- Voyager wants to protect all investors.
- Full refund cannot be guaranteed at this time.
- Invested assets in US dollars are fully covered by deposit insurance.
After the crypto-savings platform Voyager Digital recently filed for bankruptcy, the company now discloses that the funds of investors and investors may not be able to be saved in full.
As stated in a corresponding blog entry, Voyager has almost 1.3 billion US dollars in user funds at its disposal and another 650 million US dollars are to be added from the claims against Three Arrows Capital. The requested rescue plan – which has yet to be legally approved for the insolvency proceedings – provides that injured users will be paid out of a mixture of existing crypto assets, company-owned Voyager tokens, “shares in the restructured company” and damages from the claims against Three Arrows.
“The exact amount of the payments will depend on how the insolvency proceedings and the refund of Three Arrows’ funds are going,” Voyager explains. And further: “We reserve the right to make changes to the plan, further negotiations with our users and any voting procedures. […] We have created a very structured rescue plan that is designed to protect client funds and return this maximum value.“
We understand how critical it is to get access to the value in your account and we are working through this process as quickly as possible to do just that. Today’s post provides an update on customer cash and crypto, and next steps: https://t.co/yBlVB0qgVp (1/6)
– Voyager (@investvoyager) July 11, 2022
In addition to the crypto assets, Voyager states that it also has funds in the amount of user funds in the form of US dollars in a deposit-protected account with the Metropolitan Commercial Bank of New York. So at least the damaged users will probably get their deposited US dollars back in full.