2 / 21 Relevant items tagged with #Bankruptcy

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FTX victims go after company’s assets from criminal forfeiture

[Jun 17 12:12 PM] Though Sam Bankman-Fried is currently serving a prison sentence, affected FTX customers and creditors are making claims on the firm’s assets, which are still worth millions.

FTX creditors object to bankruptcy reorganization plan

[Jun 6 4:06 PM] The group of creditors, led by Sunil Kavuri, cited several concerns, including forced taxation, which would compromise creditors’ best interests.

FTX Reaches Settlement With IRS on $24 Billion Tax Claim

[Jun 4 2:40 PM] Crypto exchange FTX has reached a settlement with the Internal Revenue Service (IRS), reducing its $24 billion claim to $200 million to be paid within 60 days after the company’s restructuring plan is approved. Additionally, the U.S. tax…

FTX reaches $200M settlement with IRS on tax bill

[Jun 4 11:05 AM] The agreement, which is subject to a court approval, resolves a major hurdle for FTX bankruptcy process.

Bankruptcy Court Backs Bittrex in Cryptocurrency Freeze Dispute

[Jun 1 4:14 PM] The bankruptcy proceedings of Bittrex Inc. involved a legal dispute over claims filed by Azim Ghader, who sought recovery for lost profits and damages after his cryptocurrency was frozen on the Bittrex exchange in 2017. The United States Bankruptcy…

$2.18 Billion Digital Assets in Kind Returned to Earn Users, Gemini Says

[May 30 2:35 PM] Cryptocurrency exchange Gemini announced on Wednesday that Earn users have received $2.18 billion of their digital assets in kind, representing 97% of their assets owed and a 232% recovery since Genesis halted withdrawals. This recovery follows a…

Gemini returns $2.18B to Earn users following 18-month withdrawal freeze

[May 29 9:29 AM] Gemini has announced a $2.18-billion distribution to its Earn program users 18 months after it suspended withdrawals.

Investigation finds FTX bankruptcy lawyer didn’t conspire with exchange

[May 24 10:59 AM] An independent probe found that Sullivan & Cromwell was not complicit in the now-defunct exchange’s fraud.

Bitcoin price tops $68K, but a few concerning headwinds remain

[May 20 12:30 PM] Bitcoin price shows strength as investors expect the Fed to resume printing, but a handful of global macroeconomic headwinds are still in play.

Court Approves Crypto Lender Genesis’ $3 Billion Payout to Customers

[May 18 7:33 AM] Crypto lender Genesis Global obtained court approval Friday to return approximately $3 billion to its customers as part of its bankruptcy liquidation. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 plan, overruling an objection…

Genesis Global secures court approval for $3B payout

[May 18 1:43 AM] According to Judge Lane, any available funds for distribution by Genesis are being exhausted by creditor claims, which take priority over DCG’s equity stake.

'Crypto King' Aiden Pleterski faces fraud, money laundering charges

[May 16 3:49 PM] Pleterski and an associate were arrested months after multiple investor complaints and months of police investigation.

Bitcoin price shows strength as investors anticipate return of money printing

[May 13 12:55 PM] Bitcoin rallies as central bank stimulus packages become more common, and the Fed’s signal of “higher for longer” interest rates aligns with investors’ market view.

Was Sam Bankman-Fried Proven Right About FTX’s Solvency?

[May 10 2:03 PM] No.

Bankrupt Crypto Lender Blockfi Enlists Coinbase to Distribute Crypto Payouts 

[May 10 7:43 AM] The now-defunct crypto lender Blockfi is officially shutting down the firm’s web portal this month according to an update from the firm. Blockfi said that it has partnered with Coinbase to help facilitate the execution of withdrawals to eligible…

Bankruptcy law firm S&C absolved from misconduct, according to new FTX proposal

[May 8 2:56 AM] FTX’s amended plan contains an exculpation clause that could absolve Sullivan & Cromwell, along with all debtors, of future liabilities.

