Lawyers for Kyle Davies filed evidence that his U.S. citizenship had been renounced in 2021, which, according to a bankruptcy judge, left him outside the court’s jurisdiction. A judge in the bankruptcy case of defunct crypto hedge fund Three Arrows Capital (3AC) has denied a motion that would have held co-founder Kyle Davies in contempt…
Read more
If the plan is approved, Core Scientific could buy 27,000 Bitmain miners for roughly $23 million in cash and $54 million in company equity. Cryptocurrency custody firm Anchorage Digital and major mining manufacturer Bitmain could take equity stakes in Core Scientific as part of the firm’s restructuring plan. According to an Aug. 8 filing in…
Read more
If approved, the deal would see a capital injection of nearly $30 million worth of FLEX tokens into Hodlnaut to partially cover creditors’ payout and outstanding claims. Crypto lender Hodlnaut appears to have found a white knight investor to exit its bankruptcy proceedings. According to a Bloomberg report, OPNX exchange has made an offer to…
Read more
Digital Currency Group (DCG) is reportedly under investigation in New York for financial transactions involving its subsidiary, Genesis Global Capital. Digital Currency Group (DCG) is now under scrutiny for its financial transactions involving its subsidiary, Genesis Global Capital. The investigation is reportedly being conducted by New York Attorney General Letitia James, Bloomberg reported, citing sources…
Read more
The company claims to have seen a boost in liquidity in recent months and is expected to exit bankruptcy proceedings by September. Publicly traded Bitcoin (BTC) miner Core Scientific has appointed Adam Sullivan its CEO. Sullivan, who previously served as the company’s president, took the role on Aug. 4, while co-founder and former CEO Mike…
Read more
FTX filed for bankruptcy in November 2022, with 102 of its units worldwide entering Chapter 11 proceedings. Bankrupt crypto exchange FTX has filed a motion in court to remove its Dubai unit from ongoing restructuring proceedings in the United States. In a court filing on Aug. 2, FTX argued that its Dubai unit didn’t conduct any business…
Read more
On July 31st, under its new CEO, John J. Ray III, the bankrupt cryptocurrency exchange FTX Trading Ltd. submitted a draft plan to “reboot” the collapsed crypto exchange. The proposal was unveiled on Monday, presenting FTX.com claimants with the option to hold equity securities, tokens, or other interests in a newly established offshore company. … Read…
Read more
Phony websites offered customers a premium for claiming through them. In reality, they drained customers’ wallets. Scammers set their sights on Voyager Digital customers during the month-long window when they were able to withdraw some portion of their funds from the bankrupt crypto brokerage, Bloomberg reported, citing Darren Azman, a lawyer for the firm. Law…
Read more
As Singapore does not allow dual nationality, 3AC co-founder Kyle Davies said he chose to renounce his U.S. citizenship after getting married and receiving permanent residency. Kyle Davies, the co-founder of bankrupt crypto hedge fund Three Arrows Capital (3AC), has submitted documentation to court claiming he is fully a citizen of Singapore and not the…
Read more
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 limited liability trust. At this time, the proposed FTX reorganization plan is targeting a comprehensive settlement between…
Read more
