After over a year of negotiations, the Washington State Department of Financial Institutions (DFI) has joined a multi-state settlement agreement with GS Partners. Accused of violations under Washington’s Securities Act, the case centers on GS Partners’ Metacertificates and a multi-level marketing scheme. Investors can now submit claims through a newly established portal, opening in November…
Read more
EY, the global accounting and professional services organization, released a long-awaited update on Friday for the creditors of Quadriga CX. The Canadian cryptocurrency exchange, which had sought bankruptcy protection in 2019 with liabilities of C$215.7 million and assets totaling around C$28 million, had left its creditors in a state of uncertainty. In the latest notice…
Read more
Court filings reveal that the FTX co-founder is seeking access to a $10 million insurance plan to cover his attorney fees. FTX debtors and unsecured creditors have opposed Sam Bankman-Fried’s request, arguing that every dollar spent on his defense is “one less dollar” available to cover the losses of the debtors. FTX Debtors and Unsecured…
Read more
Authorities in the Russian region of Irkutsk have so far filed 1,000 lawsuits against what they call “gray” miners, or people minting coins in their homes. In over half of these cases, courts have ordered the defendants to compensate the operators of the distribution networks. Hundreds of Crypto Miners Sued in Irkutsk for Extracting Digital…
Read more
A court in Beijing has ruled that three investment agreements for bitcoin mining operations in Sichuan are “invalid.” A compensation claim has been rejected in the case, viewed as an indication that the Chinese judiciary would not provide protection for crypto-related interests. Beijing Court Invalidates Bitcoin Mining Contracts The Chaoyang District People’s Court in the…
Read more
A lawyer representing investors defrauded by the notorious crypto scam Onecoin has urged authorities in Bulgaria to act on the case, claiming that the “world’s largest pyramid scheme” is still operating from the country. In a petition with the Bulgarian Constitutional Ombudsman, Jonathan Levy accuses officials in Sofia of failing to provide justice to the…
Read more
Stablecoins, IOU tokens, and future incentive programs are coming down the pipe for jilted investors. After a devastating hack, a cross-chain decentralized finance (DeFi) protocol has revealed today a temporary compensation plan for token holders and investors impacted by one of the largest exploits in DeFi history. In a Tweet today, EasyFi announced their “Interim…
Read more
Community members and contributors are moving forward with a plan to build a treasury and better incentivize developers. After a week of at times rancorous debate, an 11-author team of Yearn.finance core contributors and community members have submitted today a proposal to increase the supply of YFI by 6666 tokens — a quantity worth roughly…
Read more
