The exact amount reimbursed to users will “depend on what happens in the restructuring process and the recovery of 3AC assets”, said Voyager. 

Following Voyager Digital filing for bankruptcy on Tuesday, the crypto lending firm said its aim was to preserve customer assets but did not formally state whether it would be able to return all the affected funds to its affected users.

On Monday, Voyager said it had roughly $1.3 billion in affected users’ funds in addition to $650 million in “claims against Three Arrows Capital” which is referring to the 15,250 Bitcoin (BTC) and 350 million USD Coin (USDC) loan the firm failed to repay. As per Voyager’s proposed recovery plan, subject to court’s approval, users may receive a combination of Voyager tokens, cryptocurrencies, “common shares in the newly reorganized company,” and funds from any proceedings with Three Arrows Capital, or 3AC.

“The exact numbers will depend on what happens in the restructuring process and the recovery of 3AC assets,” said the lending firm. “The plan is subject to change, negotiation with customers, and ultimately a vote […] We put together a restructuring plan that would preserve customer assets and provide the best opportunity to maximize value.”

Voyager also said it held  funds “equal to the amount of USD in customer accounts” in a special FDIC-insured account at the Metropolitan Commercial Bank of New York. FDIC protection will guarantee up to $250,000 per customer should the bank fail — not the lending company. Voyager further said it was “working to restore access to USD deposits,” subject to a reconciliation and fraud prevention process.

On June 27, Voyager issued a default notice to 3AC, citing the firm’s failure to pay as one of the reasons behind suspending trading, deposits, withdrawals and loyalty rewards. The lending firm also announced it had taken a loan of 15,000 BTC, estimately $500 million at the time, from Alameda Research to cover losses due to 3AC.

The company said it was “pursuing various strategic alternatives to evaluate the value of the standalone company compared with a third-party investment or sale”,  in addition to exploring 3AC’s repayment.  Since its yearly high of $20.35 in November 2021,  the company’s share price has fallen more than 98%, reaching roughly $0.27 at the time of publication according to TradingView.

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