October 5, 2022


Basic Takeaways

  • Voyager says it has received court approval that will allow it to reopen withdrawals to customers.
  • The company says it plans to reopen withdrawals on August 11 with a limit of $100,000 per day.
  • Voyager initially suspended withdrawals and other account activity on July 1 before filing for bankruptcy on July 5.

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Voyager has received court approval to begin providing customers with access to withdrawals.

Voyager to reopen downloads

Voyager Digital plans to allow customers to withdraw their money.

The company initially suspended withdrawals and other trading activities on July 1. It then filed for bankruptcy on July 5 and entered court proceedings shortly after that date.

Now, Voyager says that the court granted his motion to restore clients’ access to funds. These funds are held in a benefit account (FBO) at Metropolitan Commercial Bank in New York, as described in a previous announcement.

“We know how important it is that you have access to your cash, and with this approval, we will soon begin processing cash withdrawals,” the company wrote in its blog post today.

Voyager expects to begin allowing access to the Voyager app exclusively for cash withdrawals starting August 11.

Users of the platform will be able to request withdrawals of up to $100,000 in US dollars via ACH per day.

Customers will receive an email detailing their holdings. Users have until October 3 to file a claim against the company if they see discrepancies between their statement and their account.

Voyager says customers will receive funds in 5 to 10 business days and that it aims to process requests “as soon as possible.” It notes that requests must undergo manual review, which includes fraud checks and account reconciliation. The exact time will also depend on the users’ banks.

Voyager has also confirmed that it is involved in plans that will see it reorganize its company. Today, he said that “an autonomous restructuring process and a possible sale of the company is underway.”

He noted that the court approved the bidding procedures for the sale of the company. He said bids must be made by August 26 and a hearing on the sale will be held on September 8.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH and other cryptocurrencies.

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