The U.S. Bankruptcy Court has approved Celsius Network LLC’s transition from a failed crypto lender to a Bitcoin mining business, setting the stage for the company to begin repaying its customers. Judge Martin Glenn confirmed the company’s plan to compensate its creditors using a mix of digital assets and shares in the new Bitcoin mining…
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America’s securities regulator has been urged to decide if it will approve a plan to transform Celsius Network into a bitcoin mining firm. The proposal seeks to repay customers of the bankrupt cryptocurrency lender with both crypto assets and stock in a new publicly traded mining entity. New York Judge Hopes for Expedited SEC Decision…
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Genesis wants to use the shares’ initial value in claims and is not releasing additional collateral transferred by DCG, the suit claims. Cryptocurrency exchange Gemini filed an adversary proceeding against bankrupt crypto lender Genesis Global Holdco in the Southern District of New York Bankruptcy Court on Oct. 27. At issue is the fate of 62,086,586 shares…
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Options reportedly include selling the entire exchange, including its extensive customer base of over nine million, to potentially forming a partnership with another entity to revive the platform. FTX is carefully considering its future after going through bankruptcy proceedings. According to a Bloomberg report, during a court hearing in Wilmington, Delaware, Kevin Cofsky, the company’s…
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BlockFi announced that it is allowing both U.S. and international users to submit withdrawal requests. Crypto lending platform BlockFi has emerged from bankruptcy and is ready to pay back some of its creditors, according to an October 24 blog post. Withdrawals “are currently available to nearly all Wallet customers,” the post stated, adding that Blockfi…
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The now-defunct FTX crypto exchange announced a proposed settlement plan this week that aims to resolve disputes over customer assets lost when the company filed for bankruptcy in November 2022. FTX Debtors Chart Path to Redress: 90% Asset Recovery Proposed in Bankruptcy Plan The FTX debtors’ proposed settlement plan includes priority payouts to customers and…
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Several reports say that the major Chinese real estate developer Evergrande’s downfall triggered a bank run in northern China last week. The bank run began after rumors spread that the financial institution, Bank of Cangzhou, allegedly loaned billions to the struggling company. This development came on the heels of an Evergrande announcement about the detention…
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Former Alameda CEO Caroline Ellison recognized she wasn’t doing a good job months before the company filed for bankruptcy, but Sam Bankman-Fried persuaded her to stay. Caroline Ellison wasn’t doing a good job leading Alameda Research in 2022, and she did not hide it. Pieces of her personal notes shared as evidence by prosecutors on…
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Former FTX CEO Sam Bankman-Fried was once “freaking out about” getting regulators to crack down on Binance and raising capital from a Saudi Crown Prince, according to Alameda former CEO Caroline Ellison. Weeks and months before the collapse of crypto exchange FTX, former CEO Sam Bankman-Fried was “freaking out” about Alameda, buying shares in Snapchat, raising…
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The trial of former FTX CEO Sam Bankman-Fried started on October 3. Four witnesses explained to jurors how $8 billion in funds from customers went missing. Luxury real estate, political donations, investments, and magazine covers. A year ago, that was the life of Sam Bankman-Fried, Assistant U.S. Attorney Thane Rehn remarked during the opening statements…
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