{"id":10178,"date":"2023-05-17T22:14:25","date_gmt":"2023-05-18T02:14:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/voyager-digital-customers-will-recover-35-of-their-crypto-deposits\/"},"modified":"2023-05-17T22:14:26","modified_gmt":"2023-05-18T02:14:26","slug":"voyager-digital-customers-will-recover-35-of-their-crypto-deposits","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10178","title":{"rendered":"Voyager Digital Customers Will Recover 35% of Their Crypto Deposits"},"content":{"rendered":"
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Bankruptcy crypto lender Voyager Digital said customers will soon recover 35 percent of their cryptocurrency deposits, following a rocky road over the past few months of multiple failed buyouts.<\/p>\n

US Bankruptcy Judge Michael Wiles approved Voyager\u2019s liquidation plan on Wednesday, which will allow the firm to return about $1.33 billion in crypto assets to its customers, according to a report from Reuters.<\/u>
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This would put an end to Voyager\u2019s efforts to reorganize under Chapter 11, Reuters reported.\u00a0<\/p>\n

The Voyager Official Committee of Unsecured Creditors said they were working with the firm to \u201cgo effective under the plan as soon as possible (as early as this Friday).\u201d<\/p>\n

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A rough road<\/h2>\n

Since Voyager filed for bankruptcy in July 2022 due in part to its exposure to crypto hedge fund Three Arrows Capital, the company has been trying to get support from big names in crypto.<\/p>\n

At first, now bankrupt FTX secured<\/u> the approval of a US Bankruptcy Court to take Voyager\u2019s assets.\u00a0<\/p>\n

Then it collapsed.\u00a0<\/p>\n

Then, Binance tried its hand, coming in with an offer that valued<\/u> Voyager at $1 billion.\u00a0<\/p>\n

But the exchange recently pulled out of the deal, citing<\/u> a \u201chostile\u201d regulatory climate in the US, after the US Securities and Exchange Commission and New York\u2019s financial regulator tried to block the deal.\u00a0<\/p>\n

\u201cWhile our hope throughout this process was to help Voyager’s customers access their crypto in kind, the hostile and uncertain regulatory climate in the United States has introduced an unpredictable operating environment impacting the entire American business community,\u201d Binance said in April.\u00a0<\/p>\n

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When Binance left, Voyager said the Chapter 11 plan \u201callows for direct distribution of cash and crypto to customers.\u201d<\/p>\n

\u201cConsistent with the plan, we will now move swiftly to return value to customers via direct distributions. We will provide more information on next steps and any actions customers need to take in the coming days,\u201d Voyager said in April.\u00a0<\/p>\n

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