The lending firm said clients with U.S. dollars in their accounts could
withdraw up to $100,000 in a 24-hour period, with the funds received in
5–10 business days.
Crypto lender Voyager Digital Holdings has reported users may be able
to make cash withdrawals from the app more than a month after
suspending trading, deposits, withdrawals and loyalty rewards.
In a Friday blog post, Voyager said
clients with U.S. dollars in their accounts could withdraw up to
$100,000 in a 24-hour period starting as early as Aug. 11, with the
funds received in 5–10 business days. The announcement followed a judge
ruling on Thursday the crypto lending firm was cleared to return $270 million in customer funds held at the Metropolitan Commercial Bank in New York.
“Requests
will be processed as quickly as possible but will require some manual
review, including fraud reviews and account reconciliation, and timing
will depend, in part, upon the individual banks to which customers
transfer their cash,” said Voyager.
Yesterday,
— Voyager (@investvoyager) August 5, 2022
the Court approved our proposal to restore access to cash (US dollars)
held at Metropolitan Commercial Bank for benefit of Voyager customers.
We anticipate resuming access to in-app cash withdrawals starting on Thursday, Aug 11. Details: https://t.co/yqsKdJhiXQ (1/7)
Voyager announced in June that it had entered into a $500 million loan agreement with trading firm Alameda Research due to losses from its exposure to Three Arrows Capital, which has also reportedly been ordered liquidated by a British Virgin Islands court. The crypto lending firm filed for bankruptcy
under Chapter 11 in the Southern District Court of New York on July 5,
saying at the time the move was part of a reorganization plan that would
eventually allow users access to their accounts again.
Related: Voyager can't guarantee all customers will receive their crypto under proposed recovery plan
Though
Voyager previously rejected a buyout bid from Alameda and FTX in July —
saying it was not “value-maximizing” for its customers — the firm said
on Friday it was still considering a potential sale of the company.
Following the court approving bidding procedures, Voyager said bids will
be due by Aug. 26 with a hearing on the potential sale expected on
Sept. 8.
source link : https://cointelegraph.com/news/voyager-plans-to-resume-cash-withdrawals-on-aug-11
