As a cryptocurrency lending platform, Voyager’s official account was frozen in the process of filing a Chapter 11 bankruptcy petition. But the day before, a judge approved the company’s proposal to restore access to the account’s funds.
It is reported that Voyager has been advocating to honor customer withdrawals by withdrawing funds from Metropolitan Commercial Bank (MCB) accounts.
The MCB held $270 million in Voyager clients’ funds, and the process started shortly after all withdrawals were halted.
Voyager said in its latest announcement that the platform will open cash withdrawals next Thursday (August 11).
Those customers who still have funds in their accounts can withdraw up to $100,000 every 24 hours.
The estimated arrival time is within 5-10 days after the request is made, and the platform will give a flow description.
In a statement, the company said requests were processed as quickly as possible, but some manual review work was still involved — including fraud reviews and reconciliations. As for the specific arrival time, it depends on which bank the customer chooses to transfer the funds to.
The BlockNoting that even though more than $1 billion in crypto assets remains in limbo on the platform, cashing out withdrawals is an important step forward for Voyager in the bankruptcy filing process.