The US Bankruptcy Court has approved Voyager Digital’s proposal to unfreeze a crypto broker’s deposit with Metropolitan Commercial Bank to return funds to customers.
On August 4, the US Bankruptcy Court in New York ruled that Voyager customers must have access to some of their funds. The company has $270 million in cash, which it disclosed when it filed for bankruptcy in a custody account held with the Metropolitan Commercial Bank (MCB).
#Crypto lender Voyager Digital has been granted approval to return $270 million in customer cash, WSJ reports.
— Watcher.Guru (@WatcherGuru) August 5, 2022
Digital assets on the Voyager platform worth $1.3 billion were included in the bankruptcy estate. It will be distributed among creditors in the future. According to the source, the crypto broker received a “rescue” offer from 88 interested parties, including FTX, which the company rejected. Active discussions are underway with 20 of them.
Takeover applications are accepted until August 26. The management of the crypto broker intends to decide on a partner in September to complete a restructuring process in the first quarter of 2023.
The fund release confirmation, which will take place today, will provide some help to users who see their assets frozen by prominent companies in the ongoing cryptocurrency decline.