Bankrupt Cryptocurrency Lender Voyager Digital Reduces Portfolio by Almost 40%

The bankrupt cryptocurrency lender, Voyager, is gradually progressing towards compensating its customers.

At one time, Voyager possessed nearly $413 million in various crypto-assets. However, following the resumption of withdrawals for users on June 23rd, it has experienced a consistent outflow amounting to $250 million in crypto assets. Consequently, Voyager’s crypto portfolio has decreased by 39.46%.

• As per the information gathered by Dune Analytics, Voyager currently retains $176.38 million in crypto. This comprises $69.02 million in Bitcoin, $50.99 million in Ether, $18.56 million in USDC, $15.70 million in SHIB, and $2.46 million in MATIC, among other assets.
• The bankrupt entity has a Clean Asset ratio of 96.15% (excluding its native token VGX) and maintains a stablecoin balance of nearly $19 million.
• In May of this year, United States Bankruptcy Judge Michael Wiles approved Voyager’s proposed liquidation strategy.
• This decision allowed the crypto lender to reimburse approximately $1.33 billion in crypto assets to its customers and conclude its attempts to reorganize under Chapter 11.
• Voyager subsequently revealed that customers would be able to recover around 36% of their cryptocurrency deposits.
• Recently, Gemini announced that it would facilitate withdrawals for those affected by the Voyager bankruptcy situation.
• The firm had been severely impacted by the collapse of the Zhu Su-led crypto hedge fund Three Arrows Capital (3AC) last year, which had previously defaulted on a $665 million loan from Voyager.
• It also faced two unsuccessful recovery agreements with FTX and Binance.

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