2 / 2 Relevant items tagged with #Creditors

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FTX seeks to claw back $460M from Bankman-Fried-backed VC firm

[Mar 22, 2023 8:20 PM] While the funds represent a small portion of FTX’s overall asset shortfall, the settlement means the firms can avoid a costly legal battle.

Bank of England Shuts Down Silicon Valley Bank’s UK Branch After US Regulators Close Parent Company

[Mar 11, 2023 4:30 PM] After U.S. regulators shut down Silicon Valley Bank (SVB) on Friday, the Bank of England has closed the company’s U.K.-based arm. The central bank explained that it intends to place the subsidiary into bank insolvency procedures. Fallout From…

Deadline Approaching: Mt Gox Trustee Sets Final Cut-off Date for Creditors to Claim Over $3 Billion in Recovered Bitcoin

[Mar 9, 2023 12:30 AM] The Tokyo bankruptcy court trustee for the defunct Japanese bitcoin exchange Mt Gox, Nobuaki Kobayashi, has published a letter stating that creditors have until March 10, 2023 (Japan Time) to register their repayment claims. Kobayashi explains that…

Alameda Research Sues Grayscale Investments Seeking to Unlock Billions in Value for Shareholders

[Mar 7, 2023 9:00 AM] FTX Debtors and affiliate Alameda Research Ltd. have filed a lawsuit against Grayscale Investments, seeking injunctive relief to unlock $9 billion in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts. The debtors allege that…

SEC not allowed to punish Voyager advisers over bankruptcy token, says US judge

[Mar 7, 2023 12:04 AM] The SEC claims the transactions involved with redistributing the funds to impacted Voyager account holders will trigger U.S. securities laws.

UBS Strategists Predict Minimal Impact of Upcoming Mt Gox Payouts on Bitcoin Value

[Mar 1, 2023 1:00 PM] A recent report published by market strategists from the investment bank and financial services company UBS says that the upcoming Mt Gox payouts won’t destabilize bitcoin’s value. While a new supply will come to the market, UBS…

Democrats to Return 2.2% of $45.2 Million Donation Made by FTX’s Co-Founder Sam Bankman-Fried

[Feb 19, 2023 3:30 PM] After the disgraced co-founder of FTX, Sam Bankman-Fried (SBF), donated $5.2 million to Joe Biden’s campaign in 2020 and more than $40 million to Democrats leading up to the U.S. midterm election cycle, three major Democratic organizations…

FTX Bankruptcy Judge Denies US Trustee’s Request for Independent Examiner

[Feb 15, 2023 5:00 PM] The judge presiding over the FTX bankruptcy case has denied the U.S. Trustee’s request to appoint an independent examiner for the ongoing proceedings. The decision comes after judge John Dorsey postponed the ruling last week, citing concerns…

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…

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 Debtors Seek Dismissal of Turkish Entities in Chapter 11 Bankruptcy Proceedings

[Jan 31, 2023 11:30 AM] FTX debtors have filed a motion with the court requesting to dismiss its Turkish subsidiaries from the Chapter 11 bankruptcy proceedings. The defunct crypto exchange’s lawyers believe dismissing the entities “is in the best…

FTX Publishes Creditor List, Owes Millions to Well-Known Institutions and Government Agencies

[Jan 26, 2023 11:30 AM] The now-defunct crypto exchange FTX has published its list of creditors, with the names unredacted. The comprehensive list, which is over 100 pages long, shows that FTX owes a lot of money to well-known institutions, including Binance, Airbnb…

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.

Celsius Floats Possibility of Debt Token to Repay Creditors; Secures Court Approval to Process Customer Withdrawals

[Jan 25, 2023 4:30 PM] The defunct crypto lender Celsius is exploring the possibility of creating a debt token to repay creditors. The plan would need to be approved by regulators, but if approved by the trustee and financial authorities, the debt token would be called…

Crypto exchange Digital Surge emerges as a rare survivor of FTX fallout

[Jan 25, 2023 12:35 AM] The Australian crypto exchange had $23.4 million of digital assets locked on FTX when it collapsed and FTX’s Australian subsidiary went into administration.

FTX’s $5.5 Billion in Alleged ‘Liquid Assets’ Includes Locked SOL Cache and Illiquid FTT Holdings

[Jan 19, 2023 11:30 AM] Two days ago, bankruptcy administrators and FTX debtors published an update for unsecured creditors claiming the discovery of $5.5 billion in liquid assets. Roughly $3.5 billion of these funds are cryptocurrency assets, with 11 different digital…

FTX customers are safe from being doxxed, for now

[Jan 11, 2023 8:05 PM] The decision comes after a Jan. 8 filing by FTX’s lawyers, who argued that public disclosure could create an undue risk of identity theft or unlawful injury to FTX creditors.

FTX Co-Founder’s Alleged Extravagance Comes to Light in Bankruptcy Court Documents

[Jan 9, 2023 12:30 PM] Following the court filing that shows FTX co-founder Sam Bankman-Fried (SBF) wants access to FTX’s $460 million in Robinhood shares, Delaware bankruptcy court documents show tens of millions were spent by the FTX team in 2022 on living…

Three Arrows Capital Founders Served Subpoenas via Twitter in Bankruptcy Process

[Jan 5, 2023 3:30 PM] The founders of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC) have been served subpoenas by the fund’s liquidators via Twitter. While serving subpoenas on Twitter is rare, it has happened on various occasions in the…

US Bankruptcy Court Rules Celsius Deposits Belong to the Firm

[Jan 5, 2023 2:30 AM] A New York bankruptcy court has ruled the deposits on high-interest-earning accounts belong to Celsius, the embattled former cryptocurrency lending firm, that filed for Chapter 11 bankruptcy protections in July. The decision establishes a precedent…

FTX Customers File Class Action to Claim Assets Within Bankruptcy Case

[Dec 28, 2022 11:30 AM] A group of customers are now suing FTX in an attempt to become the first to recover funds from the insolvent cryptocurrency exchange. The lawsuit, filed as part of the bankruptcy case in Delaware, seeks a court ruling recognizing that their…

FTX resumes paying staff and contractors after weeks in limbo

[Nov 28, 2022 8:08 PM] The payments will exclude former FTX CEO Sam Bankman-Fried, and certain former execs including Gary Wang, Nishad Singh, and Alameda's Caroline Ellison.