Crypto lender Voyager Digital Holdings said users may be able to make cash withdrawals from the app more than a month after transactions, deposits, withdrawals and loyalty rewards were suspended.
In a Friday blog post, Voyager he said customers with US dollars in their accounts could withdraw up to $100,000 in a 24-hour period starting August 11, with funds received in 5-10 business days. The announcement followed a judge’s ruling on Thursday that the cryptocurrency lending company was approved to return $270 million in customer funds held at Metropolitan Commercial Bank in New York.
“Requests will be processed as quickly as possible, but some manual screening will be required, including fraud checks and account reconciliation, and the timing will depend, in part, on the individual banks to which customers transfer their cash,” Voyager said .
Yesterday, the Court granted our motion to restore access to cash (US dollars) held at Metropolitan Commercial Bank for the benefit of Voyager customers.
We expect access to in-app cash withdrawals to resume from Thursday, August 11. Details: https://t.co/yqsKdJhiXQ (1/7)
— Voyager (@investvoyager) August 5, 2022
Voyager announced in June that it had entered into a $500 million loan agreement with trading firm Alameda Research due to losses from its exposure to Three Arrows Capital, which has also reportedly been ordered to be wound up by a British Virgin Islands court. The cryptocurrency lending company filed for Chapter 11 bankruptcy in New York’s Southern District Court on July 5, saying at the time that the move was part of a reorganization plan that would allow users to access their accounts again.
Related: Voyager cannot guarantee that all customers will receive their encryption under the proposed recovery plan
Although Voyager previously rejected a takeover offer from Alameda and FTX in July — saying it did not “maximize value” for its customers — the company said Friday it was still considering a possible sale of the company. After the court approved the bidding procedures, Voyager said the bids would be paid by August 26 with a hearing on the potential sale expected on September 8.