First Voyager payouts should begin by June 1, creditors’ committee says

Voyager’s Official Committee of Unsecured Creditors said. May 17th The pending repayment plan is expected to take effect in the coming weeks.

Users will be able to access the funds within the next few weeks

The commission said the bankruptcy court had approved Voyager’s liquidation proceedings and said the plan could go into effect as early as May 19.

Voyager customers will have access to their funds by June 1, according to the creditors’ committee. However, the group did not provide any guarantees before or after that deadline. Instead, he said he was “still working” on that goal.

formerly Reuters report Voyager customers will receive approximately 35% of their cryptocurrency deposits initially held with the company. Voyager was granted permission to return a total of $1.33 billion.

Subsequent distributions could allow users to recover up to 63.7% of their funds, depending on the outcome of the lawsuit against FTX seeking to recover previous loans.

Voyager collapsed about a year ago

Voyager initially stopped withdrawals on July 1, 2022 and filed for bankruptcy on July 6, 2022. In the months that followed, the company tried to sell its assets to both FTX and Binance.US, but both deals ultimately failed.

Another bankrupt cryptocurrency company, Celsius, also made progress today. The company will likely sell the assets when the auction closes, according to court proceedings.

Both companies were affected by the crisis that hit the cryptocurrency companies that lend and borrow heavily in June 2022. Three Arrows Capital (3AC) and Coinflex also went bankrupt at the time, and TerraUSD went bankrupt a month earlier in May 2022.

Post-First Voyager payments should begin by June 1, the creditors panel said, first listed on CryptoSlate.