VGX Token

Cryptocurrency

United

Million

Terra

The crypto credit company Voyager, which shook the cryptocurrency market with its bankruptcy, made a significant move by resuming its suspended withdrawal transactions almost a year after the closure of investors’ loans and the filing of Chapter 11 bankruptcy in the United States. According to current data, tens of millions of dollars in cryptocurrency have exited the platform since then. 
<h2 style="text-align: justify;" id="strong-over-250-million-in-cryptocurrency-exited-the-company-s-wallets-strong">Over $250 Million in Cryptocurrency Exited the Company’s Wallets</h2> 
Voyager, which went bankrupt shortly after the collapse of the Terra ecosystem, which melted more than $40 billion of investor funds, faced a serious liquidity crisis following a large-scale withdrawal request from users. 
According to data from Dune Analytics, since the resumption of the withdrawal transactions suspended by Voyager on June 23, there has been an exit of more than $250 million in cryptocurrency from the platform’s wallets. 
Voyager, after resuming withdrawal transactions for its creditors, saw a net outflow of cryptocurrencies worth $250 million, with $176 million worth of cryptocurrency currently in the platform’s wallets, fully accessible, with a clean asset ratio of 96.15% (excluding Voyager Token – VGX). This figure includes 2,287 <a href="https://en.coin-turk.com/the-critical-metric-has-fallen-to-its-lowest-levels-in-five-and-a-half-years-which-direction-does-recent-data-point-bitcoin/" data-wpel-link="internal">BTC</a>, 27,363 <a href="https://en.coin-turk.com/bitcoin-bounces-back-ethereum-displays-potential-for-major-surge/" data-wpel-link="internal">ETH</a>, 18.55 million USDC, and 2.06 trillion SHIB. 
<img decoding="async" class="aligncenter wp-image-235922" src="https://coin-turk.com/wp-content/uploads/2023/07/Voyager-Kripto-Para.png" alt="" width="559" height="149"> 
<h2 style="text-align: justify;" id="strong-withdrawal-plan-initiated-by-voyager-for-its-creditors-strong">Withdrawal Plan Initiated by Voyager for Its Creditors</h2> 
The bankruptcy court approved the bankruptcy plan the company is currently implementing on May 17. According to this plan, creditors will initially be able to collect 35.72% of their withdrawal requests. 
Creditors will be able to withdraw cryptocurrencies corresponding to this rate via the Voyager application as cryptocurrency or as cash from the platform after waiting 30 days. The first round of withdrawals allows access to just over 35% of customer funds, while the main focus will be to recover more assets for distribution to creditors after the completion of this initial distribution process. 
After the initial distribution process, $445 million of customer funds will be made available to creditors, but this figure depends on the resolution of Alameda Research‘s privileged claim against Voyager. While this resolution is not expected to take place until mid-September at the earliest, bankruptcy records show that the bankrupt crypto hedge fund Three Arrows Capital also owes Voyager $650 million. 
Voyager, after its bankruptcy, came to the agenda with its agreement with <a href="https://en.coin-turk.com/binance-to-list-maverick-protocols-mav-token-trading-begins-june-28/" data-wpel-link="internal">Binance</a>, the world’s largest cryptocurrency exchange, to sell all of the company’s assets in return for $1 billion, but the US government intervened through institutions like the Securities and Exchange Commission (SEC) and the Department of Justice, blocking this purchase. 
The post <a rel="nofollow" href="https://en.coin-turk.com/bankrupt-voyager-crypto-company-resumes-withdrawal-transactions-exodus-of-cryptocurrencies-exceeds-250-million/" data-wpel-link="internal">Bankrupt Voyager Crypto Company Resumes Withdrawal Transactions: Exodus of Cryptocurrencies Exceeds $250 Million</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bankrupt Voyager Crypto Company Resumes Withdrawal Transactions: Exodus of Cryptocurrencies Exceeds $250 Million

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