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A few days after suspending trading, withdrawals, and deposits, the cryptocurrency exchange Voyager Digital filed for Chapter 11 bankruptcy in the Southern District of New York.
According to its Chapter 11 bankruptcy petition, Voyager owes between $1 billion and $10 billion in assets to more than 100,000 creditors.
The ailing cryptocurrency exchange filed for bankruptcy on Tuesday, following the U.S. holiday. In a statement released on Wednesday, Voyager noted that the move is part of a "Reorganization Plan." When executed, the proposal would allow consumers to regain access to their accounts, and Voyager will "return value to customers."
Stephen Ehrlich, the chief executive officer of Voyager, stated in a tweet on Wednesday that, according to the company’s proposed plan, customers with cryptocurrency in their accounts will receive a combination of cryptocurrency, proceeds from the Three Arrows Capital (3AC) recovery, common shares in the newly reorganized company, and Voyager tokens.
In addition, he confirmed that clients holding U.S. dollars in their accounts will have access to those monies when a “process of reconciliation and fraud prevention with Metropolitan Commercial Bank” is finished.
Ehrlich stated in the same Twitter thread that he believed Chapter 11 was the best option for his clients, taking into account all variables, and that the action would safeguard assets on the platform and Voyager would continue to operate.
As part of the reorganization process, Voyager will file “First Day” motions to allow the firm to continue operating.
Voyager stated that it aims to pay its staff as usual and maintain “primary benefits and certain customer programs without disruption.” Nevertheless, trading, deposits, withdrawals, and loyalty incentives will continue to be stopped.
After entering into a $500 million loan deal with trading company Alameda Research to offset losses from its exposure to crypto venture capital firm 3AC, Voyager and its clients began to experience headwinds.
The following day, the platform cut its daily withdrawal limit to $10,000, then on July 1, it stated it would cease trading, deposits, withdrawals, and loyalty rewards payouts.
Voyager Digital LLC, a corporation subsidiary, has earlier issued a notice of default to 3AC for failing to make payments on a loan of 15,250 Bitcoin (BTC) and $350 million USD Coin (USDC).
However, Three Arrows Capital was undergoing Chapter 15 bankruptcy procedures. It was compelled to liquidate by the British Virgin Islands, indicating that it may be challenging for Voyager to recoup the monies it paid out.