TechFlow news — cryptocurrency trading platform Voyager has filed a document with the court outlining its plan to reopen customer withdrawals of cryptocurrencies. The plan is scheduled for execution between June 20 and July 5, during which creditors will be able to withdraw approximately 35% of their crypto assets.
Voyager shut down its core operations and halted customer deposits and withdrawals in July 2022. Paul R. Hage, the monitor overseeing Voyager’s bankruptcy proceedings, informed creditors in the filing that they will be able to view their estimated initial distribution amounts via the Voyager app as early as Friday. Initial crypto distributions will be made to creditors within three to seven calendar days after withdrawal requests are submitted. A judge recently approved Voyager's request, along with its counterparties, to liquidate the company.
Previously, Voyager had been seeking reorganization under Chapter 11 of the Bankruptcy Code, with plans to return about $1.3 billion to customers. However, ongoing litigation involving Three Arrows Capital (3AC) and FTX could increase Voyager’s existing asset pool, potentially improving customer recovery rates. Voyager is seeking $445 million in loan repayments from FTX, while its claim against 3AC amounts to $650 million.
