US Supreme Court knocks back case over $4.4B Silk Road Bitcoin

October 8, 2024 Coin Telegraph

US Supreme Court knocks back case over .4B Silk Road Bitcoin

The top court in the US won’t hear Battle Born Investments’ case claiming it purchased rights to 69,370 Bitcoin seized by the US from the online black market Silk Road.

The United States Supreme Court declined to take on a case concerning the ownership of 69,370 Bitcoin — worth $4.38 billion — that the US government seized from the dark web marketplace Silk Road.

The request for review was brought by Battle Born Investments, a company that claimed it had purchased rights to the seized Bitcoin (BTC) through a bankruptcy estate.

The Supreme Court’s refusal to hear the case could clear the US government to sell the stack of Bitcoin.

Bitcoin price falls toward range lows, but data shows ‘whales going wild right now’

FTX bankruptcy estate auctioning Worldcoin tokens this week

October 2, 2024 Coin Telegraph

Bankruptcy

According to CoinGecko, Worldcoin currently has a market capitalization of approximately $792 million and a 494 million circulating supply.

The FTX estate is preparing to auction off approximately 22 million Worldcoin tokens (WLD) — valued at roughly $38 million — on Oct. 3, a source familiar with the matter told Cointelegraph.

Investor bids must be submitted by 8 pm on Oct. 3, with a minimum bid of $2.5 million to qualify for the auction and the tokens could sell at a steep discount of up to 75%.

Cointelegraph also learned that the tokens are subject to a 4-year unlocking period ending in 2028.

Bitcoin price falls toward range lows, but data shows ‘whales going wild right now’

SBF’s neurodivergence saw him ‘misinterpreted’ at trial, doctors argue

September 24, 2024 Coin Telegraph

amicus breif

The court and jury could have misunderstood Sam Bankman-Fried’s behavior during his criminal trial due to his autism and attention deficit disorders, doctors wrote in a recent amicus brief.

Sam Bankman-Fried’s criminal trial could have been hurt because of his neurodivergence disorders, leading to “longwinded answers” that frustrated the court, says a group of doctors in an amicus brief supporting his appeal.

The FTX co-founder is diagnosed with autism spectrum disorder (ASD) and attention-deficit/hyperactivity disorder (ADHD) that “posed serious challenges during proceedings in this case,” eight doctors focused on the field of neurodivergence told the Second Circuit Appeals Court in a Sept. 20 amicus brief supporting Bankman-Fried.

They claimed several rulings were detrimental to Bankman-Fried “because of his neurodivergence,” in particular the Manhattan district court’s ruling that government prosecutors could cross-examine him without a jury before he sat before jurors.

Bitcoin price falls toward range lows, but data shows ‘whales going wild right now’

Blockfi Receives $250M USDC Deposit, Sparking Hopes for Creditor Repayments

September 23, 2024 Bitcoin.com

Blockfi Receives 0M USDC Deposit, Sparking Hopes for Creditor Repayments

Arkham Intelligence

Onchain data reveals that Blockfi, a now-bankrupt crypto lending firm, received a hefty $250 million deposit (1, 2) to one of its flagged addresses, as reported by Arkham Intelligence. The news was shared on X at 12:43 p.m. EDT on Monday. “Blockfi received $250M in USDC from Coinbase Prime, bringing their onchain holdings up to […]

Bitcoin price falls toward range lows, but data shows ‘whales going wild right now’

Court approves Terraform Labs winding down in bankruptcy hearing

September 20, 2024 Coin Telegraph

Bankruptcy

After collapsing in 2022, facing an SEC lawsuit in 2023, and filing for bankruptcy in 2024, many of Terraform’s legal cases in the US are beginning to wind down.

A judge approved Terraform Labs winding down its operations as part of the firm’s bankruptcy plan in the United States.

According to a Sept. 19 Reuters report, Judge Brendan Shannon of the US Bankruptcy Court for the District of Delaware approved Terraform’s bankruptcy plan. The company filed for Chapter 11 protection in January, claiming between $100 and $500 million in estimated liabilities and assets.

Judge Shannon reportedly called the plan a “welcome alternative” to further litigation to address investor losses. Terraform’s bankruptcy proceedings followed the US Securities and Exchange Commission (SEC) filing a lawsuit against the platform and its founder, Do Kwon, in February 2023.

Bitcoin price falls toward range lows, but data shows ‘whales going wild right now’

Terraform Labs Gets Court Approval to Wind Down Operations in Bankruptcy

September 19, 2024 Bitcoin.com

Bankruptcy

Terraform Labs has received court approval to wind down operations in bankruptcy following a settlement with the U.S. Securities and Exchange Commission (SEC). The company had been at the center of a scandal that left cryptocurrency investors facing significant losses after the Terra ecosystem collapsed. Court Approves Terraform Labs Wind-Down Terraform Labs has been granted […]

Bitcoin price falls toward range lows, but data shows ‘whales going wild right now’

Silvergate Capital files for Chapter 11 bankruptcy in Delaware

September 18, 2024 Coin Telegraph

Bankruptcy

The parent company of Silvergate Bank has listed assets ranging from $100 million to $500 million and liabilities between $10 million and $50 million.

Silvergate Capital Corporation, the parent company of Silvergate Bank, filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the District of Delaware.

According to a filing on Sept. 17, the company has listed assets between $100 million and $500 million and liabilities ranging from $10 million to $50 million. The bankruptcy petition includes Silvergate’s two affiliates, Silvergate Liquidation Corporation and Spring Valley Lots, LLC.

Silvergate’s reorganization plan, filed as part of its Chapter 11 bankruptcy, proposes fully paying several types of debts, including administrative fees, taxes, and other high-priority claims like secured loans and professional fees.

Bitcoin price falls toward range lows, but data shows ‘whales going wild right now’

Elon Musk Warns US Laws and Regulations Will Worsen Every Year Without Major Reform

September 13, 2024 Bitcoin.com

Bankruptcy

Tesla and Spacex CEO Elon Musk has warned that without substantial government reform, laws and regulations will worsen annually, potentially stifling major initiatives. He has reiterated his call for significant U.S. government changes and agreed to help former President Donald Trump lead a new government efficiency commission, an idea he proposed. Musk believes reducing wasteful […]

Bitcoin price falls toward range lows, but data shows ‘whales going wild right now’

Coinbase Legal Chief Criticizes SEC’s Vague Position on FTX Plan — Says Investors Deserve ‘Way Better’

September 2, 2024 Bitcoin.com

Assets

Coinbase’s chief legal officer has criticized the U.S. Securities and Exchange Commission (SEC) for its ambiguous position regarding FTX’s proposal to repay creditors using stablecoins or other cryptocurrencies. Although the SEC did not explicitly deem these transactions illegal, it retained the right to contest them, leading to frustration within the crypto community. This uncertainty has […]

Bitcoin price falls toward range lows, but data shows ‘whales going wild right now’

SEC Warns FTX Over Legality of Crypto Asset Distribution in Chapter 11 Plan

September 2, 2024 Bitcoin.com

Bankruptcy

The U.S. Securities and Exchange Commission (SEC) has raised concerns over FTX’s plan to pay back claims using its “crypto asset securities.” The SEC’s Senior Trial Counsel, Therese Scheuer, has reserved the right to challenge these transactions under federal securities laws. FTX’s Crypto Repayment Plan Faces Potential SEC Challenge The FTX bankruptcy saga is moving […]

Bankruptcy

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