Regulated crypto exchange Gemini has announced that it is now supporting crypto withdrawals for customers of Voyager Digital, the bankrupt crypto lender. Users who were affected by the Voyager bankruptcy can create a Gemini account to withdraw their cryptocurrencies. However, Gemini will only allow withdrawals for supported tokens, and any unsupported assets sent to Gemini accounts may be lost. The support for Voyager customers will be available until July 2023.

Gemini’s Withdrawal Support for Voyager Customers

Gemini has revealed that it is providing assistance to customers of Voyager Digital who were affected by its bankruptcy. Voyager customers can now create a Gemini account and process their withdrawals through it. This support is available until July 23, 2023. It is important to note that Gemini only allows withdrawals for supported tokens. Customers must confirm that they are transferring supported tokens only to ensure their assets are not lost. Gemini warned that sending unsupported tokens to their platform may result in a complete loss of funds.

Voyager Digital filed for bankruptcy protection in July 2022 due to the market-wide crypto contagion that occurred after the collapse of Terra Luna and Three Arrows Capital. Since then, customers have been waiting for withdrawals to reopen. In May 2023, the platform announced that customers would be able to recover their assets in-kind, with a predicted recovery rate of 35% of their crypto deposits. Any tokens that are not withdrawn by the end of the specified period will be liquidated and the cash proceeds will be distributed to the respective customers.

Frequently Asked Questions (FAQ)

1. How can Voyager customers withdraw their cryptocurrencies through Gemini?

Voyager customers can create a Gemini account and process their withdrawals through it. Gemini is offering support for crypto withdrawals for Voyager customers affected by the bankruptcy.

2. Can Voyager customers withdraw all types of cryptocurrencies?

No, Gemini only allows withdrawals for supported tokens. Customers must ensure that they are transferring supported tokens to avoid any loss of funds.

3. Until when will Gemini provide support for Voyager customers?

Gemini’s support for Voyager customers will be available until July 23, 2023.

4. What happens to tokens that are not withdrawn by the end of the specified period?

Any tokens that are not withdrawn by the end of the specified period will be liquidated, and the cash proceeds will be distributed to the respective customers.

5. Is it safe to send unsupported tokens to Gemini?

No, sending unsupported tokens to Gemini may result in a complete loss of funds. Customers are advised to carefully confirm that they are transferring supported tokens only.

Sources: Coinjournal