Crypto Firm Voyager Seeks to Honor Customer Withdrawals From Custodian Bank
— Custodian, Seeks, Withdrawals, Withdrawal, Crypto, Customers, Requests, Customer, Honor, Cryptocurrency — 1 min read
Cryptocurrency firm Voyager Digital Ltd. filed for bankruptcy protection last week facing a “run on the bank” as customers flooded the firm with requests to withdraw their deposits. Voyager Digital is one of the first victims of the sharp cryptocurrency pullback of recent months. The firm has asked for permission to honor withdrawal requests for $350 million in cash funds held on behalf of its customers at a custodian bank, court filings show. It filed for chapter 11 bankruptcy protection and filed for Chapter 11 bankruptcy last week, becoming the first victim of a sharp pullback in recent months of recent cryptocurrency market pullback. The move comes after a sharp drop in the value of Bitcoin and other major cryptocurrencies in the past year, analysts say in the U.S. Source