2 / 21 Relevant items tagged with #Bankruptcy

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SEC Might Challenge FTX Bankruptcy Estate From Paying Back Customers With Stablecoins

[Sep 2 7:48 AM] The U.S. Securities and Exchange Commission (SEC) may have thrown a spanner in the wheels of the confirmation of the FTX bankruptcy plan, according to a court filing Friday.

Court Approves BTC Loan for Bankrupt Bitcoin Mining Firm

[Sep 1 11:30 PM] Rhodium Encore LLC, a bankrupt bitcoin mining company, has received court approval for a unique debtor-in-possession financing plan that allows borrowing in either U.S. dollars or bitcoin. Galaxy Digital Holdings Ltd., a blockchain firm led by Mike…

Bankrupt Bitcoin miner Rhodium gets court approval for loan in BTC or USD

[Aug 31 8:12 AM] The company was authorized to choose between receiving a $30 million or a 500 Bitcoin loan from Galaxy Digital.

Crypto Biz: Telegram and OpenSea on authorities’ radar

[Aug 30 9:00 PM] This week’s Crypto Biz explores Pavel Durov’s arrest and consequences for Telegram, Nvidia’s earnings results, OpenSea’s Wells notice, Rhodium’s bankruptcy, BlackRock’s new crypto ETF and SxT Labs’ fundraising.

Celsius' Bankruptcy Plan Administrator Pays Out Over $2.5B

[Aug 27 8:15 AM] Celsius' bankruptcy administrator has distributed more than $2.53 billion to some 251,000 creditors, it said in its first status report.

Bitcoin miner Rhodium files for bankruptcy in Texas court

[Aug 26 5:55 PM] Rhodium’s debts range between $50 million and $100 million, while its total assets are estimated between $100 million and $500 million.

Terraform Labs’ Fate Hinges on Sept. 19 Bankruptcy Hearing

[Aug 21 9:30 PM] The Chapter 11 bankruptcy reorganization hearing for Terraform Labs Pte. Ltd. and Terraform Labs Limited is set for Sept. 19, 2024, at 10 a.m. EDT. This hearing will be pivotal in shaping the future of the crypto company, which has encountered…

Three Arrows Capital Liquidators Now Sue Terraform Labs for $1.3B: Bloomberg

[Aug 13 7:06 AM] Defunct cryptocurrency hedge fund Three Arrows Capital's (3AC) liquidators have sued Terraform Labs for $1.3 billion, for losses the fund suffered following the 2022 crash, Bloomberg reported on Monday.

Tether to Fight Celsius' $3.3 Billion 'Shakedown' Litigation

[Aug 12 8:48 AM] Tether, the company behind USDT, the world's largest stablecoin by market cap, said it will defend itself from "shakedown" litigation brought by bankrupt crypto lender Celsius on Friday.

Celsius sues Tether seeking $3.5B over Bitcoin collateral selloff

[Aug 10 6:36 PM] The assets in question were evidently given to Tether as collateral.

Bankrupt crypto firm Genesis completes restructuring

[Aug 2 8:03 PM] In a January open letter, Gemini co-founder Cameron Winklevoss accused entities related to Genesis of inflating their assets.

Bitstamp to Start Distributing Mt. Gox Proceeds on Thursday

[Jul 24 9:33 AM] Customers of the defunct crypto exchange lost their funds in a 2014 hack.

Kraken finishes Mt. Gox Bitcoin distribution, but creditors aren’t selling BTC

[Jul 24 4:34 AM] Mt. Gox creditors aren’t selling their Bitcoin, despite preliminary concerns that 99% of them could be looking to offload BTC.

Mt. Gox Moves $3B Bitcoin to New Wallet, $130M to Bitstamp Exchange

[Jul 24 2:21 AM] The defunct exchange has moved billions of dollars worth of bitcoin over two days.

BlockFi Administrator Submits Plan in Court to Make Customers Whole

[Jul 22 11:56 PM] "This transaction marks a final chapter in the wind-down and is the best possible outcome for customers of BlockFi," said Mohsin Y. Meghji, Plan Administrator of BlockFi Inc.

Blockfi to Begin Interim Crypto Distributions via Coinbase This Month

[Jul 19 3:30 PM] Crypto lender Blockfi announced that it will begin interim crypto distributions via Coinbase this month. U.S. clients will receive notifications, while non-U.S. clients face regulatory restrictions. Blockfi, which filed for bankruptcy protection in…

BlockFi to Start Interim Crypto Distributions Through Coinbase This Month

[Jul 18 5:45 AM] Bankrupt crypto lender BlockFi will commence first interim crypto distributions through Coinbase in July 2024, it announced on Thursday.

FTX and CFTC agree to $12.7B settlement, subject to court approval

[Jul 16 5:00 PM] The US commodities regulator didn’t seek a civil monetary penalty, meaning the entire $12.7 billion would be used to pay back FTX’s creditors.

Terraform Labs to sell 4 companies as part of wind-down

[Jul 10 11:14 PM] The bankrupt Terraform Labs is looking to sell four of its companies as it winds down operations to comply with its multi-billion SEC deal.

Bitcoin bulls refuse to flip bearish despite the $53,300 retest

[Jul 8 2:52 PM] BTC derivatives continue to show moderate bullishness, creating a positive outlook for reclaiming $60,000 soon.

Celsius small business creditors demand reimbursement after 35% cut in claims

[Jun 25 7:22 AM] Two Celsius creditors have filed a motion asking for a second distribution after they allegedly suffered reduced payments from possessing corporate accounts.

HectorDAO files for Chapter 15 bankruptcy in the US

[Jun 20 2:44 PM] The decentralized autonomous organization was first impacted by the collapse of the Terra ecosystem in 2022 and suffered $16.4 million in losses.

Bitflyer Takes Over FTX’s Defunct Japanese Unit: NHK

[Jun 20 9:23 AM] According to a local report, the Japan-based crypto exchange Bitflyer has acquired the failed Japanese unit of FTX. The report indicates that arrangements are currently underway to take over the business. Bitflyer Acquires Bankrupt FTX Japan, Local…

Japanese exchange BitFlyer to acquire FTX Japan

[Jun 20 7:10 AM] FTX Japan, a Japanese subsidiary of the collapsed FTX exchange, is preparing to return with a new owner after repaying its customers in 2023.

FTX Victims View Bankruptcy Process as 'Second Act of Theft,' File to Recover $8B in Forfeited Assets

[Jun 18 2:14 AM] FTX's victims are seeking a court hearing to rule on their claim that all the failed crypto exchange's forfeited assets, about $8 billion, belong to its customers, not the bankruptcy estate.

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…