Bankrupt crypto lender – Voyager – is slowly working towards making customers whole.
Voyager held nearly $413 million in multiple crypto-assets at one point. However, since enabling withdrawals to users on June 23rd, it has recorded a steady stream of outflow totaling $250 million worth of crypto assets. As a result, Voyager’s crypto portfolio has shrunk by 39.46%.
- According to the data compiled by Dune Analytics, Voyager currently holds $176.38 million worth of crypto. This includes $69,02 million in Bitcoin, $50,99 million in Ether, $18,56 million worth of USDC, $15,70 million worth of SHIB, and $2,46 million MATIC, among others.
- The bankrupt firm has a Clean Asset ratio of 96.15% (excluding its native token VGX) and sits at a stablecoin balance of nearly $19 million.
- The United States Bankruptcy Judge Michael Wiles greenlighted Voyager’s proposed liquidation plan in May this year.
- The move enabled the crypto lender to compensate about $1.33 billion in crypto assets to customers and end its efforts to reorganize under Chapter 11.
- Voyager soon announced that customers will be able to recover around 36% of their cryptocurrency deposits.
- More recently, Gemini announced that it would be allowing withdrawals for victims of the Voyager bankruptcy case.
- The firm had been crippled by the implosion of Zhu Su-led crypto hedge fund Three Arrows Capital (3AC) last year, which had earlier defaulted on a $665 million Voyager loan.
- It later suffered two failed recovery deals from FTX and Binance.
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- Source: https://cryptopotato.com/bankrupt-crypto-lender-voyager-digital-shrinks-portfolio-by-nearly-40/
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