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…
Read more
Assets will be sold off weekly, with special handling for BTC, ETH and “insider-affiliated tokens.” The Delaware Bankruptcy Court has approved the sale of FTX digital assets. Judge John Dorsey made the ruling at a hearing on Sept. 13. Major changes were made to the draft order authorizing the sale on the previous day. FTX…
Read more
Ten percent of shareholder claims have been settled so far. They will be able to assess the company’s condition at a Sept. 11–12 meeting. FTX has released the presentation materials for its shareholder meeting taking place Sept. 11–12. The unrestricted portion provides a clear overview of the company’s current state and its slow march toward…
Read more
The FTX estate, currently overseeing the bankruptcy and restructuring of the once-active crypto exchange, reveals holdings of $1.16 billion in solana (SOL) and $560 million in bitcoin (BTC). 16% of Solana’s Market Cap Is Held by FTX In a recent Monday court filing, a stakeholder update showcases the premier digital assets held by the estate.…
Read more
The bankrupt estate of cryptocurrency exchange FTX is suing blockchain company Layerzero Labs in an attempt to claw back a $45 million deal and over $40 million in withdrawals made in the days before FTX filed for bankruptcy. The lawsuit alleges that Layerzero exploited FTX’s financial distress to negotiate a fire-sale transaction just prior to…
Read more
FTX laid out the millions it paid to the likes of Shaquille O’Neal, Naomi Osaka and other high-profile people it’s looking to get back. Bankrupt crypto exchange FTX is probing if it can reclaim the millions of dollars paid to celebrity athletes and sports teams that promoted the exchange before it filed for bankruptcy last…
Read more
FTX is seeking the cancellation of agreements made days before it collapsed, as well as the return of millions transferred to LayerZero Labs and its affiliates. Bankrupt crypto exchange FTX has filed a lawsuit against cross-chain protocol LayerZero Labs, seeking to recover $21 million in funds that were allegedly illegally withdrawn prior to FTX’s shutdown…
Read more
Advisers working for FTX have analyzed if some payments made by the failed crypto exchange to sports stars and organizations can be returned. The money went to celebrity athletes, including basketball legend Shaquille O’Neal, and sports teams like the NBA’s Miami Heat and Formula 1’s Mercedes under sponsorship and advertising deals. FTX Advisers Review Payments…
Read more
Beleaguered crypto lending firm Celsius Network, that went bankrupt in July 2022, has filed an “adversary complaint” against private lending platform EquitiesFirst, in an attempt to recover assets. The complaint was filed in a sealed bankruptcy document on Sept. 6, seeking injunctive relief and a declaratory judgment, related to the “recovery of money/property,” according to…
Read more
DCG borrowed $500,000 from its subsidiary last year, and DCG Investments borrowed over 18,000 BTC. Both have allegedly defaulted. Bankrupt cryptocurrency lender Genesis Global Capital (GGC) filed two suits on Sept. 6 seeking the repayment of overdue loans from affiliated companies. The loans are worth over $600 million in total. GGC filed the complaints against…
Read more
