The insolvent cryptocurrency lender, Genesis, has petitioned a U.S. bankruptcy court to approve a proposed settlement principle announced on Feb. 28. According to an update, if the court approves the settlement, Genesis Earn users will receive all of their digital assets back in kind. The bankruptcy court is scheduled to consider Genesis’ request to approve…
Read more
FTX Trading Ltd. and its affiliated debtors have announced a landmark settlement with their Bahamian subsidiary, FTX Digital Markets Ltd., amid ongoing liquidation proceedings. This agreement, pending court approval, promises a novel approach to handling the complex legal challenges stemming from the group’s collapse. FTX Strikes Deal with Bahamian Subsidiary, Paving Way for Fair Asset…
Read more
The agreement came on the back of “good faith, arm’s length negotiations” with FTX’s debtors, the museum said. The Metropolitan Museum of Art is set to return $550,000 in donations it received from crypto exchange FTX prior to its collapse in November. The New York-based museum confirmed its intention to repay the funds to FTX…
Read more
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 decided to take matters into its own hands and proceed with a self-liquidating transaction.…
Read more
Millions of dollars worth of electrical equipment will be transferred to the crypto miners’ exclusive energy negotiator to settle a payments dispute. A $20 million settlement between Bitcoin (BTC) miner Core Scientific and its energy negotiator Priority Power Management has been approved by the judge in Core Scientific’s bankruptcy proceedings. In a March 20 filing…
Read more
The DOJ disagrees with the legal protections given to those involved in the Voyager-Binance.US sale saying the court “improperly” exceeded its authority. United States officials want to remove a provision included in bankrupt lender Voyager Digital’s plan to sell its digital assets to crypto exchange Binance.US that would prevent them from legally pursuing anyone involved…
Read more
According to recent court filings, Kyle Davies, co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has allegedly failed to respond to a subpoena from the firm’s current liquidators, despite it being sent via Twitter. Representatives from advisory company Teneo state that Davies continues to ignore his obligations to Three Arrows. 3AC Liquidators…
Read more
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, 2023. Some bureaucrats, such as Democratic Senators Joe Manchin and Tina Smith, have already pledged the funds…
Read more
Following a request from FTX lawyers to subpoena FTX co-founder Sam Bankman-Fried (SBF) and members of his family, the U.S. Trustee appointed by the Department of Justice has filed an opposition to the request. The U.S. Trustee explained that the motion would duplicate the efforts of the federally appointed independent examiner. U.S. Trustee Argues for…
Read more
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 interests” of creditors, and FTX debtors do not believe Turkish authorities “or any liquidator” in the country will cooperate with officials…
Read more
