The US Bankruptcy Court in New York ruled on August 4 that Voyager provided sufficient basis to support its claim that customers should have access to some of their money.

The trust account held at Metropolitan Commercial Bank (MCB) contains at least $270 million in cash that the company disclosed when it filed for bankruptcy.

The company has now obtained the green light to return this money to its users, which has settled one of the most important problems the company has faced, according to to source.

As is well known, Voyager Digital suspended withdrawals in early July due to bad debts that Three Arrows Capital (3AC) had accumulated.

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The company filed for Chapter 11 bankruptcy on July 5, indicating at the time that it had $350 million in cash held in an FBO account (for) clients at MCB.

Voyager Digital blunders:

Like many beleaguered brokers and lenders, Voyager faced a bank-managed situation where customers scrambled to withdraw their money amid the crashing cryptocurrency market.

The company requested the release of cash held in the bank but stated that the estimated $1.3 billion in crypto assets on the platform belonged to a bankruptcy estate that would be shared by all creditors.

Voyager aims to close a sale by September and has already rejected offers from FTX chief and crypto billionaire Sam Bankman-Fried.

In late July, “Sam Bankman-Fried” attacked the company, claiming that it still owns 75% of its assets and that clients have not yet been compensated.

Two days later, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) accused Voyager of misleading customers with false claims that it was covered by FDIC insurance.

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