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HomeLaw & PoliticsCrypto lending firm Voyager announces to restart cash withdrawals from next week

Crypto lending firm Voyager announces to restart cash withdrawals from next week

As per the new announcement made by crypto lending firm Voyager on August 5, it will be starting to process cash withdrawals from August 11.

Due to Voyager’s Chapter 11 bankruptcy filing, its account got frozen by the regulatory authorities, but Voyager on August 4 got approval from the judge for restoring account access.

Voyager has been pushing to approve cash withdrawals from its Metropolitan Commercial Bank (MCB) account as a component of its Chapter 11 insolvency procedures, which started just after it stopped all withdrawals. MCB held $270 million in custody for Voyager clients.

Explorer reported today it will start processing cash withdrawals on Thursday, August 11. As per Voyager, those having cash in their accounts will be able to pull out up to $100,000 every 24 hours and ought to get the funds within 5-10 days of their request. 

Voyager expressed in a statement,” request will be handled as fast as it could be but however will require some manual survey, including fraud surveys and account reconciliation and timing will depend, in the region, upon the individual banks to which clients transfer their money.”

Last month Voyager entered into Chapter 11 liquidation security, which permits ruined firms to proceed with their activities as they have to pay their leasers. The capacity to process cash withdrawals is a step in the right direction, however, more than $1 billion in crypto stays on the platform and in limbo. 

The government insolvency court has endorsed a bunch of bidding techniques, which will spread out how different firms might put offers on the resources with the end goal of rearrangement.

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