As the crypto crash made its initial waves across the market in mid-May, lots of projects and companies suffered. But perhaps those affected most by the volatility were the many companies with deep investments in the crypto market. Voyager Digital has been one of the companies hit so drastically by the plummet, that it has tumbled into bankruptcy. Today’s Voyager Digital news sees a bit of a silver lining beginning to emerge for the company, though.

Voyager, along with other companies like Celsius (CEL-USD) and Three Arrows Capital, has been one of the hardest hit by the crypto crash. Indeed, it learned a hard lesson in crypto loans and speculative investing — one that’s been compared to the 2008 housing market crash. These companies took out vastly over-leveraged crypto loans in order to stake more crypto and up their earnings many times over. What they didn’t anticipate was a rapid plummet in crypto values forcing them to fail margin calls from their many thousands of lenders.

This has plunged Voyager Digital into massive debt, which in turn pushed the company to freeze all withdrawals from its platform. In all, the company held $5.7 billion in liabilities when it filed for Chapter 11 bankruptcy protections in early July.

The company has a major uphill battle as it works its way out of debt. But, it’s not as lost as its peers are. Three Arrows, for example, is looking worse for wear as its bankruptcy proceeding drag on. Indeed, the founders of the exchange have gone completely missing, and refuse to cooperate with liquidators. Celsius, meanwhile, is relying on the long-shot of crypto mining its way out of debt.

Voyager Digital News: Funds Making Their Ways Back to Clients, Purchase Offers Ramping Up

In this week’s Voyager Digital news, investors are seeing the company’s outlook shine just a bit brighter. The bankruptcy proceedings are moving along smoothly, with customers getting ready to receive their frozen assets back once again. Moreover, the company is attracting more and more lucrative bailout offers.

Indeed, the company has been lucky enough to receive a bailout opportunity from none other than Sam Bankman-Fried’s FTX before. The company, alongside sibling company Alameda Research, offered Voyager a $200 million line of credit. It also offered to provide customers with liquidity lost to Voyager’s asset freezes if they signed up for FTX’s services.

However, Voyager has not been happy with this offer, calling it a “low-ball” proposal. Rather than jumping on the initial bailout, the company has been waiting for the right deal. It says today that it’s already well on its way; Voyager says it is receiving several offers already that are higher than FTX’s.

Not only that, but the company is preparing to return much of its frozen assets back to customers. As InvestorPlace’s Eddie Pan reported in July that USD in customers’ accounts is insured by the Federal Deposit Insurance Corporation (FDIC). Users are thus expecting to receive their money “after a reconciliation and fraud prevention process,” according to Voyager.

The judge presiding over Voyager’s bankruptcy proceedings is finally giving that green light today. As a result, $270 million USD is returning to the rightful customers. The remaining $1 billion in Voyager’s Metropolitan Commercial Bank (or MCB) account belongs to the bankruptcy estate; creditors will receive these funds.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.