Voyager Digital has been given permission to refund $270 million to customers

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Last Updated on August 6, 2022 by Bitfinsider

The Wall Street Journal reported on Thursday that the United States Bankruptcy Court in New York has granted crypto firm Voyager Digital Holdings Inc permission to return $270 million in customer cash.

Voyager, one of several firms that have struggled in the aftermath of widespread crypto market turmoil, filed for Chapter 11 bankruptcy protection last month.

Voyager estimated in its bankruptcy filing that it had over 100,000 creditors, assets worth between $1 billion and $10 billion, and liabilities worth the same amount.

The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) ordered the company last week to stop making “false and misleading” claims that its customers’ funds were protected by the government.

According to regulators, the company only had a deposit account at Metropolitan Commercial Bank, and customers investing through its platform were not insured by the FDIC.

During the COVID-19 pandemic, crypto lenders like Voyager thrived, attracting depositors with high interest rates and easy access to loans rarely offered by traditional banks. However, the recent crypto market downturn, precipitated by the failure of two major tokens in May, has harmed lenders.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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