- Voyager Digital creditors can now withdraw their allocation to Gemini
- The exchange is one of the approved Voyager distributors for US customers and has now opened its doors
- Voyager customers will initially receive 35.72% of their claims
Gemini has opened its doors to Voyager Digital customers, who can withdraw their allocation through the exchange. In a recent blog post, the exchange said that Voyager creditors can sign up for the platform and withdraw their funds in the form of up to 70 cryptocurrencies, with the exchange offering a $5 voucher, although it has warned that coins unsupported by Gemini may be lost if they are transferred to the platform.
Distribution Begins for Voyager Customers
Following two unsuccessful takeovers, first from FTX and then from Binance.US, Voyager announced that it was filing for liquidation last month, a week after it had revealed that it was “finalizing everything internally that is necessary to make distributions to creditors”. Thankfully this has proved to be the case, with the process going smoothly and exchanges such as Gemini being selected to aid with the distribution of the assets.
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.
<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Claim Voyager funds through Gemini 🤝<br><br>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.<br><br>Questions? Read more ⤵️<a href=”https://t.co/MWoOdKqQZB”>https://t.co/MWoOdKqQZB</a></p>— Gemini (@Gemini) <a href=”https://twitter.com/Gemini/status/1673020731150721024?ref_src=twsrc%5Etfw”>June 25, 2023</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>
Those wishing to withdraw through Gemini need to register and pass KYC before sending compatible coins to the exchange, although the exchange has made it clear that users must confirm their assets are supported on the exchange before sending them over to avoid a total loss.