Bankrupt crypto lender Voyager Digital has witnessed more than $250 in net outflows since resuming withdrawals on June 23, a year after filing Chapter 11 and halting withdrawals. According to Dune Analytics, the site currently has $176 million in cryptocurrencies. Voyager Digital has a Clean Asset ratio of 96.15%, omitting its native token VGX.
The platform’s assets include 2,287.4 BTC, 27,363.7 ETH, 18,558,340 USDC, 2,060 trillion SHIB, and 3,600,000 MATC. Earlier in May, U.S. Bankruptcy Judge Michael Wiles authorised Voyager’s proposed liquidation plan, allowing the crypto lending firm to repay around $1.33 billion in crypto assets to clients and terminate its Chapter 11 reorganisation operations.
Voyager stated at the time that clients would receive approximately 35% of their cryptocurrency deposits back.Customers could withdraw the funds as bitcoin using the Voyager app or as cash after 30 days.
Once the initial phase of transferring 35% of client funds is completed, Voyager will seek to collect additional assets to disburse to its creditors. Three Arrows Capital failed last year, owing Voyager roughly $665 million.Voyager attempted to sell its assets several times but was unsuccessful each time. The crypto lending firm attempted to sell its assets to FTX for $1.42 billion, but the deal fell through when the SBF-led exchange went bankrupt in November.
Binance came afterwards.The US offered $1.3 billion to buy Voyager’s assets, but the agreement was called off in April. When CZ led exchange pulled out of the contract, it cited a “hostile and uncertain regulatory climate.” Voyager is also involved in a legal battle with FTX, which is attempting to recoup nearly $445 million in loan repayments paid to Voyager before FTX declared bankruptcy. The settlement of the FTX and Voyager litigation is not expected until at least September of this year.