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What a Bankruptcy Court Ruling Means for Voyager Customers

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Voyager customers will get some of their money back.

The bankruptcy court in New York approved a plan that would let Voyager to give $270 million to customers who were impacted by the bankruptcy and the sudden pause on withdrawals, transactions and trades.

The Wall Street Journal reported that the return funds would be held at the Metropolitan Commercial Bank. The report comes after it was revealed that Voyager's CEO had made millions by selling stock last year.

Voyager declared bankruptcy back in July, after Three Arrows Capital defaulted on a loan, and Voyager was forced to announce a $660 million exposure.

FULL VIDEO TRANSCRIPT BELOW:

This just in…​​Voyager customers will at least get some of their money back.

The bankruptcy court in New York approved a plan that would let Voyager give $270 million to customers who were impacted by the bankruptcy and the sudden pause on withdrawals, transactions and trades. The Wall Street Journal reported that the returned funds were held at the Metropolitan Commercial Bank.

The report comes after it was revealed that Voyager's CEO had made $30 million by selling stock last year. Voyager declared bankruptcy back in July, after Three Arrows Capital defaulted on a loan, and Voyager was forced to announce a $660 million exposure. However, its important to note that Voyager states they are in active discussion with over 20 parties that have higher and better bids for a bailout, including Sam Bankman-Fried's FTX.

It’s your boy Ross Mac and that was the Crypto Minute on TheStreet. 

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