Voyager’s Bankruptcy Filing Focuses on Preserving Crypto Assets and Not Returning
Voyager Digital announced its recovery plan after bankruptcy filing but its customers are not happy
Voyager Digital is quite eager to act on its recovery plan that will enable users to access their accounts once again. But the firm failed to explicitly mention if it would be able to return all the equivalent funds of the affected users.
Voyager posted a blog on Monday, which stated that the firm had roughly US$1.3 billion from the affected users’ funds, along with the US$650 million from its claims against Three Arrows Capital, referring to the 15,000 BTC tokens and 350 million USD coins loan, which the firm had failed to repay. The company has denoted that the executives are working on restoring access to USD deposits, ‘which belong to customers and will go back to those same customers.’ Voyager also said that it is holding customer funds in a For Benefit of Customers (FCB) account at the Metropolitan Commercial Bank of New York, and those funds will be available if there is a reconciliation and fraud prevention case.
But investors still continue to speculate about their funds since the company has failed to clarify how much money the affected customers will receive. But given that Voyager has already mentioned the amount of money the firm still possesses itself shows that the executives still wish to demonstrate transparency with its users. Nevertheless, the crypto lending giant has failed to satisfy its users. The plan clearly shows that some users will receive what they actually held as their account balance.
Now analysts have already warned Voyager executives that dissatisfied customers might take a different course of action to recover their funds. But the recovery plan is yet not final, and customers will be allowed to vote on the matter. Given the current circumstances of the crypto market, it is quite obvious that the crypto users will try to gain back all their money since they are already facing massive amounts of financial losses due to the volatility and other economic and financial downturns.
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