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Voyager wants to return owners' deposits after reconciliation

Voyager wants to return owners' deposits after reconciliation

The company assures that its fiat currency funds are held in special type bank accounts at Metropolitan Commercial Bank of New York (MCB). Each account is insured for up to $250,000. 

Voyager Digital reports that the return of cryptocurrency to its customers will be contingent on Three Arrows Capital's restructuring and asset recovery process (3AC), including access to customer dollar deposits. The money will be returned to the owners upon completion of the reconciliation process. 

The platform explained that it currently has about $1.3 billion in cryptocurrency assets, with another $650 million in cryptocurrency debt owed by insolvent venture capital firm 3AC. On June 27, Voyager issued a notice of default to Three Arrows Capital for failing to make required payments on loans of 15,250 BTC and $350 million. 

Cryptocurrency platform Voyager announced a temporary suspension of trading, deposits, and withdrawals on July 1, and days later, the company filed for bankruptcy and submitted a restructuring plan.

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