Embattled crypto brokerage firm Voyager Digital recently sought permission to process user withdrawals from the Federal Bankruptcy Court.
According to a recent court filing, Voyager is requesting a permit from the court to approve users' withdrawal requests. The amount is in excess of $350 million. The funds are in a For Benefit of Customers (FBO) account with New York's Metropolitan Commercial Bank.
The firm is trailing this line to lessen customers' worry and restore investors' confidence. According to the firm, "failure to honour customer withdrawals any longer could materially harm customer morale."
Recall that, on July 4, Voyager Digital halted withdrawals on its platform due to the market downturn. The firm said at the time that the move would allow it time to explore possible options to scale the difficulties brought about by the current bearish run.
Shortly after, the troubled firm filed for chapter 11 bankruptcy protection to preserve its assets and maximize customers'...
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