16 / 21 Relevant items tagged with #Bankruptcy

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FTX bankruptcy judge denies US Trustee’s motion to appoint independent examiner

[Feb 15, 2023 9:34 AM] The U.S. Trustee made arguments including that an examiner was necessary to scrutinize the use of software to conceal FTX's alleged misuse of customer funds.

FTX liquidators report exchange held $2.4M 'fleet of vehicles' in the Bahamas

[Feb 10, 2023 3:45 PM] The liquidators said they would “commence disposals” of certain FTX Digital physical assets following approval from the Bahamas’ supreme court.

Crypto Biz: FTX clawbacks, Genesis silver lining?

[Feb 10, 2023 2:30 PM] As FTX seeks clawbacks on political donations, Digital Currency Group and its bankrupt subsidiary, Genesis Global Trading, have reached an agreement on restructuring.

Three Arrows Capital Co-Founder Announces New Crypto Venture Open Exchange Amid Bankruptcy Controversy

[Feb 10, 2023 11:30 AM] Following the recent court filing from liquidators for Three Arrows Capital (3AC) claiming frustration with the 3AC co-founders for allegedly failing to respond to subpoenas sent via Twitter. Su Zhu, one of the co-founders, recently tweeted about…

Publisher to wipe all traces of Celsius founder's 'Mashinsky Method' book

[Feb 9, 2023 7:05 PM] A slated financial literacy book by Alex Mashinsky has already been canceled but the book's publisher is still trying to wipe all traces of it from the internet.

Celsius‘ motion to extend timeline for restructuring plan faces objection from creditors

[Feb 9, 2023 1:30 PM] “It is time to allow the Debtors’ customers to propose their own plan for the assets that they were defrauded into investing with Celsius,” said a Withhold account holders’ filing.

Bitfarms settles outstanding loan with BlockFi for $7.75M

[Feb 9, 2023 10:30 AM] The Toronto-based Bitcoin mining company has reduced its debt by nearly 85% since June 2022.

FTX debtors can issue subpoenas to company 'insiders', says court

[Feb 8, 2023 2:30 PM] The list of FTX insiders included former CEO Sam Bankman-Fried, former Alameda Research CEO Caroline Ellison, FTX co-founder Gary Wang, and members of SBF’s immediate family.

Coin Cloud crypto ATM operator files for bankruptcy, owes over $100M to Genesis

[Feb 8, 2023 2:15 PM] The company was in “hyper-growth” in January 2022, now it has over 5,000 creditors and debts over $100 million; bankrupt Genesis is its largest creditor.

3AC founder has 'chosen to ignore his duties' by not responding to subpoena, say bankruptcy lawyers

[Feb 8, 2023 1:15 PM] According to the filing, Kyle Davies was “without question” aware of the subpoena posted to Twitter, citing the 3AC founder's online activity and attempts to raise funds for GTX.

FTX Bankruptcy: Judge Delays Decision on Appointing Independent Examiner Amid Cost Concerns

[Feb 7, 2023 11:30 AM] Judge John Dorsey has delayed his decision on whether to appoint an independent examiner in the FTX case. At the latest hearing, Dorsey acknowledged that the cost to debtors could reach tens of millions of dollars. Currently, the bankruptcy judge…

Digital Currency Group And Genesis Reach Restructuring Agreement With Creditors

[Feb 6, 2023 8:05 PM] The plan would see the sale of Genesis alongside other measures in a deal reached with DCG and Gemini Trust Co.Genesis, a subsidiary of Digital Currency Group, has reached a restructuring agreement with key creditors according to statements by…

Genesis entity going up for sale as DCG makes creditor pact

[Feb 6, 2023 5:30 PM] Digital Currency Group (DCG) plans to hand Genesis its stake in the Genesis Global Trading business entity which will then be sold, pending court approval.

FTX CEO testifies on 'pure hell' post-bankruptcy days at exchange

[Feb 6, 2023 11:44 AM] John Ray said when he took control of FTX in November 2022, there was a “massive scramble for information” related to the exchange's funds, insurance, and personnel.

