Voyager Digital Holdings has announced users may be able to make cash withdrawals from the app. The announcement came months later after the suspension of transactions and benefits.
The announcement also came after a judge ruled last week that the crypto lending firm was allowed to repay $270 million in customer assets stored at the Metropolitan Commercial Bank in New York.
Voyager Digital is back on track
In a Friday blog post, Voyager stated that clients holding US dollars in their accounts could withdraw up to $100,000 in a 24-hour period beginning as early as Aug. 11, with funds arriving in 5-10 business days.
“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,” Voyager said.
On July 5, the crypto lending business filed for Chapter 11 bankruptcy in the Southern District Court of New York, claiming that the move was a part of a reorganization plan that would ultimately allow customers access to their accounts once more.
Caught in the middle
Due to losses from its exposure to Three Arrows Capital, which has also reportedly been ordered liquidated by a British Virgin Islands court, Voyager said in June that it had gone into a $500 million loan agreement with trading firm Alameda Research.
Though Voyager had rejected a takeover deal from Alameda and FTX in July, claiming that it was not “value-maximizing” for its clients, the company announced on Friday that it was still contemplating a sale.
Following the court’s approval of bidding processes, Voyager said that offers will be due by Aug. 26, with a potential sale hearing scheduled for Sept. 8.