Voyager Digital Creditors Withdraw $250.4 Million Worth of Cryptocurrencies
Voyager Digital creditors have been successful in reclaiming their funds, withdrawing approximately $250.4 million worth of cryptocurrencies since June 23. The bankrupt crypto brokerage company reopened fund withdrawals for its users on that date. As a result, Voyager’s crypto assets, which were valued at $426.8 million on June 23, have been reduced to $176.4 million as of now.
Key Points:
– Withdrawals: Creditors of Voyager Digital have withdrawn approximately $250.4 million worth of cryptocurrencies since June 23.
– Remaining Assets: Voyager still holds the majority of its assets in bitcoin (BTC), valued at $68.8 million. It also has holdings in voyager token (VGX), ethereum (ETH), stablecoins, and various altcoins.
– Regulatory Problems: Binance.US withdrew its request to purchase Voyager’s assets in April, citing regulatory issues in the US.
– Asset Distribution: Voyager, which has filed for Chapter 11 bankruptcy, distributed its assets to its creditors due to the Binance.US withdrawal.
– Gemini’s Offer: Crypto exchange Gemini announced that it would welcome Voyager Digital’s users and provide them with a bonus of $5 in BTC after completing their KYC verification.
Hot Take
The significant withdrawals made by Voyager Digital creditors demonstrate their success in reclaiming their funds. With $250.4 million worth of cryptocurrencies withdrawn in a short period, it seems that these creditors are eager to recover their losses. However, the reduction in Voyager’s crypto assets raises questions about the sustainability of the platform moving forward. It remains to be seen how the company will navigate its bankruptcy proceedings and whether it will be able to regain the trust of its users in the future.
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