Bankrupt Voyager experiences $250M withdrawal surge as users move assets to centralized exchanges

Voyager, the now-bankrupt crypto lender, has seen astir $250 cardinal successful nett outflows since it reactivated its withdrawal relation connected June 23, arsenic per information from Dune Analytics.

Data from Dune showed that Voyager saw monolithic withdrawals during the week starting July 3, arsenic users withdrew $64 cardinal worthy of Bitcoin (BTC), $74 cardinal successful USDC, and implicit $17 cardinal successful Ethereum (ETH). The level besides recorded important withdrawals successful Shiba Inu (SHIB) and different cryptocurrencies.

Source: Dune Analytics

Voyager users person been withdrawing their assets to centralized exchanges, including Kraken, Crypto.com, and others.

Meanwhile, the Arkham Intelligence dashboard shows that the lender’s existent crypto holdings equilibrium is $175.98 cardinal arsenic of July 10.

Source: Arkham Intelligence

The lender’s BTC holdings relationship for $70.91 cardinal of the remaining funds, portion its ETH equilibrium is $49.18 million. USDC, SHIB, and its VGX token implicit the bankrupt’s steadfast apical 5 assets balances.

Voyager users retreat lone 35% of assets.

On May 19, the U.S. bankruptcy tribunal approved Voyager’s program to instrumentality implicit $1 cardinal successful cryptocurrencies to customers.

Following the news, the lender’s bankruptcy program administrator, Paul Hage, revealed the firm’s program to unfastened a 30-day model play to let impacted users to retreat 35.72%  of their equilibrium connected the platform.

According to the lender’s website, users who neglect to retreat their crypto assets during this play volition beryllium repaid successful fiat U.S. Dollars later.

Meanwhile, Hage stated that Voyager’s absorption volition “shift to recovering further assets that tin beryllium distributed to creditors” aft it completes the archetypal organisation of cryptocurrencies.

Some of the lender’s debtors see the bankrupt crypto hedge money Three Arrows Capital, which besides owes a important magnitude to the failed FTX and its related entities.

The station Bankrupt Voyager experiences $250M withdrawal surge arsenic users determination assets to centralized exchanges appeared archetypal connected CryptoSlate.