Originally posted by OrangeBlood
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Dear Matthew,
Last Friday, Voyager presented what are referred to as “First Day Motions” as part of our Chapter 11 filing to the U.S Bankruptcy Court. We were granted the relief requested. This was the first step in the restructuring process, which is intended to address the company’s financial circumstances and allow us to resume normal operations.
We know you have many questions, and we are moving swiftly to give you answers. Below and in this more detailed blog post, we’ve tried to respond to your most pressing inquiries.
How does the reorganization process impact my cash?
We are working to restore access to USD deposits. Customer USD belongs to customers and will return to those same customers, subject to a reconciliation and fraud prevention process.
Is the USD in my account FDIC insured?
Yes. USD in your Voyager cash account is held at Metropolitan Commercial Bank of New York (“MCB”) and is FDIC insured. That means you are covered in the event of MCB’s failure, up to a maximum of $250,000 per Voyager customer. FDIC insurance does not protect against the failure of Voyager, but to be clear: Voyager does not hold customer cash, that cash is held at MCB.
What will happen to the crypto in my account?
Voyager currently has approximately $1.3 billion of crypto assets on its platform, plus claims against Three Arrows Capital ("3AC") of more than $650 million (it fluctuates due to the exchange rate between Bitcoin and USD).
Under Voyager’s proposed reorganization plan, which is subject to change and requires Court approval, customers will receive a combination of the following, with the ability to select the proportion of crypto and common equity they receive, subject to certain maximum thresholds:
Pro-rata share of crypto;
Pro-rata share of proceeds from the 3AC recovery;
Pro-rata share of common shares in the newly reorganized Company; and
Pro-rata share of existing Voyager tokens.
Can you tell me how much of my crypto I’ll get back?
At this stage, we are proposing that customers will receive their crypto as described above. However, the exact numbers will depend on what happens in the restructuring process and the recovery of 3AC assets. We understand how important this issue is and will provide updates as soon as possible.
What’s next?
Our next Court hearing is on August 4, 2022, where we will seek further relief to stabilize operations and further advance the restructuring. As the restructuring continues, you may receive notices with updates on additional legal and procedural milestones. This includes a Notice of Commencement, a required, customary legal document indicating that Voyager and its subsidiaries have filed voluntary petitions for Chapter 11 reorganization. This notice requires no action on your part.
Further details on the restructuring, including relevant court filings, is available at https://cases.stretto.com/Voyager, or by calling +1 (855) 473-8665 (U.S. toll-free) or +1 (949) 271-6507 (international).
We can’t thank you enough for your continued support. We’ve worked hard to share everything we can at this point; you have our continued commitment that we will keep you updated. We are moving through this process as quickly as we can.
Regards,
Team Voyager
Last Friday, Voyager presented what are referred to as “First Day Motions” as part of our Chapter 11 filing to the U.S Bankruptcy Court. We were granted the relief requested. This was the first step in the restructuring process, which is intended to address the company’s financial circumstances and allow us to resume normal operations.
We know you have many questions, and we are moving swiftly to give you answers. Below and in this more detailed blog post, we’ve tried to respond to your most pressing inquiries.
How does the reorganization process impact my cash?
We are working to restore access to USD deposits. Customer USD belongs to customers and will return to those same customers, subject to a reconciliation and fraud prevention process.
Is the USD in my account FDIC insured?
Yes. USD in your Voyager cash account is held at Metropolitan Commercial Bank of New York (“MCB”) and is FDIC insured. That means you are covered in the event of MCB’s failure, up to a maximum of $250,000 per Voyager customer. FDIC insurance does not protect against the failure of Voyager, but to be clear: Voyager does not hold customer cash, that cash is held at MCB.
What will happen to the crypto in my account?
Voyager currently has approximately $1.3 billion of crypto assets on its platform, plus claims against Three Arrows Capital ("3AC") of more than $650 million (it fluctuates due to the exchange rate between Bitcoin and USD).
Under Voyager’s proposed reorganization plan, which is subject to change and requires Court approval, customers will receive a combination of the following, with the ability to select the proportion of crypto and common equity they receive, subject to certain maximum thresholds:
Pro-rata share of crypto;
Pro-rata share of proceeds from the 3AC recovery;
Pro-rata share of common shares in the newly reorganized Company; and
Pro-rata share of existing Voyager tokens.
Can you tell me how much of my crypto I’ll get back?
At this stage, we are proposing that customers will receive their crypto as described above. However, the exact numbers will depend on what happens in the restructuring process and the recovery of 3AC assets. We understand how important this issue is and will provide updates as soon as possible.
What’s next?
Our next Court hearing is on August 4, 2022, where we will seek further relief to stabilize operations and further advance the restructuring. As the restructuring continues, you may receive notices with updates on additional legal and procedural milestones. This includes a Notice of Commencement, a required, customary legal document indicating that Voyager and its subsidiaries have filed voluntary petitions for Chapter 11 reorganization. This notice requires no action on your part.
Further details on the restructuring, including relevant court filings, is available at https://cases.stretto.com/Voyager, or by calling +1 (855) 473-8665 (U.S. toll-free) or +1 (949) 271-6507 (international).
We can’t thank you enough for your continued support. We’ve worked hard to share everything we can at this point; you have our continued commitment that we will keep you updated. We are moving through this process as quickly as we can.
Regards,
Team Voyager
I got the same thing. I held very little crypto with them but had a few grand in cash. I want my cash back!
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