Troubled crypto lending platform Voyager Digital is announcing plans to resume cash withdrawals for customers this week after filing for bankruptcy last month.
According to a new company blog post, a court approved the crypto firm’s plan to reopen access to customers’ cash holdings as soon as August 11th.
“Yesterday, the Court approved our proposal to restore access to cash held for the benefit of Voyager’s customers at Metropolitan Commercial Bank. We know how important it is to access your cash, and with this approval, we will soon begin processing cash withdrawals.
We anticipate resuming access to the Voyager app for cash withdrawals only, starting on Thursday, August 11th. Customers with cash (US dollars) in their accounts will receive an email with more details before cash withdrawal access in the app becomes available.”
In early July, Voyager halted all trading, deposits and withdrawals for customers after a prominent borrower, crypto hedge fund Three Arrows Capital (3AC), failed to pay back a loan worth hundreds of millions of dollars.
“We made the difficult decision to temporarily suspend trading, deposits, withdrawals, and loyalty rewards… The failure of a borrower, Three Arrows Capital (3AC), to repay a substantial loan from us makes this the right path forward.
This decision, while far from optimal, will give us time to work to strengthen our balance sheet, a necessary condition to protect assets and preserve the future of the Voyager platform we have built together.”
Voyager says it will take about five to 10 business days for customers to receive their funds after they put in their requests.
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