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Bankrupt Crypto Broker Voyager Plans to Resume Cash Withdrawals

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Yueqi Yang
·1 min read
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  • VYGVQ

(Bloomberg) -- Crypto platform Voyager Digital LLC, which filed for bankruptcy protection last month, said it expects to resume user access to the app for cash withdrawals next week.

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The withdrawal is anticipated to start Aug. 11 for dollars holdings only, the company said in a blog post Friday. The announcement came after the court approved its proposal to restore access to cash held for customers at Metropolitan Commercial Bank. Customers can file claims against Voyager for their crypto holdings by a deadline of Oct. 3, it said.

Voyager, which halted trading, deposits and withdrawals on July 1, was one of the crypto platforms hit by the woes of Three Arrows Capital Ltd., the beleaguered crypto hedge fund that was ordered for liquidation. The company is simultaneously pursuing a standalone restructuring process and a potential sale.

Crypto billionaire Sam Bankman-Fried last month offered to buy Voyager’s assets in cash at market value and provide customers an option to receive their share of claims by opening a new account at FTX. Voyager rejected the offer, calling it a low-ball liquidation bid. An attorney for Voyager said in court Thursday that the company has already received multiple bids for its assets in excess of the offer from FTX and Alameda.

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