Affected Voyager customers will now have until July 23, 2023 to open a Gemini account and withdraw their cryptocurrency directly according to the distribution process claim.
Gemini helps Voyager recover funds
in a statement The Gemini team released a message on Sunday, June 25th, announcing a fund recovery program for those affected by Voyager’s bankruptcy. Customers wishing to recover their lost funds will need to join the Gemini platform and have until July 23, 2023 to take advantage of this offer.
Additionally, the team is offering a $5 promotional discount for every new verified Voyager customer from the US who joins the Gemini platform.
The statement reads,
“As required by the distribution process, as of July 23, 2023, Voyager customers affected by Voyager’s bankruptcy can create a Gemini account to withdraw their cryptocurrency in kind. We are happy to offer a promotional welcome to all Voyager customers who join Gemini. New US customers of Voyager will receive $5 in BTC after signing up and being verified within 30 days of account opening. “
Customers recover tokens supported by Gemini
Gemini has been playing an important role in the current cryptocurrency space, especially looking for expansion opportunities in this space Asia-Pacific nation.In fact, the company has applied for UAE license.
It now assumes responsibility as a full reserve exchange and custodian for all client funds on the Voyager platform.
The company also clarified that fund recovery is only available for Gemini-backed tokens. If a Voyager client sends tokens that are not supported by the Gemini platform, those tokens may be lost and completely irrecoverable. A similar loss of funds could affect the transfer of tokens to Gemini over an unsupported network.
Additionally, if users do not withdraw funds from the Voyager platform within the stipulated time, they will be liquidated and returned in cash.
Voyager’s Bankruptcy Struggle
Just a few weeks ago, reports emerged of Voyager’s bankruptcy plan claiming that the bankrupt company would restart customer withdrawals to return 35.72% of what was owed.
Voyager Digital has been fighting to reopen trading for customer withdrawals after facing financial difficulties and declaring bankruptcy about a year ago. In fact, the company has had two failed attempts before.
The first was a $1.4 billion deal with FTX US, which fell through when the FTX US bankruptcy scandal broke. Voyager’s second attempt was a $1 billion deal with the U.S. arm of prominent cryptocurrency firm Binance. However, this also failed to materialize, with Binance pulling out of the agreement, citing concerns about a “hostile and uncertain regulatory environment” in the United States.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.