1 / 2 Relevant items tagged with #Creditors

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New Twist in Mt Gox Repayments: Creditors to Wait Until 2025

[Oct 11 5:30 PM] Nobuaki Kobayashi, the trustee in charge of overseeing Mt Gox’s remaining assets, has pushed back the deadline for creditor repayments by a year, now set for Oct. 31, 2025. Mt Gox Trustee Postpones Repayment Deadline by One Year In an…

FTX Token spikes 70% amid looming bankruptcy distributions

[Sep 30 11:19 AM] The native token of the bankrupt crypto exchange FTX has seen sharp bullish action amid looming bankruptcy distributions.

Coinbase Legal Chief Criticizes SEC’s Vague Position on FTX Plan — Says Investors Deserve ‘Way Better’

[Sep 2 11:30 PM] Coinbase’s chief legal officer has criticized the U.S. Securities and Exchange Commission (SEC) for its ambiguous position regarding FTX’s proposal to repay creditors using stablecoins or other cryptocurrencies. Although the SEC did not…

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.

Bitstamp will begin Mt. Gox creditor repayments on July 25

[Jul 24 12:15 PM] After a decade of waiting, Mt. Gox customers will find their crypto assets worth much more than when the exchange collapsed.

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.

Mt. Gox creditors opt to hodl Bitcoin payouts — Reddit poll

[Jul 18 7:10 AM] As the Mt. Gox trustee has yet to distribute 64% of the Bitcoin owed to creditors, the Reddit Mt. Gox community is pushing the hodl agenda.

Up to 99% of Mt. Gox’s $8.2B Bitcoin could be sold — Analyst

[Jul 5 4:42 AM] Nearly all of Mt. Gox’s former creditors might be looking to sell their Bitcoin, which has increased by over 8,500% in value in the 10 years since the exchange’s collapse.

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.

Gemini creditors revolt over ‘brutal’ Bitcoin slashing reorg plan

[Dec 13, 2023 11:04 PM] Under the proposed plan, Gemini Earn users may only recover 61% of their lost funds in a worst-case scenario.

Judge Urges for SEC Decision on Planned Celsius Restart as Crypto Miner

[Oct 31, 2023 9:30 PM] America’s securities regulator has been urged to decide if it will approve a plan to transform Celsius Network into a bitcoin mining firm. The proposal seeks to repay customers of the bankrupt cryptocurrency lender with both crypto assets and stock…

Celsius seeks court approval to start repaying customers by year-end

[Oct 2, 2023 11:14 PM] The embattled crypto lender is seeking final court approval for a restructuring plan that will start repaying creditors before the end of 2023.

Crypto lender BlockFi gets court nod to repay customers

[Sep 26, 2023 4:18 PM] The approval is seen as a milestone moment for BlockFi's over 100,000 creditors, who have been long awaiting repayment.

Celsius creditors flag renewed phishing attacks ahead of bankruptcy plan

[Sep 19, 2023 11:45 PM] Creditors of crypto lender Celsius Network have reported receiving a new flood of phishing emails, likely resulting from two data breaches in 2022.

FTX Estate Sues Layerzero Labs for $85M Over Alleged Fraudulent Deals and Asset Withdrawals Amidst Collapse

[Sep 11, 2023 8:00 AM] The bankrupt estate of cryptocurrency exchange FTX is suing blockchain company Layerzero Labs in an attempt to claw back a $45 million deal and over $40 million in withdrawals made in the days before FTX filed for bankruptcy. The lawsuit alleges…

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…

BlockFi argues FTX, Three Arrows Capital isn't entitled to repayments

[Aug 22, 2023 7:38 PM] BlockFi argues its creditors, not FTX’s, are the “ultimate victims” of FTX’s alleged fraud.

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.

FTX Unveils Reorganization Strategy, Proposing ‘Offshore Crypto Exchange’ and New Trust

[Aug 1, 2023 11:30 AM] In the midst of the bankruptcy proceedings, FTX presented its primary reorganization strategy and term sheet to the U.S. bankruptcy court, detailing an ambitious plan to reinvent FTX as an “offshore crypto exchange” while also founding a new…

Winklevoss slams DCG's Silbert — Not even SBF was 'capable of such delusion'

[Jul 3, 2023 11:07 PM] In an open letter, Cameron Winklevoss slammed DCG's Barry Silbert for allegedly playing the victim card while owing $1.2 billion to Gemini’s 232,000 Earn customers.

Bittrex US Allows Fiat and Crypto Withdrawals Amid Bankruptcy Proceedings

[Jun 16, 2023 5:30 PM] Bittrex US, the now-defunct cryptocurrency exchange in the United States, has recently introduced a plan that permits American customers to withdraw crypto and fiat from the platform, provided they satisfy the required regulatory criteria. This…

Crypto exchange TrigonX latest to emerge from the FTX rubble

[May 29, 2023 10:12 PM] TrigonX is back from the dead after it went into receivership in December, due in part to its $13 million exposure to bankrupt crypto exchange FTX.

Blockfi Announces Self-Liquidation Plan After Failed Attempts to Sell Company

[May 16, 2023 4:00 AM] The now-defunct crypto lender Blockfi has recently filed a court document outlining its plans to liquidate the company. The firm has come to the realization that selling the company would not be beneficial to its creditors. As a result, Blockfi has…

Quadriga CX Customers to Finally Receive Payout: Creditors to Get 13% per Dollar  

[May 13, 2023 10:00 AM] EY, the global accounting and professional services organization, released a long-awaited update on Friday for the creditors of Quadriga CX. The Canadian cryptocurrency exchange, which had sought bankruptcy protection in 2019 with liabilities of…

Crypto Exchange Bittrex Enters Chapter 11 Bankruptcy Protection Following SEC Lawsuit

[May 8, 2023 6:30 PM] Bittrex Inc., the U.S.-based cryptocurrency exchange, has filed for Chapter 11 bankruptcy protection in Delaware after being sued by the U.S. Securities and Exchange Commission for failing to register with the regulator. The exchange reportedly has…

Voyager Digital Provides Update on Reimbursement Plan for Creditors

[May 6, 2023 4:30 AM] Following Binance’s withdrawal from the Voyager Digital deal on April 25, the now-defunct crypto lender has recently informed creditors that they can expect to receive their initial cash and crypto distributions “within the next few…

Voyager-Binance.US Legal Fight Must Be Resolved by April 13, Court Documents Say

[Apr 4, 2023 2:40 AM] The bankrupt company’s creditors stand to lose $100 million if delays caused by government objections drag on.

Former FTX CEO Seeks $10M Insurance Fund for Legal Defense, Request Opposed by FTX Debtors and Unsecured Creditors

[Mar 30, 2023 1:30 PM] Court filings reveal that the FTX co-founder is seeking access to a $10 million insurance plan to cover his attorney fees. FTX debtors and unsecured creditors have opposed Sam Bankman-Fried’s request, arguing that every dollar spent on his defense…