After Prime Trust filed for bankruptcy protection, the company’s interim CEO Jor Law cited excessive spending, losses on the stablecoin terrausd, and problems accessing customer funds held in cold storage wallets as contributing factors. From Cold Storage to Cold Reality: The Dramatic Decline of Prime Trust In a declaration filed along with the bankruptcy petition…
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FTX Trading Ltd., accompanied by its linked debtors, has approached the U.S. Bankruptcy Court in Delaware with a proposal to collaborate with Michael Novogratz’s Galaxy Digital Capital Management LP, also known as Galaxy Asset Management. FTX Trading Proposes Alliance With Novogratz’s Galaxy Digital FTX aims to onboard Galaxy Asset Management to oversee a portion of…
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FTX founder Sam Bankman-Fried (SBF) is asking to be released from jail five days a week to work on his defense for the fraud trial against him set to begin in October. On Friday, Bankman-Fried’s lawyers complained to a judge in Manhattan that the currently proposed preparation time and regime for his case is “inadequate.”…
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In a surprising turn of events, the recent developments surrounding the Evergrande Group’s Chapter 15 filing have reverberated beyond traditional finance, indirectly influencing the sentiment around Bitcoin (BTC) and the cryptocurrency market. Around 9:35 pm UTC on August 17, the price of Bitcoin plummeted by 8% in just 10 minutes. This sudden drop had a…
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The lending platform halted client withdrawals amid filing for bankruptcy in November 2022, but later petitioned the court for authorization to return user funds. Many customers at defunct crypto lending firm BlockFi have reported being able to withdraw funds for the first time in months following an order from a United States bankruptcy court. In…
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The digital asset trust firm Bitgo, headquartered in Palo Alto, California, has secured $100 million in a Series C funding round. While the company remains tight-lipped about the participants in this financial endeavor, this fresh infusion of capital catapults the firm’s post-valuation to $1.75 billion. Bitgo Raises $100 Million From Undisclosed Investors Bitgo has successfully…
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On Monday, Las Vegas cryptocurrency custodian Prime Trust filed for Chapter 11 bankruptcy protection, marking another setback for the troubled fintech company. In the August 15th filing, the company stated that it has 25,000 to 50,000 creditors and expects liabilities of $100 million to $500 million. And with Prime Core Technologies Inc., Prime Trust LLC,…
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In the wake of financial upheavals and regulatory hurdles, Prime Trust, a digital currency custodian, has formally sought Chapter 11 bankruptcy protection. This move closely follows the appointment of John Guedry as the company’s overseer, bolstered by a designated committee to steer the restructuring process. Crypto Custodian Prime Trust Files for Chapter 11 Bankruptcy Protection…
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The settlement was reached in July and, if the customers agree, it will go before the court for approval in October. Bankrupt crypto lender Celsius can start sending out ballots to its customers for a vote on a proposed settlement plan that would see a consortium called Fahrenheit buy Celsius’ assets and launch a new…
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In the bankruptcy case of Three Arrows Capital (3AC), a crypto hedge fund that ceased operations, a judge has rejected a request to hold co-founder Kyle Davies in contempt of Court and impose sanctions…. Read More: Legal Twist: Three Arrows Capital Co-Founder’s Citizenship Renunciation Disrupts Court’s Jurisdiction in Bankruptcy Case Read more »Sign up for…
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