NBA, football, NASCAR stars cough up $2.4M in Voyager promo suit

[May 7 11:22 PM] Rob Gronkowski, Victor Oladipo, and Landon Cassill have agreed to settle with plaintiffs in their ongoing case against Voyager Digital.

Nearly All FTX Creditors Will Get 118% of Their Funds Back in Cash, Estate Says in New Plan

[May 7 8:49 PM] Bankrupt cryptocurrency exchange FTX has proposed a new reorganization plan that would see a whopping 98% of its creditors get back 118% of their claims – in cash – within 60 days of court approval, according to new documents filed Tuesday…

FTX addresses transferred $8.3M one day before amended proposal deadline

[May 6 5:01 AM] The transfer occurred a day before FTX debtors were set to release a new restructuring plan for the exchange.

Former Cred Executives Indicted on Wire Fraud, Other Charges

[May 3 4:14 PM] Daniel Schatt, a Cred co-founder and former CEO, Joseph Podulka, former CFO, and James Alexander, the former chief capital officer, were indicted by the U.S. Attorney's Office in the Northern District of California.

Former FTX exec Ryan Salame to give up $5.9M Bahamas property

[May 2 9:07 PM] Salame proposes to satisfy the debtors by transferring a residence he owns to FTX Digital Markets Ltd.

Bankruptcy judge signs off on $450M FTX-Voyager settlement

[Apr 29 1:45 PM] According to the terms of the deal, FTX will “relinquish any and all rights” to $450 million Voyager Digital has claimed from the crypto exchange.

FTX Bankruptcy Claims Surge in Value: Bids Now Approach 93 Cents on the Dollar

[Mar 25 2:00 PM] Half a year ago, firms specializing in acquiring troubled companies and their debts were actively accumulating FTX bankruptcy claims worth millions, offering $0.33 for every dollar of claim. Presently, the valuation of these claims has…

FTX to Sell $884M of Anthropic Shares to Two Dozen Institutional Investors

[Mar 25 10:50 AM] The value of FTX's FTT token surged 10% on the news.

New Research Paper Sheds Light on Alleged Conflicts of Interest in FTX’s Chapter 11 Filing

[Mar 22 12:30 PM] A recent research paper on SSRN by legal scholars scrutinizes the ethical quandaries and potential conflicts of interest surrounding Sullivan & Cromwell LLP’s involvement in FTX’s Chapter 11 bankruptcy filing. Study Highlights Legal…

FTX Was Down to Last 105 Bitcoins When Bankruptcy Rescue Crew Arrived: John Ray

[Mar 20 5:13 PM] John J. Ray III Fires Back Against SBF’s ‘Delusional’ Claims Customers Lost No Money in FTX Collapse

3AC Co-Founder Kyle Davies Says He Won’t Apologize for Crypto Hedge Fund Going 'Bankrupt'

[Mar 20 1:59 AM] Kyle Davies, the co-founder of the now-defunct Three Arrows Capital, has stated that he is not sorry for the company going bankrupt.

FTX Claims Holder Attestor Takes Creditor to Court Over Alleged 'Seller’s Remorse'

[Mar 18 11:45 AM] London-based investment firm Attestor Capital, a top holder of FTX bankruptcy claims, has filed suit against a FTX creditor who allegedly promised to sell the firm two FTX accounts, only to back out of the deal once the value of its claims…

Terraform Labs Allowed to Hire Law Firm Dentons in Bankruptcy Case by U.S. Court: Reuters

[Mar 13 4:31 AM] A U.S. court has allowed Terraform Labs to hire law firm Dentons to defend the company in a lawsuit brought against it by the U.S. Securities & Exchange Commission (SEC) in Jan. 2024.

Bankrupt Cryptopia Exchange to Return Crypto to Some Creditors

[Mar 8 7:02 AM] The New Zealand exchange went offline in 2019 following a cyber attack that saw millions of dollars worth of tokens stolen.