Voyager customers will receive an initial recovery of 35%

Payments will be made in cryptocurrency and US dollars, at the choice of users

09.05.2023 - 10:20

482

3 min

What’s new? The bankrupt crypto broker Voyager Digital unveiled a recovery plan for customers. According to the documents filed with the court, just over 35% of the aggregate claims against the company will be refunded in the first phase. Customers will be able to choose how to receive funds: in cryptocurrency through the Voyager platform, or in US dollars after the cryptocurrency withdrawal period ends. According to the broker, the company has $1,334 billion in assets, which is 75,68% of the aggregate value of customer claims.

Announcement on the Voyager blog

What else is known? Affected users will receive an initial recovery estimated at 35,72% of their claims. Further recoveries will depend on the progress of the preference claim dispute resolution from bankrupt crypto exchange FTX and hedge fund Alameda Research within the FTX Group, as well as the recovery of Voyager’s estate as a creditor in the liquidation of Three Arrows Capital (3AC). Subsequent recoveries may be made in either cash or cryptocurrency at the discretion of the plan administrator.

In order to receive an initial recovery in cryptocurrency, customers will have 30 days after accessing the Voyager app to log in and transfer supported assets from their accounts to their wallets. Owners of certain unsupported cryptocurrencies and native VGX tokens will receive a proportionate amount of USDC stablecoins in exchange for those specific coins, and those USDC can then be transferred from the platform.

FTX files a lawsuit against Genesis demanding the return of $3,9 billion

Attorneys believe Genesis played an important role in FTX’s fraudulent business model

Read further

Customers need to wait until the end of the 30-day withdrawal period in cryptocurrency to receive their initial US dollar recovery. After that, customers’ accounts will be liquidated and they will receive cash.

Voyager completed its liquidation process in early May. Earlier, crypto exchange Binance.US refused to buy the broker’s assets, citing “the hostile and uncertain regulatory climate in the United States.” The Official Committee of Unsecured Creditors said on May 4 that the first payments could begin in the next few weeks.

Author: