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Troubled cryptocurrency lending platform Voyager Digital is announcing plans to resume cash withdrawals for customers this week after filing for bankruptcy last month.
According to a new company suspension, a court approved the crypto firm’s plan to reopen access to customers’ cash from August 11.
“Yesterday, the Court granted our motion to restore access to cash for the benefit of Voyager customers at Metropolitan Commercial Bank. We know how important it is that you have access to your cash, and with this approval, we will soon begin processing cash withdrawals.
We expect to resume access to the Voyager app for cash withdrawals only from Thursday 11 August. Customers with cash (USD) in their accounts will receive an email with more details before cash withdrawal access becomes available in the app.”
In early July, Voyager suspended all trading, deposits and withdrawals for customers after a prominent borrower, crypto hedge fund Three Arrows Capital (3AC), defaulted on a loan of hundreds of millions of dollars.
“We have taken the difficult decision to temporarily suspend trading, deposits, withdrawals and loyalty rewards… The failure of one borrower, Three Arrows Capital (3AC), to repay a significant loan from us makes this the right way forward.
This decision, while far from optimal, will give us time to work to strengthen our balance sheet, a necessary condition to protect the assets and preserve the future of the Voyager platform we have built together.”
Voyager says it will take about five to 10 business days for customers to receive their money after submitting their requests.
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Disclaimer: The views expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and that any losses are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/klyaksun/LongQuattro
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