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.
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.
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.
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.
BitcoinBSVIBC Group, NFT Tech, Faith Tribe to launch fashion-focused launchpad
Venhuizen, Netherlands, June 6, 2022 — Web3 and cryptocurrency incubators NFT Tech and International Blockchain Consulting (IBC) Group have partnered with the open-source fashion design platform Faith Tribe to launch Fashion DAO — a fashion-focused launchpad for fashion brands and creators looking to make a breakthrough in the Web3 arena. The launchpad lets fashion-focused companies tokenize and enter the nonfungible token (NFT) space to participate in a growing Web3 ecosystem and connect wit...
BitcoinBSVA brief history of Bitcoin crashes and bear markets: 2009–2022
Bitcoin (BTC) experienced one of its most brutal crashes ever in 2022, with the BTC price plummeting below $20,000 in June after peaking at $68,000 in 2021. June 2022 has become the worst month for Bitcoin since September 2011, as its monthly losses mounted to 40%. The cryptocurrency also posted its heaviest quarterly losses in 11 years. However, the current market sell-off doesn’t make Bitcoin crashes and bear markets exclusive to 2022. In fact, Bitcoin has survived its fair share of crypto ...
BitcoinBSVInnovation will drive NFT adoption despite mainstream presence: NFTGo founder
The presence of big players in the nonfungible tokens market might evangelize newbies, but they do not lead to mass adoption or innovation, claimed Tony Ling, co-founder of NFTGo in a conversation with Cointelegraph. Major developments, such as Adobe's acquisition of Figma, would potentially impact creators per the combination of both the companies' features. Adobe, for example, owns Behance, a creative showcase platform that allows users to connect crypto wallets and NFTs to their ...
BitcoinBSVIBC Group, NFT Tech, Faith Tribe to launch fashion-focused launchpad
Venhuizen, Netherlands, June 6, 2022 — Web3 and cryptocurrency incubators NFT Tech and International Blockchain Consulting (IBC) Group have partnered with the open-source fashion design platform Faith Tribe to launch Fashion DAO — a fashion-focused launchpad for fashion brands and creators looking to make a breakthrough in the Web3 arena. The launchpad lets fashion-focused companies tokenize and enter the nonfungible token (NFT) space to participate in a growing Web3 ecosystem and connect wit...
BitcoinBSVA brief history of Bitcoin crashes and bear markets: 2009–2022
Bitcoin (BTC) experienced one of its most brutal crashes ever in 2022, with the BTC price plummeting below $20,000 in June after peaking at $68,000 in 2021. June 2022 has become the worst month for Bitcoin since September 2011, as its monthly losses mounted to 40%. The cryptocurrency also posted its heaviest quarterly losses in 11 years. However, the current market sell-off doesn’t make Bitcoin crashes and bear markets exclusive to 2022. In fact, Bitcoin has survived its fair share of crypto ...
BitcoinBSVInnovation will drive NFT adoption despite mainstream presence: NFTGo founder
The presence of big players in the nonfungible tokens market might evangelize newbies, but they do not lead to mass adoption or innovation, claimed Tony Ling, co-founder of NFTGo in a conversation with Cointelegraph. Major developments, such as Adobe's acquisition of Figma, would potentially impact creators per the combination of both the companies' features. Adobe, for example, owns Behance, a creative showcase platform that allows users to connect crypto wallets and NFTs to their ...
BitcoinBSV
BitcoinBSV
Share Dialog
Share Dialog
Subscribe to BitcoinBSV
Subscribe to BitcoinBSV
<100 subscribers
<100 subscribers
No activity yet