Digital

Voyager Enables Fund Withdrawals as Customers Get Relief Following Bankruptcy

Picture Source: BeInCrypto

Voyager, a crypto lending platform that faced bankruptcy last year, has announced that its customers will finally be able to withdraw their funds starting from next week. The platform will facilitate withdrawals through an updated Voyager app, providing a much-needed sigh of relief for investors who have been unable to access their assets for an extended period.

The Withdrawal Process:

According to a court filing by Paul Hage, the Voyager Plan administrator, the platform will reopen for withdrawals from June 20 to July 5. Starting from Thursday, customers will have the option to fill out withdrawal forms and view the initial amount available for withdrawal. This 30-day window aims to ensure that customers have sufficient time to retrieve their assets.

Efforts to Maximize Returns:

Paul Hage, in his filing, expressed his commitment to returning as much money as possible to creditors in a timely manner. While some customers have expressed frustration over not being able to withdraw their complete funds, they are relieved that the initial distribution will allow them to retrieve 35.72% of their assets. This partial withdrawal has garnered mixed reactions, with some customers considering filing a class-action lawsuit against Voyager for withholding funds.

Timeline and Distribution Process:

After submitting the withdrawal request, creditors can expect to receive their funds within three to seven calendar days. The phased approach to the distribution aims to streamline the process and facilitate a smooth transition for customers seeking access to their assets.

Background and Market Turmoil:

Voyager’s decision to liquidate its assets and wind down operations on May 6 came after the failed sale to Binance.US. The acquisition attempt faced several challenges and was ultimately abandoned due to what Binance.US described as a “hostile and uncertain” climate. As a result, Voyager experienced liquidity issues and suspended withdrawals in July, leaving customers waiting for over a year to regain access to their funds.

Conclusion:

The announcement of Voyager enabling fund withdrawals brings a glimmer of hope to its customers who have patiently awaited the return of their assets. While the initial distribution allows customers to retrieve a portion of their funds, the journey to fully reclaiming their investments continues. As the withdrawal process unfolds, Voyager’s customers can look forward to the return of their funds and hope for a smoother future in the cryptocurrency landscape.

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