The platform has crypto assets of $176 million at the moment.
The defunct crypto hedge firm Three Arrows Capital still owes Voyager $650 million.
Almost a year after shutting down operations and filing for Chapter 11 bankruptcy, on June 23 of this year, insolvent crypto lender Voyager Digital permitted investors to begin withdrawals. Dune Analytics reports that since then, over $250 million has left the platform. Voyager reopened withdrawals to customers on June 23.
The platform has crypto assets of $176 million at the moment, with a Clean Asset ratio of 96.15 percent. It comprises 2,287.4 bitcoins, 27,363.7 ether, 18,558,340 USDC, 2,060 trillion SHIB, and other altcoins.
Soon after the Terra ecosystem collapsed, draining more than $40 billion from investors, Voyager Digital filed for bankruptcy. The crypto lender collapsed into insolvency as a result of a significant liquidity issue brought on by the influx of withdrawal requests.
Partial Withdrawals
The bankruptcy plan was approved by the court on May 17. The first payout for valid claims will be 35.72 percent, as per the plan. After 30 days, they may withdraw this sum in either fiat money or cryptocurrency via the Voyager app.
The defunct crypto hedge firm Three Arrows Capital still owes Voyager $650 million. After the first distribution to creditors is complete, the major emphasis will be on recovering more assets to distribute to customers, who will be able to withdraw slightly over 35% of their funds.
Creditors may also obtain access to an extra $445 million in client cash pending the outcome of Alameda Research’s preference claim against Voyager. Until at least the middle of September 2023, this issue is unlikely to be settled.