The Expected Happens! Voyager Customers Will Start Receiving Their Payments by June 1st

Voyager Digital announced that it will enter the liquidation process on Friday, following the approval of the bankruptcy court judge. The company stated that it will initially reimburse approximately 35% of customers’ cryptocurrency deposits.

Failed cryptocurrency lending company Voyager Digital announced that it will enter the liquidation process on Friday, following the approval of the bankruptcy court judge. The company stated that it will initially reimburse approximately 35% of customers’ cryptocurrency deposits. The first refunds are planned to begin no later than June 1st.

Customers will be refunded approximately $1.33 billion worth of cryptocurrency assets

Voyager Digital, which filed for bankruptcy protection at the US Bankruptcy Court for the Southern District of New York, had requested for Chapter 11 bankruptcy. Judge Michael Wiles approved the company’s liquidation plan and allowed for the refund of approximately $1.33 billion worth of cryptocurrency assets to customers. The Official Committee of Unsecured Creditors of Voyager also announced on Twitter that they are working collaboratively with the company to ensure the swift implementation of the liquidation plan.

During the bankruptcy process, the company’s attempts to sell its assets were unsuccessful. Initially, the attempt to sell the assets to FTX for $1.42 billion fell through. Subsequently, Binance.US entered the picture with a $1.3 billion offer, but last month, Binance.US announced that they were withdrawing from the deal, citing the regulatory environment in the United States as the reason.

The outcome of the ongoing litigation between FTX and Voyager matters a lot!

Voyager is expecting to recover approximately 35% of its customers’ initial balances, contingent upon the outcome of an ongoing lawsuit with FTX. This lawsuit involves FTX’s demand for repayment of $445.8 million in credit extended to Voyager. If Voyager prevails in this lawsuit, it is estimated that the repayment rate to customers could increase to approximately 64% of their assets.

As a result, the news of Voyager Digital entering the liquidation process is a significant development. While Voyager Digital has faced major setbacks in its bankruptcy proceedings in the past, we know that the most important expectation of its customers is to recover their crypto assets as soon as possible. Furthermore, the confirmation that the initial reimbursements will commence no later than June 1st is seen as very encouraging news for affected customers.

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