$250 Million Flows Out of Bankrupt Voyager Digital After Resuming Withdrawals
Last month on June 23, bankrupt crypto lender Voyager Digital allowed investors to start withdrawals, almost a year after shutting them down and filing for Chapter 11 bankruptcy.
As per data from Dune Analytics, more than $250 million have flown out of the platform since then. After reopening withdrawals to users on June 23, Voyager has experienced a net outflow of $250 million worth of crypto assets. Currently, the platform holds $176 million worth of crypto assets, with a Clean Asset ratio of 96.15%. This includes assets such as 2,287.4 BTC, 27,363.7 ETH, 18,558,340 USDC, 2,060 trillion SHIB, and more.
Voyager Digital landed into bankruptcy soon after the Terra ecosystem imploded eroding more than $40 billion of investors’ funds. Amid massive withdrawals, the crypto lender faced a severe liquidity crisis, and eventually slipped into bankruptcy.
Voyager Digital Withdrawal Plan
Back on May 17, the court gave the approval to the bankruptcy plan. As per the plan, customers will receive 35.72% of their claims initially. They can choose to withdraw this amount either as cryptocurrency through the Voyager app or as cash after waiting for 30 days.
In the filing, Hage mentioned that Three Arrows Capital, a bankrupt crypto hedge fund, still owes Voyager $650 million. While the first round of withdrawals allows customers to access just over 35% of their funds, the main focus will be on recovering more assets to distribute to creditors once this initial distribution is finished.
Furthermore, an additional $445 million of customer funds will be available to creditors, but this depends on the resolution of Alameda Research’s preference claim against Voyager. This resolution is not likely to happen until at least mid-September 2023.
Binance wanted to buy Voyager for $1 billion, but the US government, through agencies like the Securities and Exchange Commission and the Department of Justice, stepped in and stopped the deal due to ongoing legal actions against Binance.
Resuming withdrawals recently would bring some relief to investors who have seen their funds stuck for over a year now.
- Peter Brandt Flips Bullish on Bitcoin, Ethereum, XRP, and XLM
- Binance to Compensate Users After Ethena’s USDe Depeg During Crypto Market Crash
- Tom Lee’s Fundstrat Predicts Ethereum Rally to $5,500 Following ETH ‘Bottom’
- Is the Bitcoin Top In? Raoul Pal Signals Higher Liquidity Cycle Despite Market Selloff
- Expert Says XRP ETF Approval Is ‘Getting Close’ As Issuers File Amendments
- PEPE Coin Price Reenters Historical Demand Zone as Whales Accumulate $5M— Can It Repeat Its 123% Rally?
- Bitcoin Price Prediction as Trump’s Tariff Shock Triggers $19B Liquidation
- Can $TAPZI Reach $1 In Q1 2026?
- Here’s Why XRP Price May Have a Zcash-Like Surge
- $TAPZI Price Prediction: What’s Ahead of the $TAPZI token Presale?
- Cardano Price Targets $2 as Hydra 1.0 Ignites New Era of Speed and Adoption
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
