After getting court approval to restore access to customer funds, Voyager on Friday gave an important update.
Acknowledging user concerns, the company said it soon begin processing Voyager cash withdrawals thanks to the approval. The users would be able to make requests for about $100,000 per day, after the access to withdraw cash is restored.
When Will Voyager Customer Funds Be Returned?
Voyager said in a blog that it is planning to allow customers with access to cash withdrawals around August 11. It said that customers will receive an email with details before cash withdrawal getting access in the app. After the withdraw requests are made, the customers would get cash in about 10 days, it added. Voyager said it will conduct manual review for frauds and account reconciliation.
“We anticipate resuming access to the Voyager app for cash withdrawals only, starting on Thursday, August 11. Customers with cash in their accounts will receive an email.”
On Thursday, a U.S. Bankruptcy Judge approved Voyager’s motion to return customers $270 million in cash held with Metropolitan Commercial Bank.
What Next For Voyager’s Future
After cash withdrawals are enabled, the Voyager users withdraw up to $100,000 per day. The company also clarified about its restructuring process and the potential sale. Voyager said that it is pursuing a standalone restructuring process and a potential sale of the company. This is as part of our efforts to maximize the value of crypto on the platform, it explained.
Voyager said it is currently preparing its Schedules of Assets and Liabilities, the court deadline for which is August 18. As per the court’s directive, bids for Voyager’s acquisition are due by August 26 and further to that, a sale hearing could be held on September 8. Also, the court approved October 3 as the deadline for customers to file claims against Voyager, including claims for crypto holdings.
Last month, FTX CEO Sam Bankman-Fried proposed a plan which included Alameda Research’s purchase of Voyager. However, Voyager Digital has outrightly rejected the offer, citing that it was a low-ball bid from FTX.