Voyager moves to resume withdrawals
Voyager Digital, a crypto brokerage firm, has now decided to resume in-app withdrawals on its network. The firm announced the decision in a Twitter post. It intends to resume the withdrawals by August 11.
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Recall that the crypto firm had, since July 1, temporarily suspended trading, deposits, withdrawals, and loyalty rewards on its network. According to Voyager, the decision became necessary following the implications of the market conditions on the protocol. Additionally, its CEO, Stephen Ehrlich, revealed that Voyager halted those operations to get more time to harness strategic alternatives with numerous institutional actors in the industry.
Voyager, in July, filed a voluntary Chapter 11 bankruptcy proceedings with the U.S. Bankruptcy Court for the Southern District of New York. Reportedly, Judge Michael Wiles ruled that Voyager has proven why it should be granted access to the custodial account withheld at New York-based Metropolitan Commercial Bank. The protocol possessed over $200 million in the account before the filing. Now, the court approved the request by Voyager to access the funds in a bid to fulfill customers’ withdrawal requests.
The crypto brokerage firm has now resolved to allow users to withdraw from next Wednesday. Voyager says customers who have cash in their applications will receive emails containing the necessary information. According to the firm, they will get the mail before becoming eligible to access cash on the app. More so, Voyager asked customers with withdrawal requests to wait for 5-6 working days to have their requests processed.
The protocol says the delay will be caused by its decision to review all the withdrawal requests manually. According to Voyager, this will involve fraud reviews and account reconciliation. It also pegs the maximum withdrawal amount within 24 hours at $100,000.
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Additionally, Voyager reaffirms its commitment to pursuing a “standalone restructuring process.” The firm further decided to resume withdrawals as the first strategy to return value to customers. As revealed, the protocol’s executives are consulting necessary players within the industry for a possible sale of Voyager.
According to reports, the popular crypto derivatives exchange FTX made an official bid to purchase several crypto assets belonging to Voyager last month. Part of the terms given by FTX is that Voyager’s customers will use the proceeds from the purchase to register on its platform. As proposed, the customers will be eligible to open accounts with FTX with the first cash balance incurred on the percentage of their bankruptcy claims.
The crypto brokerage firm swiftly responded by rejecting FTX’s proposal. The protocol described the bid as “low-ball dressed up as a white knight rescue.” Voyager sees FTX’s proposal as selfish and intending to serve its interest alone. A legal counsel to Voyager, Joshua Sussberg, noted that the proposal by FTX is the poorest among the several proposals on Voyager’s table. However, he claims the protocol is already in talks with FTX to find a possible agreement.
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