Crypto lender Genesis Global obtained court approval Friday to return approximately $3 billion to its customers as part of its bankruptcy liquidation. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 plan, overruling an objection from its equity owner, Digital Currency Group (DCG), which argued that repayments should be based on January 2023 cryptocurrency values.…
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On Wednesday, the price of bitcoin demonstrated strong growth, escalating by more than $4,200 from its daily low. This 7.1% increase against the U.S. dollar propelled bitcoin past the $66,000 threshold, reaching a peak of $66,461 per coin on Bitstamp. Consequently, the entire cryptocurrency market rose by 6.2%, resulting in the liquidation of 51,567 traders…
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According to local sources, one of the first state-backed cryptocurrency assets, the Venezuelan Petro, would be facing an imminent liquidation. Asonacrip, a national cryptocurrency association, reported having information about the upcoming liquidation process, including the automatic exchange of the Petro balance to bolivares, the Venezuelan fiat currency. Venezuelan Petro to Be Liquidated The life of…
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In a dramatic culmination to a turbulent period for Hodlnaut, the Singapore High Court has ordered the crypto lender’s liquidation, tasked with the daunting goal of reimbursing its 17,000 customers. The judicial decree follows Hodlnaut’s entanglement with the fallout of Terra’s decline and the company’s subsequent $193 million deficit. Crypto Lender Hodlnaut Winds Up, Facing…
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Source: Hodlnaut The Singapore High Court has ordered cryptocurrency lending platform Hodlnaut to undergo liquidation, as stated in a court document dated November 10. The court has appointed Aaron Loh Cheng Lee and Ee Meng Yen Angela, both from corporate advisory firm EY, as the joint liquidators for Hodlnaut. The decision comes after the two were initially…
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Blockchain file-sharing and payment network, LBRY, announced the termination of its operations, citing “several million dollars” in debts owed to the SEC, its legal team, and a private debtor…. Read More: Blockchain Firm LBRY Ceases Operations, Cites Insurmountable Debt Read more »Sign up for e-EUR – the progressive stablecoin
Bitcoin price gave up its recent gains as concerning signals from the US economy continue to weigh on investor sentiment. Bitcoin (BTC) price gained 6% from Oct. 1 to Oct. 2 but after failing to break the $28,500 resistance, the price dropped by 4.5% on the same day. This decline happened because of the disappointing…
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The approval is seen as a milestone moment for BlockFi’s 100,000-plus creditors, who have been long awaiting repayment. The customers of bankrupt cryptocurrency lending platform BlockFi are one step closer to being paid out after a United States Bankruptcy Court in New Jersey approved its liquidation plan. Bankruptcy Judge Michael A. Kaplan approved BlockFi’s third…
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The bankrupt crypto exchange FTX received permission to sell its crypto assets valued at more than $3.4 billion after John Dorsey, the presiding bankruptcy court judge, approved the motion. Moreover, Tron founder Justin Sun took to social media and said he is considering an offer for FTX’s holdings. FTX Wins Approval to Offload $3.4B in…
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A massive amount of traders were liquidated as the BTC price dropped to $25,300, but was it primarily retail traders that were washed out? The price of Bitcoin fell by 11.5% from Aug. 16 to Aug. 18, resulting in $900 million worth of long positions being liquidated and causing the price to hit a two-month low.…
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