Last year, several major crypto companies went bankrupt, including Voyager Digital. This company is estimated to have lost about $3.8 billion in crypto from customers, but customers are scheduled to get some of this back. If all goes well, it will be possible soon.
Voyager gives customers 35% of their money back
That writes the Voyager Official Committee of Unsecured Creditors on Twitter. Last Wednesday, the judge approved Voyager’s liquidation procedure. The company can begin selling and eventually distributing assets as early as this Friday. If all goes according to plan, customers will be able to claim the first installment of their funds no later than June 1.
1/ At today’s hearing, the Court approved the liquidation procedures. We are working with Voyager to go effective under the plan as soon as possible (as early as this Friday).
— Voyager Official Committee of Unsecured Creditors (@VoyagerUCC) May 17, 2023
According to information that bankruptcy law firm Stretto provided, you as a customer can get back 35.72% of the value you had on the platform. That is an estimate, so the final amount can still change, depending on what happens. It does not have to be a lower amount. Voyager also hopes to get money back from FTX, Alameda and Three Arrows Capital (3AC). This money is not included in the percentage that is now mentioned.
You can get the value back in the form of cash, but also in cryptocurrencies. You cannot get back certain coins, the value of which you get back in the form of USD Coin (USDC). You also get back the value of Voyager’s own token VGX via USDC.
Voyager bankruptcy is taking a long time
So a lot is still unclear. However, the percentage mentioned is a lot lower than what it mentioned in March, when the hope was to be able to return 73%. It will probably have been lower because the deal with the American branch of Binance is no longer going through. The cause of this would have been regulation.
Unfortunately, the problems have been going on for some time. In July of 2022, the company filed for bankruptcy after two massive customer withdrawals. It suffered from the problems at Three Arrows Capital, the investment fund that had also gone bankrupt just before.