Voyager Digital, a cryptocurrency brokerage, is ready to re-launch its app, permitting customers to access their funds for the first time in almost a year since it declared Chapter 11 bankruptcy.
Paul Hage, the bankruptcy plan administrator for Voyager, declared in a June 14 court filing that the Voyager app would be revised to display the amount available for withdrawal by around June 15, with the withdrawal period likely beginning between June 20 and July 5.
The court gave its stamp of approval to the bankruptcy plan on May 17, and customers will be entitled to a 35.72% return of their claims either through the Voyager app in crypto form or with cash after a 30-day period.
In the filing, Hage also pointed out that Three Arrows Capital, a bankrupt crypto hedge fund, still owes Voyager $650 million. Thus, after the initial distribution of over 35% of customer funds is completed, the primary focus will be on recovering additional assets to be distributed to creditors.
An additional sum of $445 million of customer funds could be accessible to creditors pending a resolution of Alameda Research’s preference claim against Voyager, which is not anticipated to take place until mid-September 2023 at the earliest.
Voyager initially filed for bankruptcy on July 5 and had previously proposed two bankruptcy plans, both of which were unsuccessful.
The SEC and Binance.US are discussing a potential agreement to prevent a total asset freeze.
The initial agreement was with the US branch of FTX, FTX.US, however, the $1.4 billion transaction did not come to fruition after FTX declared bankruptcy.
Subsequently, a $1 billion agreement with Binance.US failed to come to fruition after it pulled out on April 25, citing a “hostile and uncertain regulatory atmosphere in the United States”.
“Holy cow, I’ve seen that!” — Coldie’s NFTs featuring Snoop Dogg, Vitalik, and McAfee.
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