Crypto lending firm Voyager Digital is making plans to resume withdrawals as clients with U.S. dollars in their accounts could withdraw up to $100,000 in a 24-hour period starting Aug. 11.
Following the suspension of trading, deposits, withdrawals, and loyalty benefits for more than a month, cryptocurrency lender Voyager Digital Holdings has revealed that users may still be able to withdraw cash from the app.
Voyager stated that beginning on August 11, customers having U.S. dollars in their accounts could withdraw up to $100,000 in a 24-hour period, with the money arriving in 5–10 business days.
The declaration came after a judge on Thursday gave permission for the cryptocurrency lending business to repay $270 million in client cash stored at the Metropolitan Commercial Bank in New York.
Requests will be processed as quickly as possible, but some manual reviews, such as fraud reviews and account reconciliation, will be necessary. The amount of time needed to process each request will, in part, depend on the particular banks to which customers transfer their money, according to Voyager.
Due to losses from its exposure to Three Arrows Capital, which has also apparently been ordered dissolved by a British Virgin Islands court, Voyager said in June that it had gone into a $500 million credit agreement with trading firm Alameda Research.
On July 5, the crypto lending business filed for Chapter 11 bankruptcy in the Southern District Court of New York, claiming that the action was a part of a reorganization plan that would ultimately allow customers access to their accounts once more.
Despite having earlier turned down a takeover offer from Alameda and FTX in July because it was not “value-maximizing” for its clients, Voyager announced on Friday that it was still evaluating a possible sale of the business.
Voyager stated that when the court approves the bidding procedures, offers will be submitted by August 26 with a hearing on the prospective sale anticipated on September 8.
