Voyager Digital Sees $250 Million in Net Outflow Since Resuming Withdrawals

2023-07-10 08:57:55

Source: AdobeStock / AscannioBankrupt crypto lender Voyager Digital has seen more than $250 in net outflow since it resumed withdrawals on June 23, a year after it filed Chapter 11 and halted withdrawals

As per data from Dune Analytics, the platform currently holds $176 million worth of cryptocurrencies

Voyager Digital has a Clean Asset ratio of 96.15%, excluding its native token VGX

The platform’s holdings include 2,287.4 BTC, 27,363.7 ETH, 18,558,340 USDC, 2,060 trillion SHIB, and 3,600,000 MATC.

Voyager Customers to Receive 35% of Their Deposits

Earlier in May, U.S. Bankruptcy Judge Michael Wiles approved Voyager’s proposed liquidation plan, allowing the crypto lender firm to return about $1.33 billion in crypto assets to customers and end its efforts to reorganize under Chapter 11.

At the time, Voyager announced that customers will recover about 35% of their cryptocurrency deposits

The customers were given a choice either to withdraw the amount as cryptocurrency through the Voyager app or wait for 30 days and withdraw as cash.

Once the initial round of distributing 35% of customers’ funds is finished, Voyager will look to recover more assets to distribute to its creditors

When Three Arrows Capital collapsed last year, it owed nearly $665 million to Voyager.

Voyager tried a couple of times to sell off its assets, but it did not succeed

The crypto lending firm sought to sell its assets for $1.42 billion to FTX, a deal that fell through when the SBF-led exchange infamously imploded in November

Later, Binance.US offered $1.3 billion to acquire Voyager’s assets, but the exchange called off the deal in April. CZ led exchange cited a “hostile and uncertain regulatory climate” when it pulled back from the deal.

Voyager is also currently engaged in a litigation with FTX, which is seeking to recover over $445 million in loan repayments made to Voyager before FTX filed for bankruptcy

The resolution in FTX and Voyager litigation is not expected at least until September this year.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.