Million

Terra

The post <a rel="nofollow" href="https://coinpedia.org/news/crypto-news-voyager-digital-witnesses-massive-outflow-of-250-million-as-withdrawal-restarts/">Crypto News: Voyager Digital Witnesses Massive Outflow of $250 Million as Withdrawal Restarts</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Bankrupt crypto lender Voyager Digital resumed investor withdrawals on June 23, nearly a year after suspending them and filing for Chapter 11 bankruptcy. 
According to data from Dune <a href="https://dune.com/21co/potential-contagion?Voyager+Interval_ee9bc0=weekly">Analytics</a>, over $250 million has been withdrawn from the platform since then. Since reopening withdrawals, Voyager has experienced a net outflow of $250 million in crypto assets.&nbsp; 
As of now, Voyager Digital holds crypto assets valued at around $176 million, maintaining a Clean Asset ratio of 96.15%. The assets held by Voyager Digital include 2,287.4 BTC, 27,363.7 ETH, 18,558,340 USDC, 2,060 trillion SHIB, and various other assets. 
<h2 class="wp-block-heading" id="h-the-collapse-of-terra-affected-voyager">The collapse of Terra affected Voyager</h2> 
Voyager Digital faced bankruptcy following the collapse of the Terra ecosystem, which resulted in the loss of over $40 billion in investors’ funds. The crypto lender confronted a significant liquidity crisis due to substantial withdrawals, leading to its eventual bankruptcy. 
Voyager Digital implemented a withdrawal plan approved by the court on May 17. Under the plan, customers initially receive 35.72% of their claims, which can be withdrawn as either cryptocurrency through the Voyager app or as cash after a 30-day waiting period. 
In the filing, it was mentioned that Three Arrows Capital, a bankrupt crypto hedge fund, still owes Voyager $650 million. Although the initial round of withdrawals enables customers to access slightly over 35% of their funds, the primary emphasis is on recovering additional assets for distribution among creditors once the initial distribution process concludes. 
Moreover, an additional $445 million of customer funds will be available to creditors, contingent upon the resolution of Alameda Research’s preference claim against Voyager. However, this resolution is not expected to occur before mid-September 2023. 
Binance had expressed interest in acquiring Voyager for $1 billion. However, the US government, including agencies such as the Securities and Exchange Commission and the Department of Justice, intervened and halted the deal due to ongoing legal actions against Binance. 
The recent resumption of withdrawals brings some relief to investors who have endured more than a year of restricted access to their funds.

Crypto News: Voyager Digital Witnesses Massive Outflow of $250 Million as Withdrawal Restarts

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