Crypto broker Voyager has decided to revive its cash Withdraw money on its app. Users will be able to withdraw cash from the app, the news comes more than a month after Voyager suspended transactions, deposits, withdrawals and loyalty rewards.
As stated in the blog, the cryptocurrency lender has planned to re-launch customer withdrawal access from August 11 postal Voyager. The platform had earlier filed for bankruptcy protection in July and received court approval earlier this month.
The approval means the lender can start returning cash to its customers, which is held in deposit accounts at Metropolitan Commercial Bank. Voyager faces huge losses due to the collapse of crypto hedge fund Three Arrows Capital.
Voyager said that starting next week, customers with U.S. dollars in their accounts will be able to withdraw up to $100,000 in one day. These funds will be available to clients within 5-10 business days. The announcement comes after a judge passed a rule this week that would allow cryptocurrency lenders to return $270 million in customer funds held by the Metropolitan Bank of Commerce in New York.
Restructuring Policy for Crypto Lenders
Voyager’s restructuring process included “seeking both a separate restructuring process and a potential sale of the company.” According to the blog post, the court has approved Voyager’s bidding process, which will be used to manage the entire sale process.
Bids should be made by the end of the month. If there is a sales hearing, it could be early next month. October 3 is the deadline for customers who were supposed to file claims with crypto lenders, and it also includes claims against crypto assets.
Former executives of Voyager, Shingo Lavine and Adam Lavine have proposed lenders suspend lending and restart live trading.
IT also means issuing recovery tokens to its customers as a way to stop them. It is now clear that the crypto lender firm has decided to move forward with its original recovery plan.
Crypto lender Voyager rejects takeover bid
Crypto billionaire Sam Bankman-Fried has previously offered to buy Voyager’s assets for cash at market value. It has offered to offer customers the option to receive their share of claims by opening a new account with FTX.
Voyager rejected the offer, saying it was a low-price liquidation offer, mainly out of concern that the deal would not “maximize value” for its customers. Lawyers for Voyager’s cryptocurrency lender told the court that the company received numerous bids for its assets, which were excessive compared to those offered by FTX and Alameda.
