Last week, Voyager Digital filed for Chapter 11 bankruptcy following Three Arrows Capital’s failure to pay back a $670 million dollar loan. This came during a period of strong volatility in the cryptocurrency space, and left many investors empty-handed. Now, Voyager has provided a new update, in which it details its plans for recovery for its users following the filing. However there’s some concerning language for those who are expecting to get 100 percent of their investment back.
The latest update from Voyager Digital was posted to the company’s website earlier today. Here, they provide more information on the bankruptcy filing as well as next steps. Users of the cryptocurrency platform are most concerned with getting their assets back, which is discussed in the post. When directly addressing the question of how much crypto users can expect to get back, Voyager states “the exact numbers will depend on what happens in the restructuring process and the recovery of 3AC assets.”
The last part is in reference to Three Arrows Capital, which defaulted on a $670 million loan to Voyager back in June. The recovery of those assets will have an impact on Voyager’s ability to fully return crypto assets to users. With the uncertainty surrounding the situation at 3AC, there’s a real chance that many of Voyager’s users could see less than all of their assets return to their account.
The fact that some Voyager Digital users may not be able to recover all of their assets is the unfortunate reality of the situation. One of the biggest crypto platforms filing for Chapter 11 bankruptcy is just the latest in a string of bad news for the crypto world. For future updates on what’s happening at Voyager Digital, stick with Shacknews.