial lifeline for the company, collapsed unexpectedly, leaving Voyager Digital unable to fulfill its financial commitments. This financial disarray ultimately drove the firm toward bankruptcy.

Voyager Digital’s bankruptcy documents revealed over 100,000 creditors entangled in the debacle, along with an asset range of $10 million to $50 million. The future course for Voyager Digital remains uncertain amidst this fiscal whirlwind. This episode serves as a stark reminder of the vulnerabilities of even high-profile entities amidst the ongoing financial turbulence sparked by recent years’ market volatility.

Tags: bankruptcyCrypto Exchangevoyager
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