Affected Voyager customers can now open a Gemini account until July 23, 2023, and withdraw their cryptocurrencies directly in accordance with the distribution process claims.
Gemini Enables Voyager Funds Recovery
In a statement posted on Sunday, June 25, the Gemini team announced a fund recovery program for those affected by the Voyager bankruptcy. The customers who hope to reclaim their lost funds will need to join the Gemini platform and will have time till July 23, 2023, to avail of the offer.
Additionally, the team is also presenting a promotional offer of $5 BTC for every new verified Voyager customer from the United States who joins the Gemini platform.
The statement reads,
“Through July 23, 2023, Voyager customers impacted by the Voyager bankruptcy can create a Gemini account to withdraw their crypto in-kind, pursuant to the claims of the distribution process. We are pleased to offer a promotional welcome to all Voyager customers who join Gemini. New U.S. customers from Voyager will receive $5 in BTC after they sign up and become verified within 30 days of opening their account.”
Customers To Recover Gemini-Supported Tokens
Gemini has been powering through the current crypto landscape, especially seeking expansion opportunities in the APAC countries. The company has, in fact, applied for its UAE license.
It has now taken on the responsibility of being the full-reserve exchange and custodian for all client funds on the Voyager platform.
The company also clarified that the fund recovery would only be applicable to tokens supported by Gemini. If a Voyager customer sends tokens not supported by the Gemini platform, they might be lost and completely unrecoverable. A similar loss of funds might affect the transition of tokens to Gemini over an unsupported network.
Furthermore, if users do not withdraw their funds from the Voyager platform within the stipulated time, they will be liquidated and distributed back in cash.
Voyager’s Bankruptcy Struggles
Just a few weeks ago, there were reports of a Voyager bankruptcy plan which claimed that the bankrupt firm was going to restart customer withdrawals to refund 35.72% of what was owed.
After facing financial difficulties and declaring bankruptcy almost a year ago, Voyager Digital struggled with securing deals to reopen customer withdrawals. In fact, the company had two prior unsuccessful attempts.
The first was the $1.4 billion deal with FTX US that fell through when the latter’s bankruptcy scandal broke. Voyager’s second attempt was a $1 billion deal with the US division of prominent cryptocurrency firm Binance. However, this, too, failed to materialize as Binance withdrew from the agreement, citing concerns over a “hostile and uncertain regulatory climate” in the United States.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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