Voyager to commence partial return of customers’ funds

Voyager Official Committee of Unsecured Creditors (UCC) has announced that the court has approved the firm’s liquidation procedures.

A glimmer of hope for Voyager victims 

Voyager Digital, one of the numerous crypto businesses that went bankrupt as a result of the Three Arrows Capital (3AC) contagion and market turmoil of 2022, has reached an important milestone in its bankruptcy proceedings. 

Per a tweet by the Voyager Official Committee of Unsecured Creditors (UCC) during the late hours of May 17, the bankruptcy judge in charge of its case has approved the bankrupt crypto lender’s customer reimbursement calculation plan.

With the approval, Voyager users will receive about 35% of their crypto deposits on the platform from June 1, 2023. The committee has hinted that additional updates will be released as they become available.

The bankrupt lending platform Voyager Digital issued a document stating that its calculation plan has been approved by a US bankruptcy judge, and users can obtain about 35% of their cryptocurrency deposits (a total of $1.334 billion) before June 1. Any distribution beyond 35%…

— Wu Blockchain (@WuBlockchain) May 18, 2023

In April, Binance.US, the United States-based subsidiary of the world’s largest crypto exchange, backed out of a $1 billion deal to acquire the assets of the bankrupt Voyager Digital, citing regulatory uncertainties in the country.

Voyager creditors growing impatient 

The collapse of the takeover deal between Binance and Voyager has definitely made matters worse for the embattled crypto broker, and the firm’s promise to make its creditors whole seems like an arduous task at the moment.

Voyager’s latest announcement has attracted mixed reactions on social media, with affected users already voicing their displeasure over the debacle.

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

At the time of writing, Voyager’s native VGX token is exchanging hands for $0.151963, representing an increase of 1.0% in the last 24 hours. 

However, on looking at the larger picture, VGX is down by over 98% from its all-time high of $12.47 reached in 2018. The token has a 24-hour trading volume of $8,697,002, with a market cap rank of 459, according to CoinGecko.