Crypto lender Genesis Global Capital, currently undergoing bankruptcy proceedings, has requested permission to sell trust assets worth approximately $1.6 billion. In a motion filed with the U.S. Bankruptcy Court in the Southern District of New York, the firm sought approval to sell assets held by Genesis, a subsidiary of the Digital Currency Group. The assets include…
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Terraform Labs has filed for Chapter 11 bankruptcy in the U.S. amid ongoing litigation with the U.S. Securities and Exchange Commission (SEC). The company stated in its bankruptcy filing that “funds will be available for distribution to unsecured creditors.” Meanwhile, Terraform Labs co-founder Do Kwon is facing an upcoming SEC trial and extradition proceedings. Terraform…
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Core Scientific has received the go-ahead from bankruptcy court for its reorganization, paving the way for the bitcoin mining giant to relist its shares on Nasdaq. Core Scientific Set for a Major Turnaround Core Scientific, Inc., a major bitcoin miner, is about to emerge from Chapter 11 bankruptcy. In a press release on their website,…
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Source: Adobe Bankrupt digital asset exchange, FTX has paid hundreds of millions in legal fees in a few months sparking reactions as creditors seek to recover their losses. Court filings show that over $118 million were billed on the exchange between August and October for professional legal fees with investors and creditors yet to recoup…
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In the latest development, Safemoon, a crypto company, voluntarily initiated Chapter 7 bankruptcy proceedings in the District of Utah, as stated in their bankruptcy documentation. This action comes on the heels of the company’s founders facing indictment for securities fraud, wire fraud, and money laundering by the U.S. Securities and Exchange Commission and Department of…
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Sources claim that 3AC co-founder Kyle Davies has been based in Bali for months as he continues to evade Singaporean authorities over the collapse of his failed hedge fund. Three Arrows Capital (3AC) co-founder Kyle Davies has reportedly been seen in Bali as he continues to evade authorities over the collapse of the defunct hedge…
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A U.S. bankruptcy court judge has ordered the end of an automatic holding placed on claims settlement proceedings between the two bankrupt crypto companies FTX and BlockFi. Bankrupt crypto companies FTX and BlockFi are allowed to proceed in negotiations for their claims settlement, according to a new court filing. On Nov. 13, United States bankruptcy…
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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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The legal action is pursuing “compensatory and punitive damages” from ByBit regarding the token scheme and the assets held on its platform. The FTX bankruptcy estate, headed by CEO John J. Ray III, has filed a lawsuit against ByBit, its investment arm Mirana, and various executives. The aim is to recover funds and digital assets…
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Recovery from the crypto winter is proceeding, but Hodlnaut won’t survive it. A sealed court order in Singapore appears to spell its doom. Crypto lender Hodlnaut’s days appear to be numbered after the High Court of Singapore ended judicial management and ordered its liquidation. Users’ funds have been frozen since August 2022. Former Hodlnaut interim…
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