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Report – Crypto News Updates

The US bankruptcy court in New York ruled on Aug. 4 that Voyager had provided “sufficient basis” to support its claim that customers should have access to a portion of their funds.

A custody account at the Metropolitan Commercial Bank (MCB) contains at least $270 million in cash that the company disclosed when it filed for bankruptcy. The company has now been given the green light to return those funds to its customers, solving one of the more significant issues it was facing, the company said WSJ.

Voyager Digital payouts suspended In early July due to bad debts accumulated by Three Arrows Capital (3AC). The company filed for Chapter 11 bankruptcy on July 5, and at the time said it held $350 million in cash in the For Benefit Of (FBO) account for customers at MCB.

reprieve for some

Like many beleaguered crypto brokers and lenders, Voyager faced a banking crisis as clients sought to withdraw their funds amid a collapsing crypto market.

investment tip Report – Crypto News Updates, Crypto Trading News

The firm requested the release of cash in the bank, but explained that the estimated $1.3 billion in crypto assets on the platform were part of the bankruptcy estate, which was to be shared by all creditors.

Voyager is aiming to complete a sale by September and has already turned down offers from FTX CEO and crypto billionaire Sam Bankman-Fried. End of July, SBF knocked out at the company, claimed it still owned 75% of its assets and customers surveyed had not yet been reimbursed.

A few days later, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) accused Travelers from misleading customers with false claims that they were covered by FDIC insurance.

This week’s fund release approval will provide some breathing space for those who have frozen assets from centralized companies during the ongoing crypto winter.

Crypto markets sideways

The crypto markets are still range bound with very little movement in either direction over the past 24 hours. Total capitalization remains at $1.1 trillion and key assets are consolidating at current levels.

Bitcoin is flat with a touch above $23K on the day, whereas Ethereum is trading at $1,664 where it was yesterday.

The only cryptocurrency in the top ten moving is Binance Coin, with BNB up 4.2% to $313 at the time of writing. The company has just announced partnered with Mastercard to provide prepaid crypto cards in Argentina.

Source: Crypto News Deutsch

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