Bankrupt Crypto Lender Voyager Digital Shrinks Portfolio by Nearly 40% – Crypto News – Crypto News
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Bankrupt Crypto Lender Voyager Digital Shrinks Portfolio by Nearly 40% – Crypto News

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3 years ago

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Bankrupt crypto lender – Voyager – is slowly working towards making customers whole.

Voyager held nearly $413 million in multiple crypto-assets at one point. However, since enabling withdrawals to users on June 23rd, it has recorded a steady stream of outflow totaling $250 million worth of crypto assets. As a result, Voyager’s crypto portfolio has shrunk by 39.46%.

  • according to the date Compiled by Dune Analytics, Voyager currently holds $176.38 million worth of crypto. This includes $69.02 million in Bitcoin, $50.99 million in Ether, $18.56 million worth of USDC, $15.70 million worth of SHIB, and $2.46 million in MATIC, among others.
  • The bankrupt firm has a Clean Asset Ratio of 96.15% (excluding its native token VGX) and sits at a stablecoin balance of nearly $19 million.
  • The United States Bankruptcy Judge Michael Wiles greenlit Voyager’s proposed liquidation plan in May this year.
  • The move enabled the crypto lender to compensate about $1.33 billion in crypto assets to customers and end its efforts to reorganize under Chapter 11.
  • Voyager soon announced that customers would be able to recovered around 36% of their cryptocurrency deposits.
  • More recently, Gemini declared that it would be allowing withdrawals for victims of the Voyager bankruptcy case.
  • The firm had been crippled by the implosion of Zhu Su-led crypto hedge fund Three Arrows Capital (3AC) last year, which had earlier defaulted on a $665 million Voyager loan.
  • It later suffered two failed recovery deals from FTX and Binance.
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