Voyager, a crypto brokerage, has been given permission by a New York bankruptcy court to repay $270 million to consumers.

The Wall Street Journal reported on Thursday that the bankruptcy judge overseeing Voyager, Michael Wiles, had approved the brokerage’s request to access client cash at New York’s Metropolitan Commercial Bank (MCB) due to an “adequate basis” for the court’s consent.

After suspending client withdrawals owing to the bear market and exposure to crypto hedge fund Three Arrows Capital 3AC, Voyager filed for Chapter 11 bankruptcy protection earlier this month in order to reorganize.

The bankruptcy petition reveals the business has $1.3 billion in crypto assets and over $350 million in cash in its For Benefit of Customers (FBO) account at MCB. When Voyager filed for bankruptcy, MCB stated the company only had roughly $270 million in the account.

The court has not yet determined how to divide up the $1.3 billion in crypto assets stored on its platform.

Voyager disclosed many offers for its assets, all of which are greater and better than AlamedaFTX’s offer, in a court document dated August 4.

Voyager has already rejected AlamedaFTX’s proposal, calling it a low-ball offer disguised as a white-knight rescue.

In response to AlamedaFTX’s public comments on the plan, the business said it had delivered a cease-and-desist letter.

The crypto broker claims it has reached out to 88 parties with interest, 46 have signed NDAs, and 22 are now involved in marketing efforts. A sale hearing is scheduled for September 27, and the last day to submit bids is August 26.

Over twenty parties who might be interested in working with Voyager have already been contacted by the company’s advisers. In the event that Voyager, in collaboration with the Committee, pursues a sale transaction, the Bidding Procedures Motion, if authorized by the court, will lay out a schedule for an auction and sale to a strategic third party.

The brokerage business anticipates the conclusion of its bankruptcy procedures to occur in the first quarter of 2023.

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