VYGVF - Voyager Digital users probably won't be able to recoup 100% of their crypto
- Voyager Digital's ( OTCQX:VYGVF ) earlier announcement on Wednesday that it filed for Chapter 11 bankruptcy is putting its account holders in a tough position as they likely won't be able to recoup 100% of their bitcoin ( BTC-USD ), ethereum ( ETH-USD ) or other cryptos.
- That's because the crypto broker and lender said it's expecting users to be "impaired" by the restructuring process, Bloomberg noted.
- Nevertheless, the company is seeking to repay its users with a combination of their crypto deposits, stock in the restructured firm, Voyager ( OTCQX:VYGVF ) coins and money recouped from collapsed crypto-focused hedge fund Three Arrows Capital, which owes Voyager over $650M after it failed to make a loan repayment, Bloomberg noted, citing court papers.
- For users that have U.S. dollar deposits in their account, they will "receive access to those funds after a reconciliation and fraud prevention process is completed with Metropolitan Commercial Bank," Voyager said in a statement.
- At the beginning of July, Voyager Digital halted platform withdrawals, deposits and trading .
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Voyager Digital users probably won't be able to recoup 100% of their crypto