Gemini enables Voyager customers to withdraw previously inaccessible funds after bankruptcy.
Voyager customers who were unable to access their funds since the company went bankrupt last year may have some good news. A recent blog post suggests that affected customers can now withdraw their funds.
According to the blog post, the opportunity to withdraw funds opened on June 25th and will run until July 23rd. During this period, customers can transfer their funds onto the Gemini platform. However, unclaimed crypto after the window will be converted to cash.
Gemini Shares Recovery Process for Voyager Users
Gemini has expressed excitement about this new development. The firm has a promotional offer actively ongoing, encouraging Voyager customers to create an account on the Gemini platform to begin their withdrawals. Part of the statement reads:
“New US customers from Voyager will receive $5 in BTC after they sign up and become verified within 30 days of opening their account.”
However, a minor issue may arise with the withdrawals. Gemini confirms that the crypto assets allowed for withdrawal are only those supported by its platform. Any assets not included in the over 70 crypto assets on the Gemini exchange will be lost.
As previously reported by blockchain, crypto broker Voyager Digital filed for bankruptcy protection in July 2022. The firm claimed that the filing was part of its restructuring plans. Since then, several firms have attempted, unsuccessfully, to acquire its assets. FTX US first won an auction for the assets in September 2022, before it went bankrupt itself in November. Similarly, Binance also put out a $1.2 billion deal to acquire Voyager’s assets. But severe regulatory pushbacks and amendments saw the giant exchange pull out of the race in April 2023.
After several unsuccessful attempts to sell its assets, the bankruptcy court finally approved plans to self-liquidate the platform in May 2023. As of now, Voyager estimates that customers will receive about 36% of their owed amount. There is a possibility that the figure may go higher if Voyager can resolve the ongoing dispute with FTX regarding a $445.8 million loan repayment.