2023-05-19
In a
significant development, the United States Bankruptcy Court for the Southern
District of New York has granted approval to Voyager's recovery plan for the
third trading crypto assets that were previously declared bankrupt. As reported
by Reuters on May 17, Judge Michael Wiles issued an order endorsing the
procedure, which had been published by the court a day earlier.
This milestone comes after Binance.us announced its intention to withdraw its assets from Voyager, worth $1 billion, on April 25. However, this move faced opposition from the U.S. government before Binance.us ultimately reversed its decision.
Voyager, addressing
the matter on its official website, has informed customers that they can now
expect to recover 35.72% of their assets. The recovery can be received either
in cryptocurrency through the Voyager app or in cash after a 30-day period. The
company states that it currently holds $1.33 billion in recoverable assets as
of May 8, with $629.8 million available for initial redemption, based on claims
totaling $1.8 billion.
Ref: Stephen Ehrlich on Twitter CEO, Voyager Digital Ltd
With this approval, Voyager has taken a significant step towards restoring customer trust and facilitating the redemption process, offering users the opportunity to regain a substantial portion of their assets.
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