Cryptocurrency trading platform Voyager app has announced that it will reopen its app for customer withdrawals starting June 20, following a temporary suspension of withdrawals. The company took this proactive step to enhance security measures and ensure the safety of its users’ funds. The reopening of the app signifies the successful completion of necessary upgrades and reinforces Voyager’s commitment to providing a reliable and secure trading experience for its customers.
In the near future, users will have the opportunity to access the Voyager app and view the amount available for withdrawal. After nearly a year since filing for Chapter 11 bankruptcy, cryptocurrency brokerage Voyager Digital is making preparations to reopen its app and enable customers to withdraw their funds at long last.
Voyager App Update and Anticipated Withdrawal Period Revealed by Bankruptcy Plan Administrator
According to a court filing on June 14 by Voyager’s bankruptcy plan administrator, Paul Hage, the Voyager app is scheduled to be updated around June 15 to display the withdrawal amount available to customers. Hage further estimated that the withdrawal period would commence sometime between June 20 and July 5.
Following its court approval on May 17, the bankruptcy plan will entail customers receiving an initial distribution of 35.72% of their claims either through cryptocurrency Voyager app customer withdrawals or in cash after a 30-day period.
As mentioned in the filing, Paul Hage also highlighted that Voyager is still owed $650 million by the bankrupt crypto hedge fund Three Arrows Capital. Therefore, while the first round of withdrawals enables customers to access just over 35% of their funds, the main focus will subsequently shift toward Voyage app customer withdrawals from June 20 recovering additional assets that can be distributed to creditors once the initial distribution is concluded.
Potential Availability of $445 Million in Customer Funds Pending Resolution of Preference Claim
There is a possibility of an additional $445 million in customer funds becoming accessible to creditors, subject to the resolution of Alameda Research’s preference claim against Voyager. However, this resolution is not anticipated to occur until at least mid-September 2023.
Following the initial bankruptcy filing on July 5, Voyager had presented two previous bankruptcy plan proposals, both of which ultimately failed to materialize.
The initial proposal was made to FTX.US, the United States division of FTX, with a deal worth $1.4 billion. However, the agreement collapsed when FTX itself filed for bankruptcy. Subsequently, Voyager entered into a $1 billion deal with Binance.US, but it too fell through on April 25 when Binance.US withdrew from the agreement due to concerns over the “hostile and uncertain regulatory climate in the United States.”
Voyager’s Commitment to User-Friendly Trading Experience and Robust Security Measures
Voyager has long been recognized for its user-friendly interface, extensive coin offering, and competitive trading fees. The platform provides users with access to a wide range of cryptocurrencies, enabling them to diversify their portfolios and take advantage of market opportunities. With the upcoming reopening, customers will once again be able to leverage Voyager’s intuitive features and benefit from its comprehensive suite of services.
The temporary suspension of customer withdrawals by Voyager underscores the evolving nature of the cryptocurrency industry. As the market matures, cryptocurrency platforms must continuously adapt and enhance their security protocols to safeguard user assets effectively. Voyager’s commitment to prioritizing security measures aligns with industry best practices and demonstrates its dedication to providing a trustworthy trading environment.
In conclusion, the reopening of the Voyager app customer withdrawals marks a significant milestone for both the platform and its users. With its user-friendly interface, diverse coin offering, and competitive trading fees, Voyager has established itself as a trusted name in the cryptocurrency industry. The temporary suspension of withdrawals served as a reminder of the evolving nature of the market and the need for continuous security enhancements.
By prioritizing security measures and adhering to industry best practices, Voyager demonstrates its unwavering dedication to providing a secure and reliable trading environment for its customers. With the upcoming reopening, users can once again leverage Voyager’s intuitive features and comprehensive services with renewed confidence.
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