Voyager Will Return $270 Million To Its Customers

  • Voyager will start paying customers their funds.
  • The court approved the “defrosting” of $ 270 million of the company from a bank account.
  • The order and sequence of payments are not yet known.

Disgraced creditor Voyager Digital has received court approval for a partial refund. About $270 million in cash will be allocated from the company’s depository account with the Metropolitan Commercial Bank.

Recall that in early June, the cryptocurrency broker Voyager Digital filed for bankruptcy under Article 11 of the US Tax Code. At the first meeting, the company asked the court to open access to accounts to pay off some creditors and customers.

On Thursday, August 4, another hearing on this case was held. Judge Michael Wiles sided with the firm, approving partial cash refunds to customers.

We are talking about $ 270 million from the broker’s account in a commercial bank. Previously, this money was blocked by the court. However, it is unclear exactly how and in what order Voyager will pay out deposits to customers. The company did not comment on the decision.

During the meeting, a broker representative noted that the management received 88 proposals from “ interested parties.” Voyager previously pulled out of a deal with Alameda Research, citing “potential harm to customers.”

Also, during the proceedings, it turned out that the company intended to mislead the public regarding deposit insurance. The FDIC required the broker to refute this information.

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