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Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts

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After a bankruptcy judge approved the release of $270 million in cash deposits, crypto firm Voyager Digital announced that it plans to open cash withdrawals starting Thursday, August 11. Once the cash withdrawal gates open, Voyager customers will be able to withdraw up to $100. K in cash through an automated clearing house (ACH).

Voyager Digital plans to open withdrawal gateways and limit customers to $100,000 ACH transfers on August 11th.

  • Last month, on July 1, Voyager Digital suspended trading, depositing and withdrawing funds, and a week later, the company officially filed for bankruptcy protection. Voyager had a significant stake in the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC), and 3AC defaulted on a $620 million loan owed to Voyager.
  • On August 4, 2022, the Wall Street Journal reported that Judge Michael Wiles of the United States Bankruptcy Court in New York approved the release of $270 million in cash deposits held by the Metropolitan Commercial bank (MCB).
  • The next day, Voyager described in detail in Blog Post that he informed clients about access to cash and the next steps in the company’s reorganization process. Voyager plans to open cash withdrawals next week and the funds will be transferred to people’s accounts in about 5-10 business days.
  • “We expect to resume access to the cash-only Voyager app starting Thursday, August 11,” Voyager said on Friday. “Customers with cash (USD) in their accounts will receive an email with more details before access to in-app cash withdrawal becomes available.”
  • At the same time, Voyager is “simultaneously pursuing an independent restructuring process and a potential sale of the company.” Bidding for the company will begin on August 26, and the sale hearing will take place on September 8.
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  • The US Bankruptcy Court in New York is also giving Voyager customers until October 3, 2022 to file claims against Voyager, including claims for crypto assets. Voyager also created the Unsecured Creditors Official Committee (UCC) last month.
  • “Once cash withdrawal is enabled, customers can request withdrawals of up to $100,000 via ACH within 24 hours,” Voyager said in a blog post.
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What do you think about the opening of Voyager Digital cash withdrawals on August 11th? Let us know your thoughts on this in the comments section below.

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Credit : news.bitcoin.com

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