Voyager customers can withdraw cryptocurrency through Gemini.
- Customers of Voyager can create a Gemini account to receive their cryptocurrencies.
- However, the crypto exchange only supports certain tokens, and if users send unsupported assets to Gemini accounts, they may lose them.
- Voyager Digital filed for bankruptcy protection in July 2022.
Gemini, a regulated crypto exchange, has announced that it now supports crypto withdrawals for customers of Voyager Digital, the bankrupt crypto lender. In a blog post on June 25, Gemini stated that crypto transfers for Voyager victims are now available and will continue until July 2023. To access the support, Voyager bankruptcy victims will have to create a Gemini account and use it to process the withdrawals.
“Through July 23, 2023, Voyager customers impacted by the Voyager bankruptcy can create a Gemini account to withdraw their crypto in-kind, pursuant to the claims of the distribution process,” said the exchange.
Gemini only allows withdrawals for supported tokens
Voyager Digital filed for bankruptcy protection in July 2022 in the wake of the crypto contagion that followed the collapse of Terra Luna and Three Arrows Capital (3AC). Customers have been waiting for withdrawals to reopen after the crypto lender paused transactions due to intense sell-off pressure across the market.
In May of this year, customers received a boost when the platform announced that they would soon be able to recover their assets in-kind. It was predicted that customers could get 35% of their crypto deposits. Refunds will be given in the same digital assets held in customers’ accounts before the pause on withdrawals and subsequent bankruptcy filing. However, accounts with unsupported assets and the native Voyager Token, VGX, will recover them via the USDC stablecoin.
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Any tokens that are not withdrawn by the end of the stated period will be liquidated, and the cash will be distributed to respective customers.
Customers of Voyager should be aware that Gemini will not allow withdrawals related to unsupported tokens, and users must “carefully confirm” that they are transferring supported tokens only. Gemini has warned that any unsupported tokens sent to a Gemini account may be lost and completely unrecoverable.