FTX Debtors Demand Return of Funds Given to US Politicians and Super PACs

[Feb 6, 2023 9:07 AM] FTX debtors are seeking to claw back millions of dollars given to U.S. political action committees (PACs) and political figures. Confidential letters have been sent to individuals and organizations, requesting the return of the funds by Feb. 28…

FTX seeks to claw back political donations by the end of February

[Feb 5, 2023 12:32 PM] FTX's new management is sending messages to politicians and political groups to return donations by the end of the month.

Genesis unsecured creditors' committee appointed

[Feb 4, 2023 1:20 PM] The seven-member committee will represent the creditors in court, having the right to participate in the reorganization plan.

FTX-tied townhouse in Washington DC unlisted: Report

[Feb 4, 2023 10:42 AM] A few blocks from the U.S. Capitol, the townhouse belongs to Guarding Against Pandemics, a nonprofit organization founded by Gabriel Bankman-Fried, SBF's brother.

Sam Bankman-Fried's holding company files for bankruptcy

[Feb 3, 2023 3:45 PM] Emergent Fidelity Technologies filed for Chapter 11 in U.S. Bankruptcy Court for the District of Delaware to pursue a “form of joint administration” between its case and FTX's.

Alameda Research wallet receives $13M from Bitfinex, other sources

[Feb 2, 2023 2:05 PM] The assets transferred to Alameda’s consolidation wallet are reportedly part of bankruptcy recovery efforts.

FTX debtors seek subpoenas for inner circle of Sam Bankman-Fried

[Feb 1, 2023 7:35 AM] FTX and affected parties have requested court subpoenas to force Sam Bankman-Fried’s closest advisors to provide documents and information for ongoing investigations.

Celsius publishes list of users eligible to withdraw majority of assets

[Feb 1, 2023 2:07 AM] Eligible creditors will not be able to withdraw their funds from Celsius unless they update their accounts with AML and KYC data.

Court permits Core Scientific to borrow $70M to replace existing loan

[Jan 31, 2023 3:55 PM] Investment bank B. Riley is already a Core Scientific creditor and tried to provide funds before the Bitcoin miner filed for Chapter 11.

Examiner finds customer deception, ‘very Ponzi-like’ use of funds at Celsius

[Jan 31, 2023 2:00 PM] The court-appointed examiner found many intentional and unintentional shortcomings at the bankrupt crypto lender dating back to its founding.

FTX sister company Alameda Research sues Voyager Digital for $446M

[Jan 30, 2023 9:43 PM] FTX lawyers claim that Voyager Digital was complicit in its own collapse by “knowingly or recklessly” channeling customer funds to Alameda.

Sam Bankman-Fried seeks to access FTX funds

[Jan 28, 2023 10:40 AM] Sam Bankman-Fried lawyers claim he was not involved in previous unauthorized transactions, and should have access to company assets.

FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight

[Jan 27, 2023 1:30 PM] According to court documents in the FTX bankruptcy case, the company’s attorneys seek to subpoena FTX co-founder Sam Bankman-Fried, his brother Gabriel Bankman-Fried, and his parents, Joseph Bankman and Barbara Fried. Additionally, the…

Crypto Biz: A peek into BlockFi’s secret financials (it’s not pretty)

[Jan 27, 2023 1:00 PM] How much exposure does BlockFi have to Sam Bankman-Fried failed enterprises? A lot, according to accidentally leaked financials.

ISDA releases standard definitions for digital asset derivatives

[Jan 26, 2023 3:30 PM] The International Swaps and Derivatives Association is working on two papers to address fundamental legal risks in the crypto markets.

FTX creditor list shows airlines, charities and tech firms caught in collapse

[Jan 25, 2023 10:09 PM] The over 100-page long document lists every entity FTX owes money to, inclusive of Big Tech players to local businesses from its Bahamian headquarters.