Bankrupt cryptocurrency lender Voyager Digital (Voyager) said on Wednesday that it is shutting down its operations and that customers will soon get back about 35 percent of their cryptocurrency deposits after a failed takeover attempt by cryptocurrency exchange Binance.US.

U.S. Bankruptcy Judge Michael Wiles approved Voyager's liquidation plan at a court hearing in Manhattan, allowing the company to return about $1.33 billion in crypto assets to its customers, ending its bankruptcy proceedings.

Voyager's official creditor committee says customers have until June 1 to withdraw their money. Distributions beyond the initial 35% deposit are subject to the outcome of future litigation.

Voyager filed for bankruptcy protection in July last year, citing volatility in the crypto market and the failure of Three Arrows Capital to repay a large loan it received from the crypto lender.

Two sales of Voyager during its bankruptcy failed. Initially, the company planned to sell its assets to crypto giant FTX for $1.42 billion, but FTX then went bankrupt last November and the deal fell through. Binance USA then made a $1.3 billion offer, but on April 25, the company called off the deal, citing a "hostile and uncertain regulatory environment" in the U.S. market.

Voyager customers' hopes of getting their deposits back depend heavily on the outcome of the company's lawsuit with FTX. FTX is seeking to recover $445.8 million in loans it repaid to Voyager before its bankruptcy.

According to Voyager's court filing, if Voyager fully prevails in its lawsuit against FTX, the amount of money customers will be able to retrieve will increase to 63.74 percent.

Voyager intends to repay customers with the same type of cryptocurrency as they have in their accounts. For unsupported cryptocurrency deposits that cannot be withdrawn from the Voyager platform, as well as Voyager native VGX tokens, Voyager will instead use the stablecoin USDC to reimburse customers.

In the wake of the coronavirus pandemic, Voyager, Celsius Network, BlockFi, and Genesis Global Capital all filed for bankruptcy in 2022.