Following its withdrawal suspension and bankruptcy filing under Chapter 11, Voyager Digital, a cryptocurrency lending company, has experienced a net outflow surpassing $250 million since it reinstated withdrawals on June 23.
Based on the findings from Dune Analytics, Voyager Digital currently possesses a cryptocurrency value of $176.3 million. The platform’s Clean Asset Ratio stands at an impressive 96.15% when excluding its native token VGX. Notable assets held by Voyager Digital include 2,287.4 BTC, 27,363 ETH, 18,558,3840 USDC, 2,060 trillion SHIB, and 3,60,000 MATIC.
In May, the liquidation plan presented by Voyager received approval from U.S. Bankruptcy Judge Michael Wiles. Consequently, the crypto lending firm was granted permission to distribute approximately $1.33 billion worth of crypto assets back to its customers, effectively bringing an end to its Chapter 11 recognition endeavors.
During this period, Voyager also made an announcement stating that customers would be able to recover around 35% recover around 35% of their cryptocurrency deposits.
Customers were presented with two options regarding the withdrawal of their funds from Voyager. They could either choose to receive the amount as cryptocurrency through the Voyager app or opt to wait for a period of 30 days and withdraw it as cash.
Once the initial distribution of 35% of customers’ funds is completed, Voyager will continue its effort to retrieve additional assets in order to distribute them to its creditors.
Last year, when Three Arrows Capital faced a collapse, it had an outstanding debt of nearly $665 million to Voyager.
Voyager made several attempts to sell its assets, but unfortunately, these attempts were unsuccessful. The crypto lending firm initially intended to sell its assets to FTX for $1.42 billion, but the deal fell through when the SBF-led exchange experienced a well-known downfall in November.Â
