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Voyager Gets Approved to Resume Cash Withdrawals

Voyager Gets Approved to Resume Cash Withdrawals

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Voyager is allowed to return $270 million in funds to its customers.

US-based cryptocurrency lending platform Voyager, founded by Stephen Ehrlich in 2018, is due will reopen its cash withdrawal process on August 11.

By blog post shared on the Voyager website, the company is was authorized by the court to return $270 million to affected customers.

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Voyager claims that customers with US dollars in their accounts can withdraw up to $100,000 in 24 hours using the app or the Automated Clearing House (ACH) network.

Customers with US dollars are automatically identified receive an email about the cash withdrawal process before it becomes available. According to the blog post, the company is ready return the funds in 5-10 business days after receiving the request.

Requests are processed as quickly as possible, but require manual review, including fraud checking and account reconciliation, and the timing depends in part on the individual banks to which customers transfer their cash.

Earlier this month, Voyager filed a lawsuit is asking to return $350 million in fiat money to customers whose funds have been frozen. According to the statement, these funds were held at Metropolitan Commercial (MC) Bank.

After that MCB expressed support for the launch of Voyager will return about $270 million, which has been held in For Benefit of Customers (FBO) accounts.

Finally, on August 4, Judge Micheal Wiles granted Voyager permission return funds to customers whose accounts are with MCB.

The crypto-lending platform has also used its blog post to update customers on the company’s upcoming activities, including its restructuring process and the sale of the company.

Based on the message, it seems that the company the tender is valid until August 26. Sales processing is held if necessary September 8th.

It is worth noting that on July 22, FTX and Alameda offered will acquire all of Voyager’s digital assets and digital asset loans, excluding loans from Three Arrows Capital (3AC). The company has rejected this offer, saying it “does not maximize value” and could “harm customers”.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree

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