Bankrupt cryptocurrency broker Voyager Digital has received court approval to pay out part of the funds to clients – users will share $ 270 million, depending on the size of the contribution.
The decision was made by Judge Michael Wiles. Voyager Digital suspended withdrawals and filed for bankruptcy in early July. However, the company’s accounts with the Metropolitan Commercial Bank have quite a lot of funds left – about $350 million. And now $270 million of them should be received by users of the cryptocurrency broker.
In addition to fiat currencies, Voyager Digital wallets hold more than $1 billion in cryptocurrency assets. The court has not yet determined the procedure for dealing with these funds. However, if they are sold and used to reimburse the broker’s clients, this could put additional pressure on the cryptocurrency market.
Broker Voyager Digital had obligations to the cryptocurrency hedge fund Three Arrows Capital for $650 million. After the bankruptcy of the hedge fund, Voyager also had a shortage of funds, which led the company to bankruptcy.