Bankrupt crypto lender Voyager Digital has won court approval to start the process of winding down its operations and repaying customers' funds.
On Wednesday, May 17, Judge Micheal Wiles approved Voyager’s liquidation process, an agreement occurring around one month after Binance US terminated its deal to acquire the failed crypto platform, and following a previous collapsed deal with FTX shortly before the crash of the exchange.
As per the approval, Voyager customers will regain 36% of capital owed to them with the possibility of an increase if the firm is successful in winning its pending dispute with FTX, court documents state.
Due to not having enough funding to repay its clientele back in full, a winding down process was Voyager's best deal.
However, customers have voiced their complaints concerning the oversight of the case, especially around how much lawyers are being paid in comparison to the portion of their payment payout.
“I’m sure everybody wishes that something better had happened. We are trying to do the best with where we are,” said Wiles, noting that Voyager was none the wiser to FTX’s mammoth demise.
With around $1.8bn to pay in customer claims, Voyager clients have the option of taking their repayment in crypto or US dollars.
The firm’s official committee of unsecured creditors said that individuals may be able to withdraw by as early as June.
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