Voyager’s official committee of unsecured creditors declared the May 17 that a pending repayment plan will come into effect in the coming weeks.
Users could access the funds in the coming weeks
The committee said the bankruptcy courts had approved Voyager’s liquidation proceedings and said the plan would come into effect as early as May 19.
Voyager customers should be able to access their funds by June 1, according to the creditors’ committee. However, the group has not provided any guarantee around this deadline; rather, he said he was “always working towards” that goal.
Earlier, Reuters reported that Voyager customers will receive approximately 35% of the cryptocurrency deposits they originally held with the company. Voyager was authorized to return $1.33 billion in total.
Subsequent distributions could see users recover up to 63.7% of their funds depending on the outcome of litigation with FTX, which intends to recover an earlier loan.
Voyager collapsed almost a year ago
Voyager initially halted withdrawals on July 1, 2022, and filed for bankruptcy on July 6, 2022. The company attempted to sell its assets to both FTX and Binance.US in the months that followed, but both of those transactions ended. ultimately failed.
Another bankrupt crypto firm, Celsius, also made progress today. Court proceedings indicate that the company will likely sell its assets when its auction ends.
Both companies were hit by a crisis that widely affected crypto companies engaged in lending and borrowing in June 2022. Three Arrows Capital (3AC) and CoinFLEX also went bankrupt at that time, while TerraUSD went bankrupt a month earlier in May 2022.
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