Voyager Digital customers will start receiving their frozen crypto funds after a U.S. bankruptcy court approved the company’s plan to repay creditors. The plan was approved by a vote of 99% of creditors.
Voyager filed for bankruptcy in July 2022 after it was unable to meet its obligations to its customers. The company had lent billions of dollars to Three Arrows Capital, a hedge fund that filed for bankruptcy in June 2022.
Under the approved plan, Voyager will use its remaining assets to pay back its customers 35% of their claims. The remaining 65% of claims will be left unpaid.
Customers who have not yet filed a claim with Voyager have until July 25, 2023 to do so.
The approval of the plan is a major step forward for Voyager, which is now able to start repaying its customers. The plan also provides some relief to Voyager customers, who will receive 35% of their claims.