Bankrupt crypto lender – Voyager – is slowly trying to make customers whole.
Voyager held nearly $413 million in multiple crypto-assets at one point. However, since allowing withdrawals to users on June 23, it has seen a steady stream of outflows totaling $250 million in crypto assets. As a result, Voyager’s crypto wallet shrunk by 39.46%.
- According to data compiled by Dune Analytics, Voyager currently holds $176.38 million worth of crypto. This includes $69.02 million in Bitcoin, $50.99 million in Ether, $18.56 million in USDC, $15.70 million in SHIB, and $2.46 million in MATIC, among others.
- The bankrupt firm has an equity ratio of 96.15% (excluding its native token VGX) and sits at a stable balance of nearly $19 million.
- United States Bankruptcy Judge Michael Wiles gave the go-ahead to Voyager’s proposed liquidation plan in May of this year.
- The move allowed the crypto lender to clear approximately $1.33 billion in crypto assets for clients and end its Chapter 11 reorganization efforts.
- Voyager quickly announced that customers will be able to recover approximately 36% of their cryptocurrency deposits.
- More recently, Gemini announced that it would allow withdrawals for victims of Voyager’s bankruptcy case.
- The company had been crippled by the implosion of the Zhu Su-led crypto hedge fund Three Arrows Capital (3AC) last year, which had previously defaulted on a $665 million Voyager loan.
- It then suffered two failed clawback deals from FTX and Binance.
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