The crypto winter has overcast the summer for many Voyager customers. Upon the commencement of Voyager’s chapter 11 filing in July, customer accounts were frozen. Unable to trade their own crypto assets, some frustrated customers rushed to consult with legal counsel. Others began studying bankruptcy law in the hopes of finding a legal solution. It was only late last week, on August 4, when some customers found relief from the crypto storm: Judge Michael Wiles approved Voyager’s motion to allow certain customers who had cash in their accounts to withdraw cash, up to $270 million.
But what about Voyager’s customers whose crypto assets are not included in the court’s ruling? Judge Wiles also approved Voyager’s bid procedures motion, with certain modifications, setting an expedited timeline for a sale of substantially all of Voyager’s assets that will conclude with a September 8 sale hearing in the bankruptcy proceeding. Voyager had approximately $1.3 billion of crypto assets on the platform as of early July 2022. These assets will likely be sold with the company by September 8.
