Following the bankruptcy judge’s approval of the release of $270 million in cash deposits, crypto firm Voyager Digital announced plans to begin cash withdrawals on Thursday, August 11 The company has announced that it plans to begin cash withdrawals on Thursday, August 11. After the cash withdrawal gates open, Voyager customers will be able to withdraw up to $100,000 in cash via automated clearinghouse (ACH) transfers.
Voyager Digital plans to open withdrawal gates on August 11, limiting customers to $100,000 ACH transfers
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- Last month, on July 1, Voyager Digital suspended trading, deposits, and withdrawals, and a week later the company formally filed for bankruptcy protection. Voyager had significant exposure to the now-defunct crypto hedge fund Three Arrows Capital (3AC), and 3AC defaulted on a $620 million loan it owed Voyager.
- On August 4, 2022, the Wall Street Journal reported that Judge Michael Wiles of the U.S. Bankruptcy Court in New York had approved the release of $270 million in cash deposits held by Metropolitan Commercial Bank (MCB).
- The next day, Voyager updated customers on access to the cash in a blog postand detailed the next steps in the company’s restructuring process. Voyager plans to begin withdrawing cash next week, with funds expected to be deposited into people’s accounts in approximately 5-10 business days.
- Voyager said on Friday, “Starting Thursday, August 11, we will reopen access to the Voyager application for cash withdrawals only.” Customers with cash (USD) in their accounts will receive an email with details before cash withdrawal access to the app is available.”
- At the same time, Voyager is “simultaneously pursuing a stand-alone restructuring process and a possible sale of the company.” Bidding for the company is scheduled to begin on August 26, with a sale hearing to take place “on September 8.”
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