8 / 22 Relevant items tagged with #Bankruptcy

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DCG agrees deal with Genesis that would see recoveries of up to 90%

[Aug 29, 2023 2:22 AM] The estimated U.S. dollar equivalent recoveries could amount to 70%–90% for Genesis creditors, should the amended plan be carried out.

DCG Reaches Crucial in Principle Deal With Genesis Creditors, Recoveries Could be Upto 90%

[Aug 29, 2023 12:15 AM] Digital Currency Group (DCG) and Genesis creditors have reached a deal in principle to resolve the claims in the Genesis Capital Chapter 11 cases, according to a court filing on Tuesday.

Judge Denies CEL Valuation Boost; Evades CEL’s Security Classification in Celsius Saga

[Aug 26, 2023 12:30 PM] In the unfolding saga of the Celsius bankruptcy case, a proposal was presented to elevate the defunct crypto enterprise’s native token, CEL, to a valuation of $0.80 each. Yet, the overseeing U.S. bankruptcy judge, Martin Glenn, dismissed…

Crypto Collapse: Prime Trust’s Fall From Grace and the Disappearing Wallet Mystery

[Aug 25, 2023 8:00 AM] After Prime Trust filed for bankruptcy protection, the company’s interim CEO Jor Law cited excessive spending, losses on the stablecoin terrausd, and problems accessing customer funds held in cold storage wallets as contributing factors. From Cold…

Celsius Token Holders Lose Bid to Hike CEL Valuation

[Aug 25, 2023 7:51 AM] Creditors of the bankrupt crypto lender argue it should be valued at $0.80, its nominal price when the company collapsed, despite allegations of market manipulation

Prime Trust Lost $8M in Doomed Terra Stablecoin Investment, CEO Says

[Aug 25, 2023 3:46 AM] A separate 2021 wallet bungle by the crypto custodian, taken into receivership in July, cost it $76 million, the CEO said in a court filing.

FTX, BlockFi, Genesis Customer Data Compromised in Kroll Hack

[Aug 25, 2023 1:44 AM] A ‘cybersecurity incident’ affected Kroll, which gathers customer claim data on behalf of bankrupt companies.

Prime Trust parent company lost $8M investing in TerraUSD

[Aug 24, 2023 2:30 PM] Prime Core Technologies said that “under prior management” it had lost $6 million in user funds and $2 million in treasury funds through investments in the algorithmic stablecoin.

‘Hedging Bitcoin and Ether’ — FTX Seeks Court Approval for Strategic Partnership With Galaxy Digital

[Aug 24, 2023 1:30 PM] FTX Trading Ltd., accompanied by its linked debtors, has approached the U.S. Bankruptcy Court in Delaware with a proposal to collaborate with Michael Novogratz’s Galaxy Digital Capital Management LP, also known as Galaxy Asset Management. FTX…

FTX Taps Galaxy to Sell, Stake and Hedge Its Crypto Billions

[Aug 24, 2023 1:16 AM] The bankrupt exchange wants to return funds to creditors in dollars without denting value.

FTX Debtors Revise Settlement Proposal After Objection From U.S. Trustee

[Aug 21, 2023 12:23 AM] Bankrupt crypto exchange FTX's debtors have revised their motion for settlement after the U.S. Trustee objected to an earlier motion.

Bankman-Fried Wants to See His Lawyers Outside Jail Five Days a Week

[Aug 19, 2023 4:30 PM] FTX founder Sam Bankman-Fried (SBF) is asking to be released from jail five days a week to work on his defense for the fraud trial against him set to begin in October. On Friday, Bankman-Fried’s lawyers complained to a judge in Manhattan that the…

Celsius Creditors to Vote on Bankruptcy-Escape Plan After Judicial Approval

[Aug 18, 2023 1:13 AM] Creditors will have a month to mull the sale to Fahrenheit, which court filings say could see them recover 67%-85% of holdings.

BlockFi opens crypto withdrawals for eligible US users following court order

[Aug 17, 2023 9:51 AM] The lending platform halted client withdrawals amid filing for bankruptcy in November 2022, but later petitioned the court for authorization to return user funds.

