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Voyager Digital: Net outflow of more than $250 since withdrawals resumed
Crypto Lender Voyager Digital Records Net Outflow Since Resuming Withdrawals Crypto lender Voyager Digital, which filed for Chapter 11 a year ago and stopped withdrawals, has recorded a net outflow of over $250 since June 23. This information comes from Dune Analytics. According to the report, the value of cryptocurrencies currently on the platform is $176 million. Voyager Digital has a so-called “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. In May, U.S. Bankruptcy Judge Michael...
Voyager Digital: Net outflow of more than $250 since withdrawals resumed
Crypto lender Voyager Digital records net outflow since withdrawals resumed
Crypto lender Voyager Digital, which filed for Chapter 11 a year ago and stopped withdrawals, has seen a net outflow of over $250 since June 23. This information comes from Dune Analytics. According to the report, the value of cryptocurrencies currently on the platform is $176 million.
Voyager Digital has a so-called “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.
In May, U.S. Bankruptcy Judge Michael Wiles approved Voyager's proposed liquidation plan, which calls for the company to return approximately $1.33 billion in crypto assets to its customers and complete its Chapter 11 restructuring efforts. At that time, it was announced that customers would receive about 35% of their cryptocurrency deposits back.
Customers had the option to either withdraw the amount as cryptocurrency via the Voyager app or wait 30 days and then make a cash withdrawal. Once the first round of distribution of the 35% of customer funds is completed, Voyager will seek to recover additional assets to pay out to its creditors.
The Voyager company experienced significant losses last year, especially after incurring nearly $665 million in debt reported by Three Arrows Capital. Voyager attempted to sell its assets several times, but without success.
The proposed transaction with FTX, in which Voyager planned to sell its assets for $1.42 billion, fell through when the SBF-run exchange collapsed in November. Binance.US later offered $1.3 billion to acquire Voyager's assets, but the exchange withdrew the offer in April. The reason given was the hostile and uncertain regulatory environment.
Currently, Voyager is also in a legal battle with FTX as FTX wants to pay back $445 million to Voyager before filing for bankruptcy. An agreement is not expected until September at the earliest.