Voyager, the crypto lender that recently filed for bankruptcy, has experienced significant net outflows totaling approximately $250 million since reactivating its withdrawal function on June 23, according to data from Dune Analytics. Dune Analytics data revealed that Voyager witnessed a surge in withdrawals during the week starting July 3. Users withdrew approximately $64 million worth of Bitcoin (BTC), $74 million in USDC, and over $17 million in Ethereum (ETH). Notably, significant withdrawals were also recorded for Shiba Inu (SHIB) and other cryptocurrencies.
Voyager users have been transferring their assets to centralized exchanges such as Kraken, Crypto.com, and others. Meanwhile, as of July 10, the Arkham Intelligence dashboard displayed Voyager’s current crypto holdings balance as $175.98 million. The remaining funds consist of $70.91 million in BTC, $49.18 million in ETH, and the bankrupt firm’s top five assets are completed by USDC, SHIB, and its VGX token.
It is worth noting that Voyager users have withdrawn only 35% of their assets. On May 19, the U.S. bankruptcy court approved Voyager’s plan to return over $1 billion in cryptocurrencies to customers. In response to this development, the lender’s bankruptcy plan administrator, Paul Hage, announced a 30-day window period to enable affected users to withdraw 35.72% of their platform balance.
According to Voyager’s website, users who fail to withdraw their crypto assets during this period will be reimbursed in fiat U.S. Dollars at a later date. Hage emphasized that after completing the initial distribution of cryptocurrencies, Voyager’s focus will shift to recovering additional assets that can be distributed to creditors. Among the lender’s debtors are the bankrupt crypto hedge fund Three Arrows Capital, which also owes a substantial amount to the failed FTX and its related entities.
