By Nathan Ferguson
Voyager Digital Holdings (a crypto lending platform) has mentioned that they permit the consumers to withdraw funds from the application after nearly a month of suspension on the loyalty rewards, withdrawals, deposits, and trading.
Voyager Announces to Start the Withdrawals again
In a blog post on Friday, Voyager stated that its customers who have USD funds in accounts would be allowed to withdraw approximately $100,000 in a time of up to 24 hours that would commence on 11th August, while the funds would be provided to them in the next five to 10 business days. The declaration was a result of a ruling that took place on Thursday regarding the crypto lending venue ordering that the platform would return up to $270M in the consumer funds present existing at the New York-based Metropolitan Commercial Bank.
Voyager disclosed that the company will process the requests as rapidly as possible however there will be a requirement for a manual review. This will take into account reconciliation and fraud reviews, while the timing will be subject partially to the individual banks selected by the clients to transact their cash.
According to the declaration of Voyager in June, the venue had participated in a loan contract of up to $500M with Alameda Research (a trading platform) because of the losses caused by the exposure to a Singapore-based provider of crypto hedge funds “Three Arrows Capital.” 3AC has additionally been decreed by a court based in the British Virgin Islands to have been liquidated. The crypto lending company submitted for bankruptcy in line with Chapter 11 under the New York-based District Court on 5th July.
Voyager Still Wants to Sell the Firm
It revealed that at that point the move was included in a reorganization strategy by which the consumers would eventually be permitted to reach their accounts for another time. A merger bid offered by FTX and Alameda was rejected by Voyager in July, asserting that this would not be beneficial for its clients.
However, on Friday, the platform brought to the front that it was still contemplating a likely sale of its firm. After the approval of the bidding procedures by the court, Voyager 26th August is the due date for the bids, as the platform puts it. According to it, a hearing regarding the likely sale is expected to take place on 8th September this year.