Voyager to Resume Withdrawal Services, Lawyer Says They've Received Offers Higher Than FTX's Quote

Claiming to be linked to Three Arrows Capital (3AC), the cryptocurrency broker Voyager initially suspended trading and withdrawals on 7/2, then filed for bankruptcy protection on 7/6, resulting in frozen platform assets to date. However, after a judge approved the restoration of its access rights, Voyager announced that it would resume its withdrawal services.

Voyager was approved on 8/4 to begin utilizing $270 million in cash from Metropolitan Commercial Bank, MCB's custodial account to reimburse user assets.

According to the official announcement, Voyager will start offering withdrawal services on 8/11, with users who originally had cash on the platform being able to withdraw up to $100,000 every 24 hours. Due to manual review, anti-fraud measures, reconciliation, etc., funds will be received within 5-10 days of the withdrawal request, and withdrawal times will depend partly on the user's bank for processing.

Although Voyager can access the cash in the MCB bank account to reimburse users, the court has not yet decided how to handle over $1 billion in crypto assets on the Voyager platform. Additionally, contrary to the $350 million initially indicated in the bankruptcy filing, the actual cash held is $270 million.

Recent developments involving Voyager include:

1. Voyager announced in December last year that it would be a sponsor of the National Women's Soccer League (NWSL) for a year, with half of the sponsorship fee to be paid in cash and half in crypto assets, but with the platform's bankruptcy, the sponsorship agreement with NWSL will be affected.

2. Voyager's attorneys claim to have received multiple bids higher than FTX's offer, as Voyager had previously accused FTX of posing as a savior and seeking a cheap acquisition as a third party, and FTX's public statements have seriously disrupted the bidding process.

3. The bidding deadline for Voyager is 8/26, with a hearing scheduled for 9/8.

4. 10/3 is the deadline for users to file claims against Voyager.