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FTX Payment Plan Faces Backlash, Clients Slam 2022 Asset Valuation as ‘Theft,’ Urge Court for Fair Redress
22.1.2024
Following the submission of a proposal by FTX estate debtors to reimburse customer assets based on their value as of Nov. 11, 2022, numerous objections have been raised by customers. A notable objection comes from an FTX client in France, who criticizes the estate for “depleting creditor...
Just In: FTX’s Bankruptcy Estate Sold 22 Million GBTC Shares, Leading to $1 Billion GBTC Outflow
22.1.2024
FTX’s $1 billion sell-off of its GBTC shares was a major catalyst of the trust’s outflows after becoming a spot Bitcoin ETF. Image by Formatoriginal, Adobe Stock. The ongoing bankruptcy proceedings for crypto exchange FTX have led to major sell-offs from one of the largest bitcoin...
Terraform Labs Files for Bankruptcy in US Amid SEC Lawsuit
22.1.2024
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...
FTX Sold About $1B of Grayscale's Bitcoin ETF, Explaining Much of Outflow: Sources
22.1.2024
BTC's price has fallen since bitcoin ETFs were approved. In theory, now that FTX is done selling its substantial holdings, the selling pressure could ease since a bankruptcy estate liquidating holdings is a relatively unique event
Terraform Labs declares bankruptcy under Chapter 11
22.1.2024
A US federal judge recently stayed the proceedings in the case against Terraform Labs and its founder, Do Kwon. Nevertheless, the organization is presently seeking constitutional protection via Chapter 11. This can be attributed to the company’s assertion that it possesses assets...
Do Kwon’s Terraform Labs Files for Bankruptcy Protection in US
22.1.2024
Terraform Labs, the issuer of the collapsed stablecoin TerraUSD (UST), has filed for Chapter 11 bankruptcy protection in the United States. The filing by Terraform Labs was officially submitted to the U.S. Bankruptcy Court for the District of Delaware. This action marks a significant legal step...
Terraform Labs Declares Bankruptcy in Delaware
22.1.2024
Terraform Labs recently lost a case when a U.S. judge ruled that LUNA and MIR are securities, and is currently facing a class action lawsuit in Singapore
FTX Under New Scrutiny: Appellate Court Orders Independent Investigation
21.1.2024
An independent examiner was initially barred from delving into the FTX bankruptcy case. However, the Third Circuit Court of Appeals in Philadelphia has recently overturned this decision, mandating that the defunct crypto exchange undergo an investigation by an external party. This ruling points...
Bitcoin Miner Core Scientific Set to Emerge From Bankruptcy
18.1.2024
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....
Bitcoin Miner Core Scientific Overcomes Bankruptcy, Eyes Stock Market Return
17.1.2024
Source: Adobe / artiemedvedev The major US-based Bitcoin miner Core Scientific has emerged from bankruptcy. The company is now preparing to return to the stock market. The United States Bankruptcy Court for the Southern District of Texas has confirmed Core Scientific’s Chapter 11 plan...
Sam Bankman-Fried's Parents Ask Court to Dismiss FTX's Lawsuit Seeking to Recover Funds
17.1.2024
Joseph Bankman and Barbara Fried, the parents of Sam Bankman-Fried, have asked a court to dismiss a lawsuit by the bankrupt cryptocurrency exchange FTX seeking to recover funds it alleges were fraudulently transferred
Bitcoin Price Prediction: BTC Nears $43,000 Amid Core Scientific Bankruptcy, Bukele Reelection & Grayscale ETF News
17.1.2024
In a dynamic week for the cryptocurrency market, Bitcoin price prediction is neutral as BTC is trading at $42,870 with a modest increase of less than 0.25% as of Wednesday. This uptick comes amidst a flurry of significant developments. Core Scientific, a prominent Bitcoin mining entity,...
South Korean Bankruptcy Court Judge Calls for More Crypto Regulation
17.1.2024
Source: Valerii Evlakhov/Adobe A South Korean bankruptcy court judge has called on the government to bolster regulation in the crypto industry, claiming investors need more protection. Per Newsis, the claims were made by Judge Lee Seok-jun, of the Seoul Bankruptcy Court. Lee wrote a paper...
Bitcoin Miner Core Scientific to Emerge From Bankruptcy, Re-List Shares This Month
16.1.2024
The bankrupt miner received court approval for its Chapter 11 reorganization plan and plans to re-list shares on Nasdaq end of January
FTX Creditors File Motion to Block Crypto Valuation with Low 2022 Prices
12.1.2024
Source: Adobe / Александр Поташев A group of FTX creditors have filed a motion seeking to stop plans of the collapsed exchange from valuing their cryptocurrency assets based on 2022 prices. FTX Creditors...
Celsius Targets Withdrawals Made 90 Days Before Bankruptcy for Repayment
10.1.2024
Source: Adobe / FellowNeko The bankrupt crypto lender Celsius Network has notified its creditors that customers who made substantial withdrawals in the 90 days leading up to the bankruptcy declaration may need to return a portion of the funds or face legal consequences. According to a notice...
Bankruptcy Move: FTX Ventures Cuts Deal with Dave for $100 Million Stake
6.1.2024
Source: Sora Shimazaki / Pexels Dave, a fintech firm specializing in financial services through its mobile application, is set to acquire a $100-million convertible promissory note previously issued to FTX Ventures, the venture capital arm of bankrupt crypto exchange FTX. The deal involves Dave...
Celsius to Unstake Thousands of Ether, Possibly Easing ETH Selling Pressure
5.1.2024
The defunct crypto lender sent over 30,000 ETH to custodian Fireblocks in the past week, some of which was deposited at crypto exchange Coinbase, data shows
Bankruptcy Judge Greenlights Celsius Shift to Bitcoin Mining
30.12.2023
The now-defunct crypto lender Celsius has received authorization to pivot to bitcoin mining, following approval from U.S. District Judge Martin Glenn of Manhattan for the firm’s revised strategy. This move comes after the company’s initial proposal encountered obstacles from the U.S....
FTX Debtors Release Estimated Values for Cryptocurrency Claims, Bitcoin Priced at $16,871 per Coin
29.12.2023
Source: Adobe / Александр Поташев FTX Trading Ltd. affiliated debtors have submitted a motion for the entry of an order estimating the value of claims related to digital assets and fiat currency, including customer entitlement claims. In a filing made on December 27 in the United States Bankruptcy...