Voyager app could soon reopen to distribute funds to creditors

Voyager customers will start to receive communications about the app reopening in advance of June 20

article-image

mundissima/Shutterstock modified by Blockworks

share

Approaching a year since their assets were frozen, Voyager customers are for the first time primed to be able to withdraw a chunk of their crypto. 

In a Wednesday court filing, plans were outlined for Voyager’s platform to reopen to customers between June 20 and July 5 so that creditors could withdraw about 35% of their crypto. 

Bankrupt crypto lender Voyager shuttered its core business lines in July 2022, halting customer deposits and withdrawals in the process

Paul R. Hage, the overseer of the crypto lender’s bankruptcy proceedings, in the filing told creditors that they would be able to view the projected amounts of their initial distributions via Voyager’s app on Friday. 

Added Hage: “The initial distributions of cryptocurrency will be made to creditors between three to seven calendar days after a withdrawal request is submitted on the Voyager platform.”

The move comes a little over a month after a judge allowed Voyager and its counterparties to move forward with liquidation of the company. Voyager had previously been vying to restructure via a Chapter 11 bankruptcy proceeding. 

The company at the time said it intended to return around $1.3 billion to customers. A Reuters report in May said estimated recoveries would be around 35%.

A number of factors dictate the amount of capital customers and other crediorts are able to reclaim from a bankrupt business. 

Among them: the resolution of ongoing litigation. In Voyager’s case, open proceedings involving Three Arrows Capital and FTX would significantly boost Voyager’s assets on hand, which could be funneled back at a more substantial scale to its customers. 

Voyager is seeking approximately $445 million in loan repayments from FTX. Its claim against 3AC has clocked in at $650 million, per the court filing. 

After Binance.US bailed on its $1 billion purchase of Voyager’s assets, the company scrambled to find a new solution.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

Ethena Labs is leaping from its flagship synthetic dollar, USDe, to a full product suite—USDtb, iUSDe, and the Arbitrum-based Converge Chain—designed to marry crypto-native yields with TradFi-grade compliance. Our analysis shows how expanding into CME, ETF options, and tokenized Treasuries could lift protocol revenue from sub-$500 million in a bear case to several billion dollars if favorable regulation and institutional adoption align.

article-image

The L1’s Interwoven Stack is the most opinionated tech stack yet

article-image

Bitcoin is still rising, 11 years after the documentary film The Rise and Rise of Bitcoin

article-image

Arch Labs CEO told Blockworks that the team plans to launch a native token, but declined to give details

article-image

CEO Mike Silagadze tells Blockworks that the US is “open for business” and why its DeFi bank offering is the first of many

article-image

Doing one thing well and leaving everything else out is often what disruptive technologies do best