Voyager files for Chapter 11 bankruptcy: Breaking News

Voyager Digital has filed for bankruptcy after pausing crypto trading deposits and withdrawals under Chapter 11 in the Southern District Court of New York on 5th July. The company is liable for a considerable amount, somewhere between $1 billion to $10 billion to 100,000 asset holders. According to company executives, the company has a reorganization plan to help clients re-access their accounts, and to provide value to customers. These people will receive proceeds from the Three Arrows Capital and can re-access them after the reconciliation process. 

Voyager will pay employees using the regular route, without any disruptions. It has entered into an agreement of $500 million with Alameda Research to cover all the losses. The daily withdrawal limit to $10,000, and the company is planning to work on resolving these issues.