Bankrupt crypto lender Voyager will let customers start withdrawing their funds from next week. The Voyager app will be updated to show the amount available for withdrawal.
Following last year’s bankruptcy, investors’ funds have been stuck on various platforms. There is a sigh of relief for Voyager customers as the platform will facilitate the withdrawals from June 20.
Voyager Customers Have 30 Days to Withdraw Assets
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In a court filing, Voyager Plan administrator, Paul Hage, wrote that the platform would reopen to enable withdrawals from June 20 to July 5. Also, from Thursday onwards, Voyager customers can fill out forms and view their initial withdrawal amount.
Customers would have a 30-day window to withdraw their assets. After submitting the withdrawal request, creditors are expected to receive the amount in three to seven calendar days.
Hage wrote in the filing:
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‘My singular goal as the Plan Administrator is to undertake every effort to return as much money as possible to creditors as soon as possible.”
Customers Can Withdraw 35.72% of Funds
Voyager customers cannot withdraw their complete funds in the initial distribution, but they will receive 35.72% of the assets.
Hence, some want to file a class action lawsuit against Voyager for withholding funds, but others feel relieved with the initial distribution amount. Crypto investor Neville wrote on Twitter:
“It’s good that we should see something back in the next two weeks. The percentage still sucks, but nothing we can do about that.”
On May 6, Voyager decided to liquidate its assets and wind down operations after its sale to Binance.US failed. The Binance.US acquisition had its own ups and downs, but eventually, the company walked away, citing a “hostile and uncertain” climate.
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After the market crash in May 2022, Voyager suspended withdrawals in July due to liquidity issues. Its customers have been waiting to get their funds back since then.
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