Gemini Allows Withdrawals for Voyager Customers Whose Funds Have Been Trapped since Bankruptcy

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Mayowa Adebajo
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Voyager customers who have been unable to access their funds since the company folded up last year may finally have something to cheer about. This follows after a recent blog post hinted that customers affected by Voyager’s bankruptcy can now withdraw their funds.

According to the blog post, the 30-day window of opportunity opened on Sunday, June 25th, and would run till July 23rd. During this period, the customers can take out their trapped funds onto the Gemini platform. However, any unclaimed crypto after the window will be liquidated to cash.

Gemini Shares Recovery Process for Voyager Users

In a statement, Gemini has shared its excitement about the new development. The firm claims that a promotional welcome is actively ongoing, encouraging Voyager customers to simply create an account on the Gemini platform to begin their withdrawals. Part of the statement reads:

“New US customers from Voyager will receive $5 in BTC after they sign up and become verified within 30 days of opening their account.”

Meanwhile, it appears that a little issue will inadvertently arise with the withdrawals. Gemini confirms that the withdrawal will only allow for the crypto assets its platform currently supports. That is, assets not included in the over 70 crypto assets on the Gemini exchange will be lost.

As Coinspeaker earlier reported, crypto broker Voyager Digital filed for bankruptcy protection on July 5th, 2022. At the time, the firm claimed that the filing was part of its restructuring plans.

Since then, however, several firms have attempted, albeit unsuccessfully, to acquire its assets. FTX US first won an auction for the assets in September 2022, before it went bankrupt itself by November.

Similarly, Binance also put out a $1.2 billion deal to acquire Voyager’s assets. But severe regulatory pushbacks and amendments would also see the giant exchange pull out of the race in April 2023.

After several unsuccessful attempts to sell its assets, the bankruptcy court finally approved plans to self-liquidate the platform in May 2023. As it stands though, Voyager estimates that customers will receive about 36% of the amount owed to them. It also considers a possibility that the figure goes higher if Voyager can resolve the ongoing dispute with FTX regarding a $445.8 million loan repayment.

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.