Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts

After a bankruptcy judge approved the release of $270 million in cash deposits, crypto firm Voyager Digital announced that it plans to begin cash withdrawals on Thursday, August 11. After the cash withdrawal gate opens, Voyager customers can withdraw up to $100. Cash through an Automated Clearing House (ACH) transfer.

Last month, on July 1, Voyager suspended digital trading, deposits and withdrawals, and a week later, the company officially filed for bankruptcy protection. Voyager had significant exposure to now-defunct crypto hedge fund Three Arrows Capital (3AC), and 3AC defaulted on a $620 million loan owed to Voyager.

On August 4, 2022, The Wall Street Journal reported that Judge Michael Wiles of the US Bankruptcy Court in New York approved the release of $270 million in cash deposits held by Metropolitan Commercial Bank (MCB).