• Next week, Voyager will begin processing cash withdrawals

  • According to a fresh notice from the lender, Voyager will begin processing cash withdrawals next week.

    Voyager’s account was frozen as part of the company’s Chapter 11 bankruptcy proceedings, but a court granted the firm’s bid to restore access Wednesday.

    Voyager has been arguing that cash withdrawals from its Metropolitan Commercial Bank (MCB) account should be honored as part of its Chapter 11 bankruptcy proceedings, which began shortly after it ceased all transactions. For Voyager clients, MCB held $270 million in custody.

    Voyager said today that it will only accept cash withdrawals on Thursday, August 11. According to Voyager, anyone holding cash in their accounts will be able to withdraw up to $100,000 per 24 hours and should receive the monies within 5-10 days after their request. Those with cash balances will receive instructions.

    “Requests will be processed as quickly as possible but will require some manual review, including fraud reviews and account reconciliation, and timing will depend, in part, upon the individual banks to which customers transfer their cash,” said Voyager in a statement.

    Voyager filed for Chapter 11 bankruptcy protection this month, which permits insolvent companies to continue operating while reorganizing to pay creditors. Although the ability to honor cash withdrawals is a step forward, more than $1 billion in cryptocurrency remains on the site and in limbo. The federal bankruptcy court has approved a set of bidding rules that will outline how other companies can bid on the assets for the purpose of restructuring.

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