Faced with a liquidity crisis, bankrupt crypto broker Voyager Digital intends to “restore access” to cash deposits on August 11 after the U.S. Bankruptcy Court granted permission to return $270 million to affected customers.
According to the most recent update, it expects access to the Voyager app for cash withdrawals to resume next week.
Voyager had asked the court for permission to honor customer withdrawal requests for $350 million in money funds held in custody on behalf of its clients at the Metropolitan Commercial (MC) Bank.
Following that, MCB filed a court statement in support of the firm’s motion to honor withdrawals from the For Benefit of Customers (FBO) accounts, which contained approximately $270 million in funds from Voyager customers.
Just yesterday, presiding judge Micheal Wiles gave Voyager permission to return funds held in a custodial account at the MCB to customers.
Voyager will return up to $270 million in fiat currency to its customers, with more information available via email prior to cash withdrawal access in the app.
Withdrawal requests will be processed within 5-10 business days, subject to fraud and account reconciliation checks. Customers can request cash withdrawals of up to $100,000 via ACH in a 24-hour period.
The crypto company also provided an update on its bidding process, which is due by August 26th, and a Sale Hearing in court may take place on September 8th.
