Voyager has gone bankrupt, and it is now up to Gemini to help its users. The venture has therefore rolled a way to offer assistance to them by allowing them to with their digital holdings in-kind. All they have to do is create an account with Gemini, review the list of supported tokens, and it will be all set for them, depending on the claim distribution process.
The development has been announced by Gemini, highlighting that the same can be done through July 23, 2023. Simultaneously, Gemini has announced a promotional offer for all Voyager users who are based in the US. They will be given $5 in BTC after successfully registering and verifying with the platform in 30 days. This will be over and above the claims they make with Gemini.
Gemini will suspend the crypto transfer window on July 23, 2023, along with the welcome promotional offer. Voyager users can claim funds by navigating to the deposit page on their Gemini account. This could be different for desktop and mobile users. However, the idea is more or less the same, except they will have to choose to Receive Crypto in a mobile application.
Go through the list and select the cryptocurrency that needs to be transferred. The list will only have the cryptocurrency that Gemini supports. Digital tokens not supported by the platform will not be accepted for the claim. Acknowledge the Ethereum network if the token is an ERC-20 type. Copy the destination address and then initiate the withdrawal process.
Notably, the entire process has to be done manually with no interference from Gemini, its team, and/or the system.
Gemini exchange has more than 70 cryptocurrencies on the list. Meaning it supports 70+ digital assets. Users trying to send unsupported tokens may lose their tokens indefinitely. Alternatively, those tokens can also get lost & become irrecoverable. Tokens must be sent through an identified and reliable network; otherwise, the tokens can get lost in the transaction.
Some of the digital tokens supported by Gemini are BTC, ETH, GMT, ZEC, SAMO, DOGE, and LTC.
Cryptocurrencies that are not withdrawn by users during the said window will be liquidated and distributed to them in cash. Non-custodial wallets and accounts with a US-based exchange are required for the withdrawal. Cryptos can be transferred to multiple wallets. This will be helpful for those who want to retain the tokens that are not supported by Gemini.
So, some tokens can be transferred to Gemini while others can be transferred to another platform without losing any shares. The withdrawal process may take up to 7 days, depending on the volume of transactions. The minimum time that Voyager can take to withdraw the funds is 3 days.
The initial recovery is estimated to be somewhere around 35.72% of the claim amount. The figure is subject to market fluctuation. Therefore, the actual number may be more or less than 35.72%