FTX will help Voyager customers to get back their digital assets. After filing for bankruptcy earlier this month, Voyager customers who got locked using their accounts will finally get help from FTX.
— SBF (@SBF_FTX) July 22, 2022
Voyager Digital’s Bankruptcy in July
The news of Voyager Digital spread on social media after the company filed for bankruptcy earlier this month. Following this unfortunate news, Voyager posted on Twitter a few days later addressing the issues of customers’ accounts. Voyager also added the company’s commitment to giving back customers’ money, “Customer cash belongs to you and will go back to you, subject to a reconciliation and fraud prevention process.”
On Friday, 22 July 2022, FTX released a statement regarding their help to Voyager customers. West Realm Shires Inc. and Alameda Ventures are also in to help. CEO FTX Sam Bankman-Fried stated, “The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business.”
The plan is to make customers get back some of their digital assets. Customers would be able to create a new account with FTX with cash funded as a part of the bankruptcy claims. They would also choose whether to continue transactions in FTX or cash withdrawal. As Voyager customers can not open their accounts, participating with FTX would help them to shield themselves from depreciation.
FTX requests Voyager to respond to the proposal immediately on Tuesday, 26 July 2022. However, FTX and other participants would not buy loans for Voyager’s issue with Three Arrows Capital (3AC).