Voyager and Celsius are both moving through long-running bankruptcy and restructuring processes that began after they froze customer withdrawals in 2022. Voyager suspended trading, deposits, withdrawals and rewards in early July 2022 and then filed for bankruptcy, while Celsius paused withdrawals in June 2022 and filed for Chapter 11 shortly afterward; in both cases, customers were left waiting to recover funds that had been locked on the platforms. The Blockworks story says the firms are slowly working toward making customers whole, reflecting incremental progress rather than a full resolution. Voyager has already reopened customer withdrawals for a limited period and seen significant outflows, while Celsius has made only partial progress in its bankruptcy process, with some withdrawals processed for users who had already initiated them before the freeze. The broader significance is that these cases remain major reference points for crypto counterparty risk: customers of centralized lenders do not directly control the assets they deposit, and recoveries may depend on bankruptcy outcomes rather than on immediate access to funds.

AI-generated background, compiled from web sources — not editorial content.

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