The US cryptocurrency giant Gemini welcomes Voyager customers left in limbo after the company filed bankruptcy last year by allowing them to withdraw funds to its platform.
According to a blog post on Sunday, June 25, Voyager customers impacted by the company’s bankruptcy can now use Gemini to withdraw their funds by July 23. As the recovery process has begun, customers now have 30 days to take out their tapped funds from Voyager.
Claim Voyager funds through Gemini 🤝
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 distribution process.
Questions? Read more ⤵️https://t.co/MWoOdKqQZB
— Gemini (@Gemini) June 25, 2023
Voyager customers can simply create an account on Gemini and begin the withdrawal. Gemini has announced a promotional welcome of $5 in BTC to attract more customers. The blog post reads:
“We are pleased to offer a promotional welcome to all Voyager customers who join Gemini. New US customers from Voyager will receive $5 in BTC after they sign up and become verified within 30 days of opening their account.”
Gemini noted that customers could only withdraw over 70 crypto assets supported on its platform. Assets not supported by the crypto exchange will be lost.
This was a Long Way for Voyager Digital, finally under Gemini’s umbrella
As Wealth Growth Insights reported, crypto broker Voyager Digital filed for bankruptcy protection on July 5, 2022. In September 2022, FTX US won an auction for Voyager’s assets, bidding $1.4 billion. However, the plan fell apart when FTX US filed for bankruptcy in November 2022.
Binance then came forward with a $1.2 billion deal to buy Voyager’s asset. The deal suffered several amendments and pushbacks from US regulators. However, when some parts of the deal were finally cleared, Binance pulled itself out in April 2023, citing regulatory suffocation.
In May 2023, the court finally approved a bankruptcy plan to self-liquidate the platform. The firm estimates that customers will receive approximately 36% of the amount owed, with the potential for increased recovery if the firm is able to resolve an ongoing dispute with FTX regarding a $445.8 million loan repayment.
FTX sued Voyager for $445.8 million in January 2023, claiming loan repayments it made in 2022 are liable to clawback because they occurred shortly before FTX’s bankruptcy. Voyager is currently withholding $445.8 million to pay back FTX. It is estimated that the FTX sale would have allowed creditors to receive 72% of the value of their accounts. However, the current plan will allow 36% of the recovery.
According to the Voyager website, the Voyager app is now open to start the initial recovery. Customers can now withdraw their funds during the ongoing 30-day crypto transfer window. Any crypto that remains on the platform after this window will be liquidated to cash.
