Voyager Digital revealed in June that hedge fund Three Arrows Capital owed it $655 million. Then, on July 1, 2022, the company suspended transactions on its platform. She indicated that she needs to stop deposits and withdrawals to cope with the crypto winter. A week later, she filed for bankruptcy protection. Recently, the New York bankruptcy court, chaired by Judge Michael Wiles, authorized Voyager to release $270 million from its custodian, the Metropolitan commercial bank.
Voyager Digital will pay off its debts!
Under tweet from Bitcoin News on August 5, the company “ Voyager Digital has been authorized to distribute $270 million in funds to affected customers ». Indeed, the court approved that the crypto company release funds for reimburse customers and creditors. Voyager Digital will have to release $270 million in cash deposits.
The Metropolitan commercial bank, Voyager’s custodian, will be responsible for releasing these funds. It must be said that the custodian of Voyager said that he had been holding the $270 million for a while. Indeed, this was already the case when the company filed voluntary Chapter 11 reorganization applications.
In addition, apart from Voyager Digital, other cryptocurrency companies have gone bankrupt this year. For example, Three Arrows Capital (3AC) has filed for Chapter 15 bankruptcy protection. Similarly, cryptocurrency lender Celsius has filed for Chapter 11 protection.
Voyager Digital is expected to complete the bankruptcy process by the end of September 2022. 3.5 million customers hope to be able to recover their entire assets. Let’s specify that there would be 1.3 billion dollars of cryptocurrencies blocked on the Voyager platform.
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Far from having cooled my ardor, an unsuccessful investment in 2017 on a cryptocurrency only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay information related to this ecosystem with my pen.