Genesis, FTX Strike Deal for $175M Bankruptcy Claim

[Aug 17, 2023 5:50 AM] Lawyers are trying to untie a complex financial web among companies that went under in the crypto winter.

Bitgo Secures $100 Million in Series C, Firm’s Valuation Climbs to $1.75 Billion

[Aug 16, 2023 11:30 AM] The digital asset trust firm Bitgo, headquartered in Palo Alto, California, has secured $100 million in a Series C funding round. While the company remains tight-lipped about the participants in this financial endeavor, this fresh infusion of…

From Crypto Custodian to Court: Prime Trust Files for Bankruptcy Protection

[Aug 15, 2023 8:00 AM] In the wake of financial upheavals and regulatory hurdles, Prime Trust, a digital currency custodian, has formally sought Chapter 11 bankruptcy protection. This move closely follows the appointment of John Guedry as the company’s overseer…

Prime Trust bankruptcy spotted by crypto community months ahead

[Aug 15, 2023 5:03 AM] Months before Prime Trust filed for Chapter 11 bankruptcy, online sleuths in the crypto community were on the case and continue to follow the money.

Crypto custodian Prime Trust files for Chapter 11 bankruptcy

[Aug 14, 2023 7:55 PM] The crypto custodian’s bankruptcy comes as it’s been unable to honor customer withdrawals for months.

Celsius customers to vote on settlement plan with Fahrenheit after judge gives okay

[Aug 14, 2023 3:57 PM] The settlement was reached in July and, if the customers agree, it will go before the court for approval in October.

3AC co-founder avoids contempt charges following evidence of Singaporean citizenship

[Aug 11, 2023 3:45 PM] Lawyers for Kyle Davies filed evidence that his U.S. citizenship had been renounced in 2021, which, according to a bankruptcy judge, left him outside the court's jurisdiction.

FTX Fires Back at Creditors 'Willing to Gamble Estate Assets on Higher Returns'

[Aug 10, 2023 6:08 AM] The committee of unsecured creditors criticized the bankrupt estate's reorganization plan submitted to court in July.

Core Scientific's bankruptcy plan includes equity stake for Bitmain and Anchorage

[Aug 8, 2023 3:48 PM] If the plan is approved, Core Scientific could buy 27,000 Bitmain miners for roughly $23 million in cash and $54 million in company equity.

Bitmain, Anchorage Expected to Take Equity in Bitcoin Miner Core Scientific as Part of Bankruptcy Plan

[Aug 8, 2023 8:02 AM] The world's largest machine maker is set to take a $54 million stake in Core Scientific as the miner emerges out of Chapter 11 proceedings.

OPNX exchange bids for crypto lender Hodlnaut in Singapore: Report

[Aug 6, 2023 10:08 AM] If approved, the deal would see a capital injection of nearly $30 million worth of FLEX tokens into Hodlnaut to partially cover creditors' payout and outstanding claims.

New York AG probes transactions at Genesis, ties with Barry Silbert: Report

[Aug 5, 2023 11:34 AM] Digital Currency Group (DCG) is reportedly under investigation in New York for financial transactions involving its subsidiary, Genesis Global Capital.

Core Scientific appoints Adam Sullivan as CEO amid restructuring process

[Aug 4, 2023 10:14 AM] The company claims to have seen a boost in liquidity in recent months and is expected to exit bankruptcy proceedings by September.

FTX files motion to exclude its Dubai unit from bankruptcy proceedings

[Aug 3, 2023 4:55 AM] FTX filed for bankruptcy in November 2022, with 102 of its units worldwide entering Chapter 11 proceedings.

BlockFi’s Chapter 11 plan progresses with conditional court approval

[Aug 3, 2023 2:04 AM] Once the bankruptcy plan receives approval, the lender said it intends to concentrate on recovering funds from other defunct firms.

Bankrupt Crypto Lender BlockFi Inches Closer to Refunding Clients

[Aug 2, 2023 10:15 PM] A disclosure statement is an official, court-approved document outlining the debtor’s assets and liabilities.