Cash Withdrawals on the Horizon
Good news, Voyager users! After a rollercoaster ride of trading suspensions and financial turmoil, the crypto lender is reopening cash withdrawals starting August 11. Just imagine the surprise when you check your balance and find out you can actually take some of that cash out!
Withdrawal Limits and Timing
Users with U.S. dollars in their accounts can pull out a hefty up to $100,000 every 24 hours. However, patience is key—funds are expected to arrive in your bank account within 5 to 10 business days. But remember, just like all good things in life, cash withdrawals come with their own set of caveats.
Processing Procedures
Voyager has stated there will be some manual reviews involved in processing these withdrawals. This includes fraud checks and balancing accounts—and no, it’s not just counting sheep. The speed of processing could also depend on various banks, so keep those fingers crossed for a smooth transfer!
Background on Voyager’s Challenges
Voyager’s troubles began earlier this summer after it took a serious hit due to exposure to the now-defunct Three Arrows Capital. In June, the company had to secure a $500 million loan from Alameda Research. Talk about needing a lifeline! On July 5, Voyager filed for Chapter 11 bankruptcy protection, aiming to reorganize and eventually give customers access to their hard-earned funds.
Future Plans and Potential Sales
Even though Voyager turned down acquisition offers back in July, they’re still exploring the option to sell the company. Bids are set to be due by August 26, with a courtroom showdown on potential sales expected on September 8. Seems like Voyager is keeping all its options on the table, and we’re all just here for the suspense!
Final Thoughts
While many may be letting out a sigh of relief upon hearing the news of cash withdrawals, it’s crucial to maintain vigilance. As the crypto landscape continues to twist and turn, staying informed and speculative could very well be the mantra of the day!
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