Regulated crypto exchange Gemini has announced support for crypto withdrawals for customers of the bankrupt crypto lender Voyager Digital.
Voyager customers can create an account on Gemini to receive their cryptocurrencies. However, the exchange will only allow supported tokens and users may lose unsupported assets sent to Gemini accounts.
Voyager Digital filed for bankruptcy protection in July 2022 due to 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 and declared bankruptcy.
In May this year, it was announced that customers would soon be able to recover their assets in-kind. It is estimated that customers will get 35% of their crypto deposits.
The transfers will run through July 2023 and customers will have to create a Gemini account to process the withdrawals. Any tokens not withdrawn by this time will be liquidated and cash proceeds distributed to respective customers.
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 a 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.
