Voyager receives approval to return its customers $270 million worth of funds.
Voyager, a U.S.-based cryptocurrency lending platform established in 2018 by Stephen Ehrlich, is set to reopen its cash withdrawal process on August 11th.
According to the blog post shared on the Voyager website, the company has received Court approval to return $270 million to affected customers.
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Voyager claims that customers who have U.S. Dollars in their account will be able to withdraw up to $100,000 in 24 hours using the app or Automated Clearing House network (ACH).
The customers who have U.S. Dollars will be automatically detected and will receive an email about the cash withdrawal process before it becomes available. According to the blog post, the company is set to return funds in 5-10 business days after receiving a request.
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.
Earlier this month, Voyager issued a court request to return $350 million in fiat money for customers whose funds have been frozen. According to the statement, these funds were held in Metropolitan Commercial (MC) Bank.
After that, MCB expressed support for Voyager’s motion to return around $270 million, which has been held in For Benefit of Customers (FBO) accounts.
Finally, on August 4th, judge Micheal Wiles issued permission for Voyager to return funds to customers whose accounts are held in MCB.
The crypto lending platform has also used its blog post to update customers about future actions of the company, including its restructuring process and sale of the firm.
Based on the post, it seems that the company’s bidding process will be eligible until August 26th. Whereas Sale Hearing, if necessary, will be held on September 8th.
It is worth noting that on July 22nd, FTX and Alameda offered to buy all Voyager’s digital assets and digital asset loans, excluding Three Arrows Capital (3AC) loans. The company has rejected this offer, claiming that it is “not value-maximizing” and can “harm customers”.