Voyager Digital to Enable Cash Withdrawals from 11 August 2022

Voyager Digital crypto exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term received the approval of the court to release $270 million in cash deposits. Starting on 11 August 2022 (Thursday), cash withdrawals will open to the platform's users.

Users can withdraw up to $100,000 in cash using an automated clearing house transfer.

The Voyager team released the following statement on their blog, affirming the opening of cash withdrawals:

"We anticipate resuming access to the Voyager app for cash withdrawals only, starting on Thursday, August 11th. Customers with cash (US dollars) in their accounts will receive an email with more details before cash withdrawal access in the app becomes available.

"We anticipate customers will receive their funds in about 5-10 business days after making their requests.

"Requests will be processed as quickly as possible but will require some manual review, including fraud reviews and account reconciliation, and timing will depend, in part, upon the individual banks to which customers transfer their cash.

"Once cash withdrawals are enabled, customers can withdraw up to $100,000 via the app/ACH in a 24-hour period."

source: voyager

Stephen Ehrlich's $30M Profits

According to CNBC, Voyager's CEO Stephen Ehrlich earned millions of dollars from selling the company's stocks in February and March 2021. Voyager's stock was trading at 7 cents in 2020 before climbing over $25 in 2021.

Voyager was able to go public following a reverse merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d Read this Term deal with UC Resources Ltd on Canada's exchange.

It has been estimated that Ehrlich sold just under 2 million stocks from February to March 2021 in 11 different sales. Ehrlich earned around $31 million from the sales.

The top transactions (totalling 1.4 million stocks) were tied to a $50M secondary offering by Stifel Nicolaus.

The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) warned Voyager that it may have misled clients by indicating clients' funds are insured by the government.

The FDIC said Voyager had an account at Metropolitan Commercial Bank, but clients that invested via Voyager's platform were not covered by the FDIC. In a released statement, the regulator said the following:

''Based on the information gathered to date, it appears that these representations likely misled and were relied upon by customers who placed their funds with Voyager and do not have immediate access to their funds."