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Voyager Digital filed chapter 11 bankruptcy earlier this month and is asking the court to immediately allow client withdrawals.
Voyager Digital, July 14th filings with the US Bankruptcy Court in Southern New York states:
The debtors have determined in their business decisions that if the debtors do not respect the withdrawal, they could significantly demoralize their customers during these Chapter 11 proceedings. By recovering [Metropolitan Commercial Bank] Account and platform integrity will be restored.
Metropolitan Commercial Bank holds a little over $350 million worth of withdrawals for Voyager’s clients according to the companys filings.
They also pointed out that they have somewhere around $1.3 billion on their platform of cryptocurrencies and that they held over $350 million in a FBO (For Benefit of Customers) account at Metropolitan Commercial Bank.
They also reference current charges against Three Arrows Capital exceeding $650 million.
In their court filings, the cryptocurrency broker also asked that they be allowed other financial acts to include:
sweep cash held on third-party platforms and exchanges, and conducting normal course adjustments on customer accounts. Includes continued cryptocurrency staking and granting relevant remedies.
The Bankruptcy Court is planning a hearing on August 4th at 11:00 EST.
The bear-market is have a tremendous impact on the performance of many of the top tier cryptocurrency companies, including Celsius and Babel Finance. Voyager was considered one of the leading cryptocurrency brokerage platforms prior to their bankruptcy,
