Digital Assets: Voyager Customers Can Soon Withdraw Dollar Balances

August 8, 2022 | Digital Assets, News
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The bankruptcy court approved Thursday the refund of Voyager’s customer balances held at Metropolitan Commercial Bank.

Voyager Digital (TSE: VOYG), the crypto lender currently in bankruptcy proceedings said Friday it had received permission from the court to restore access to customers for their cash held by the company at Metropolitan Commercial Bank (NYSE: MCB). (Yoyager Digital)

Voyager held about $270 million in customer accounts with MCB.

Voyager Refund procedure

Voyager said customers would be advised by email details about the cash withdrawal process. The company is scheduled to resume access to the Voyager app for cash withdrawals only, starting on Thursday, August 11th.

Once they put in a withdrawal request (up to $100,000 via the app/ACH in a 24-hour period), customers can expect to receive their funds within about 5-10 business days, Yoyager said.

However, the process would be subject to a manual review including fraud reviews and account reconciliation.

Reorganization

Voyager is pursuing a sale of the company and bids are due by August 26, with a Sale Hearing scheduled on September 8.

Voyager claims it has already received multiple bids for its assets, including from Bankman-Fried’s FTX and its associate Alameda Research.

Furthermore, customers having a claim on Voyager, including for crypto holdings, should file their claims by the Court-stipulated deadline of October 3.

Related Story: In Domino Effect, Voyager Digital Files For Chapter 11 Bankruptcy

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