Gemini announces crypto withdrawals for Voyager customers

• Voyager customers can create an account on Gemini to receive their cryptocurrencies.
• The crypto exchange will however only allow supported tokens, and users may lose unsupported assets sent to Gemini accounts.
• Voyager Digital filed for bankruptcy protection in July 2022.

Regulated crypto exchange Gemini has added support for crypto withdrawals for customers of the bankrupt crypto lender Voyager Digital.

Gemini noted in a blog announcement on June 25 that crypto transfers for Voyager victims are open, and will run through July 2023. To access the support, Voyager bankruptcy victims will have to create a Gemini account from which they will process the withdrawals.  

“Through July 23, 2023, Voyager customers impacted by the Voyager bankruptcy can create a Gemini account to withdraw their crypto in-kind, pursuant to the claims of the distribution process,” the exchange wrote.

Gemini only allows withdrawals for supported tokens

Voyager Digital filed for bankruptcy protection in July 2022 amid the crypto contagion that followed the collapse of Terra Luna and Three Arrows Capital (3AC). Customers have been waiting for withdrawals to reopen after the crypto lender paused transactions as sell-off pressure intensified across the market.

In May this year, customers got a huge boost when the platform announced victims would soon be able to recover their assets in-kind. The prediction was that customers could get 35% of their crypto deposits.

While it means customers will get the refunds in the same digital assets held in their accounts before the pause on withdrawals and subsequent bankruptcy filing, accounts with unsupported assets and the native Voyager Token, VGX, will recover them via the USDC stablecoin.

Any tokens not withdrawn by the end of the stated period will be liquidated and cash proceeds distributed to respective customers.

Voyager customers should note that Gemini will not allow withdrawals related to unsupported tokens and users must “carefully confirm” that they are transferring supported tokens only.

“Any unsupported tokens sent to your Gemini account may be lost and completely unrecoverable. Likewise, sending tokens to Gemini over an unsupported network will result in a complete loss of funds,” Gemini warned.