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Following its Chapter 11 bankruptcy filing, cryptocurrency brokerage Voyager Digital left its customers uncertain about the recovery of their funds. However, nearly a year later, the company has announced that it is on the brink of providing an update on its application to enable withdrawals once again.
This news follows the approval of Voyager's bankruptcy plan on May 17, which paves the way for customers to recoup 36% of their claims. The initial repayment is scheduled to take place either through the Voyager app or in cash, 30 days after the announcement.
According to Paul Hage, the bankruptcy plan administrator for Voyager, the company aims to release an app update around June 15, revealing the amounts available for withdrawal. Hage predicts that the withdrawal period could commence between June 20 and July 5. Once the first batch of withdrawals has been processed, the company's primary focus will shift to recovering additional assets for distribution to creditors. This focus stems from the outstanding debt of $650 million owed to Voyager by the bankrupt crypto hedge fund, Three Arrows Capital.
Furthermore, there is a possibility of an additional $445 million from customer funds being accessible to creditors, depending on the outcome of Alameda Research's preference claim against Voyager. However, a verdict on this matter is not expected until mid-September 2023.
It is worth noting that Voyager has had two prior unsuccessful bankruptcy proposals since its filing on July 5. Nevertheless, this recent development could prove to be a turning point for Voyager's customers, who have been eagerly awaiting relief amidst the ongoing financial turmoil.
After declaring bankruptcy a year ago, Voyager Digital is now poised to allow customer withdrawals following the court's approval of its bankruptcy plan. Currently, Voyager stands out as one of the few bankrupt cryptocurrency companies successfully unlocking frozen funds.
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