After declaring bankruptcy, Voyager Digital halted its deposits, trading, and withdrawal operations on July 1, 2022. After a week of being declared bankrupt, the crypto broker applied for bankruptcy protection in court.
On August 4, 2022, Judge Michael Wiles of the United States Bankruptcy Court based in New York approved the release of $270 million in cash deposits. Now, Voyager Digital is all set to begin cash withdrawals for its customers at Metropolitan Commercial Bank.
The company explained how its users can access their cash and their next steps in the reorganization process. The company said that it is planning to resume access to the Voyager app for cash withdrawals starting from August 11, 2022. The customers who have money in their accounts will receive an official email from the company with more details about the procedure before the cash withdrawal becomes available on the app.
The users will have to make a request for their funds. The crypto broker will start disbursing its customers’ funds into their accounts within the next five to ten business days after receiving their request on the app. The requests will be processed as soon as possible. However, the company will conduct a manual review to spot any fraudulent requests.
The Voyager customers will be able to withdraw up to $100,000 via the Voyager app or ACH in 24 hours. The company further said that they are “simultaneously pursuing a standalone restructuring process and a potential sale of the company.” As per reports, the official bidding for the company will start on August 26, 2022. The sale hearing is expected to be held on September 8.