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Crypto Voyager Plans To Reopen Withdrawals Next Week

Cryptocurrency lender Voyager Digital Holdings said it received several buyback offers that were “higher and better” than FTX’s offer in July, in contrast to related public statements on investment company practices.

The company was also recently cleared by a New York bankruptcy judge to return $270 million in customer funds held at the Metropolitan Bank of Commerce (MCB).

Furthermore, Voyager said it plans to “restore access” to deposits on August 11, the company’s first step in returning $270 million in cash to its customers.

Voyager Reopens withdrawals

On July 1, Voyager suspended withdrawals and other services. The company then filed for bankruptcy protection on July 5 after suffering massive losses due to the crypto hedge fund Three Arrows Capital (3AC) collapse.

Regarding the court’s approval of a customer request to withdraw cash from Metropolitan Commercial Bank in New York, where Voyager has a deposit account, the company said:

“We know the importance of cash access, and we will soon begin processing withdrawals with this approval.”

Voyager is expected to start allowing access to the Voyager app for cash only starting August 11. Users will be able to request withdrawals of up to $100,000 via ACH per day.

Voyager also confirmed that it is carrying out a plan to restructure the company. They note that the court has approved the bidding procedures for the sale of the company, and the bids will expire before August 26.