Voyager Digital, the prominent cryptocurrency trading platform, has revealed plans to open partial withdrawals for its users. According to Paul Hage, the bankruptcy plan administrator for Voyager Digital, this development marks a significant milestone in the company’s recovery process. The partial withdrawals are set to commence as early as June 20, 2023, giving users a glimmer of hope amidst the ongoing bankruptcy proceedings.
As part of the preparations for the withdrawal process, the Voyager app will undergo an update on June 15, allowing users to view the amounts they are due to receive in this initial distribution of funds. Hage estimates that the withdrawal feature will be fully functional between June 20 and July 5, offering users a 30-day window to remove their cryptocurrency funds. Following this period, fiat withdrawals will be enabled, allowing users to access their funds in traditional currencies.
It is important to note, however, that users should exercise patience during the withdrawal process. Hage cautioned that the duration for processing withdrawal requests may range from three to seven days, depending on various factors. These factors include the volume of requests received, security considerations, and technical limitations. While this may cause some delays, Voyager Digital aims to ensure that user funds are safeguarded and processed efficiently.
Voyager Digital’s decision to initiate partial withdrawals comes in the wake of the company’s bankruptcy filing on July 5, 2022. The filing occurred shortly after Three Arrows Capital (3AC), one of Voyager Digital’s significant debtors, also filed for bankruptcy. This unexpected turn of events had left many users concerned about the fate of their assets and the future of the platform.
Nevertheless, with the announcement of partial withdrawals, Voyager Digital has taken a significant step toward rebuilding trust and providing relief to its users. The initial distribution of funds will see users receive approximately 35.72% of their assets, offering them a portion of their holdings during this challenging time.
As the cryptocurrency industry continues to evolve and adapt, incidents like the Voyager Digital bankruptcy serve as reminders of the risks involved. While the company’s decision to allow partial withdrawals brings some solace to its users, it also highlights the importance of diligence and caution when engaging with cryptocurrency platforms.
Voyager Digital’s commitment to resolving the situation and facilitating the return of user funds should be acknowledged. By providing a transparent timeline and emphasizing security considerations, the company aims to navigate through this period of uncertainty and restore confidence among its user base.
As June 20 approaches, many Voyager Digital users will be eagerly anticipating the opportunity to access their cryptocurrency funds once again. With the platform taking active steps toward recovery, the cryptocurrency community will be closely watching how Voyager Digital handles the withdrawal process and how it progresses in its efforts to emerge from bankruptcy.
Read more:
- Voyager Customers To Receive 35.72% Of Claim Amount In Initial Recovery
- Voyager Digital Enables Customers To Reclaim 35% Of Cryptocurrency Deposits