Voyager Digital Sees $250 Million in Net Outflow Since Resuming Withdrawals

2023-07-10 08:57:55

Source: AdobeStock / AscannioBankrupt crypto lender Voyager Digital has seen more than $250 in net outflow since it resumed withdrawals on June 23, a year after it filed Chapter 11 and halted withdrawals

As per data from Dune Analytics, the platform currently holds $176 million worth of cryptocurrencies

Voyager Digital has a Clean Asset ratio of 96.15%, excluding its native token VGX

The platform’s holdings include 2,287.4 BTC, 27,363.7 ETH, 18,558,340 USDC, 2,060 trillion SHIB, and 3,600,000 MATC.

Voyager Customers to Receive 35% of Their Deposits

Earlier in May, U.S. Bankruptcy Judge Michael Wiles approved Voyager’s proposed liquidation plan, allowing the crypto lender firm to return about $1.33 billion in crypto assets to customers and end its efforts to reorganize under Chapter 11.

At the time, Voyager announced that customers will recover about 35% of their cryptocurrency deposits

The customers were given a choice either to withdraw the amount as cryptocurrency through the Voyager app or wait for 30 days and withdraw as cash.

Once the initial round of distributing 35% of customers’ funds is finished, Voyager will look to recover more assets to distribute to its creditors

When Three Arrows Capital collapsed last year, it owed nearly $665 million to Voyager.

Voyager tried a couple of times to sell off its assets, but it did not succeed

The crypto lending firm sought to sell its assets for $1.42 billion to FTX, a deal that fell through when the SBF-led exchange infamously imploded in November

Later, Binance.US offered $1.3 billion to acquire Voyager’s assets, but the exchange called off the deal in April. CZ led exchange cited a “hostile and uncertain regulatory climate” when it pulled back from the deal.

Voyager is also currently engaged in a litigation with FTX, which is seeking to recover over $445 million in loan repayments made to Voyager before FTX filed for bankruptcy

The resolution in FTX and Voyager litigation is not expected at least until September this year.

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