Gemini Allows Voyager Customers To Withdraw Crypto
Gemini has added support for crypto withdrawals for customers of bankrupt lender Voyager Digital. Crypto transfers for Voyager victims are open until July 2023, and they must create a Gemini account to process withdrawals. Customers impacted by Voyager’s bankruptcy can withdraw crypto in-kind through a Gemini account until July 23, 2023. Voyager Digital filed for bankruptcy protection in July 2022 amid the crypto contagion following Terra Luna and Three Arrows Capital’s collapse. Customers have been waiting for withdrawals to reopen after the crypto lender paused transactions due to market sell-off pressure.
In May, the platform announced that customers could recover 35% of their crypto deposits in-kind, with refunds in the same digital assets held in their accounts before withdrawal pause and bankruptcy filing. Unsupported assets and the native Voyager Token, VGX, will be recovered via the USDC stablecoin. Any tokens not withdrawn by the end of the period will be liquidated, and cash proceeds will be distributed to customers.
Gemini advises users to avoid withdrawing unsupported tokens and confirm they are transferring supported tokens only. Unsupported tokens sent to Gemini accounts can be lost and unrecoverable, and sending tokens over unsupported networks can result in complete fund loss.
(With inputs from Shikha Singh)
You need to login in order to Like
