An Unprecedented Asset Recovery
Voyager Digital creditors have been tirelessly working to regain their funds since the crypto brokerage collapsed a year ago. Recent data has shed light on the colossal amount of withdrawals made since the company reopened fund withdrawals for its users on June 23.
The Scale of Withdrawals
According to data provided by Dune, creditors of the bankrupt crypto brokerage company have withdrawn approximately $250.4 million worth of cryptocurrencies within a span of 18 days. Voyager had a total of $426.8 million worth of crypto assets on June 23, and this number has dwindled down to a mere $176.4 million at present.
Breakdown of Remaining Assets
Dune’s data also provides a glimpse into the remaining assets held by Voyager. Most of Voyager’s assets are still in Bitcoin (BTC), valued at about $68.8 million. Other significant holdings include Voyager token (VGX), Ethereum (ETH), and various stablecoins, each worth $6.8 million, $50.8 million, and $18.9 million, respectively. Additionally, Voyager holds $30.8 million worth of different altcoins.
The Aftermath of Bankruptcy
The bankruptcy proceedings of Voyager have been fraught with challenges. In April, Binance.US retracted its bid to purchase Voyager’s assets due to regulatory issues in the US. This led to Voyager, which had already filed for Chapter 11 bankruptcy, distributing its remaining assets among its creditors.
Gemini Steps in to Assist Voyager Users
On a brighter note, the crypto exchange Gemini has stepped in to help former Voyager Digital users. On June 25, Gemini announced a bonus scheme for Voyager Digital’s users, promising to reward them with $5 in BTC within 30 days of their KYC verification. As the saga of Voyager’s collapse unfolds, such initiatives provide a ray of hope for the beleaguered users.
Moving Forward After the Collapse
The case of Voyager Digital’s collapse stands as a sobering reminder of the volatility and risk inherent in the crypto industry. However, the swift withdrawal of over $250 million in assets by creditors within just 18 days demonstrates the resilience and determination of those affected.
Gemini’s initiative to assist former Voyager users also illustrates the solidarity within the crypto community, which is a positive takeaway from this difficult situation. As we move forward, it is essential for industry stakeholders and regulators to learn from such incidents and work toward strengthening measures to protect investors and users.
Despite the rocky journey, creditors and users of Voyager Digital are finding ways to navigate this challenging landscape. Their actions in the wake of the company’s collapse will likely inform future strategies for dealing with similar situations in the crypto industry. The hope is for a more secure and robust market that can better withstand such setbacks.
