Voyager’s bankruptcy court has approved the company to refund customers up to $270 million by Judge Michael Wiles, who presided over Voyager’s case in the U.S. Bankruptcy Court in New York. It has given Voyager the green light to refund customers in custodial accounts at Metropolitan Commercial Bank (MCB), The Wall Street Journal reported.
Voyager enterChapter 11 bankruptcy proceedings in early July afterstopWithdrawals, with the company claiming that the sudden market downturn was the result of the collapse. The Chapter 11 bankruptcy protection allows the company to continue while restructuring its debt payments to its creditors.
Since then, Voyager hastryTo allow customers to withdraw funds for funds held by Metropolitan Commercial Bank, which acts as a cash custodian for Voyager.
Court documents state that The account balance is estimated at $350 million by the MCB. tellWith the Journal, Voyager had about $270 million in accounts when it filed for bankruptcy.
Although MCB is able to refund customers But the court has yet to decide what will happen to the $1 billion digital assets on Voyager’s platform.
The post Court approves Voyager to refund $270 million to customers appeared first on Bitcoin Addict.