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Voyager may repay US$270 million to injured customers

 


The crypto savings platform Voyager Digital, which has gotten into trouble, has been given the go-ahead by the responsible bankruptcy court to be allowed to pay out 270 million US dollars to injured users.


As the Wall Street Journal reported Thursday , Bankruptcy Judge Michael Wiles has agreed that Voyager has provided "reasonable justification" for why a significant portion of the crypto company's remaining cash should be returned to its investors.



The relevant funds at the Metropolitan Commercial Bank are said to amount to 270 million US dollars. After Voyager filed for bankruptcy on July 5, these were initially frozen as part of the bankruptcy proceedings.


Voyager boss Stephen Ehrlich then announced in July that the funds at MCB should be distributed to customers as soon as possible as part of the insolvency proceedings. Originally, the platform had already requested this step on July 15 .


Voyager's total debt is less than $10 billion from almost 100,000 lenders, but the company is not the only crypto company that has gotten into trouble in recent weeks and months. Celsius, Three Arrows Capital and BlockFi, among others, have also fallen into the downward spiral.


The supposed rescue for the faltering company is definitely in sight, because in July Alameda Research, a sister of the leading crypto exchange FTX, made a purchase offer to take over Voyager.


However, the savings platform rejected this offer on July 25 on the grounds that it could not achieve the “greatest possible value” for customers.


In total, Voyager Digital is said to have received 88 offers from various interested parties, of which the crypto company is currently in "active talks" with more than 20 parties.

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