- Voyager Digital and Bittrex US users can begin to dream about withdrawals
- Both platforms have taken steps to allow users some of their funds back
- Bittrex US users can get theirs today while Voyager customers must wait
Crypto platforms Voyager Digital and Bittrex US are on the verge of allowing customer withdrawals following filings in their respective bankruptcy cases. Voyager customers will be able to check the amount they are initially entitled to today, with withdrawals taking place towards the end of the month, while some Bittrex US customers will be able to start withdrawing today, although there is more uncertainty over the future of their funds.
Voyager’s Rocky Path to Payouts
Voyager has of course had a turbulent time during its bankruptcy, thanks to deals with first FTX and then Binance.US falling through in the year since it filed. Voyager’s bankruptcy plan administrator Paul Hage noted in a June 14 court filing that the app will be updated today to show the amount available for customers to withdraw, with the withdrawal period starting between June 20 and July 5.
Voyager customers will initially receive 35.72% of their claims, with crypto withdrawals being processed first and cash withdrawals coming after 30 days. The final amount paid out to creditors will depend on the outcome of two legal battles; Three Arrows Capital still owes Voyager $650 million while the bankruptcy judge has also ringfenced $445 million which is the subject of a tussle between Voyager and Alameda Research, which is not expected to be resolved until September at the earliest.
Bittrex US Users Face Uncertainty
Bittrex US meanwhile is preparing to allow customer withdrawals as soon as today after receiving approval from a Delaware bankruptcy court. Bittrex filed for bankruptcy last month following alleged sanctions violations, but the bankruptcy court has granted Bittrex permission to enable customers with undisputed and liquidated claims to withdraw their cryptocurrency assets and fiat currency from the platform.
However, customers are being informed that the judgment does not determine asset ownership or prioritize customer claims over those of the government, meaning there is a possibility of future clawbacks.
