New Research Paper Sheds Light on Alleged Conflicts of Interest in FTX’s Chapter 11 Filing

March 22, 2024 Bitcoin.com

Bankruptcy

A recent research paper on SSRN by legal scholars scrutinizes the ethical quandaries and potential conflicts of interest surrounding Sullivan & Cromwell LLP’s involvement in FTX’s Chapter 11 bankruptcy filing. Study Highlights Legal Ethics From FTX Bankruptcy Proceedings The SSRN research paper entitled “Conflicting Public and Private Interests in Chapter 11” meticulously explores the controversial […]

One Factor Could Be Hinting at Speculative Overheating in the Crypto Market, According to IntoTheBlock

FTX to Sell Subsidiary Acquired for $10M to Coinlist for $500K Amid Bankruptcy Proceedings

February 12, 2024 Bitcoin.com

Bankruptcy

FTX Trading Ltd. and its affiliates have announced a plan to sell a subsidiary it acquired for $10 million to Coinlist for $500,000, court documents filed on Feb. 9, 2024 show. The latest motion, filed in the United States Bankruptcy Court for the District of Delaware, details the proposed sale in order to maximize the […]

One Factor Could Be Hinting at Speculative Overheating in the Crypto Market, According to IntoTheBlock

Embattled Crypto Lender Celsius Escapes Chapter 11 Bankruptcy, To Distribute $3 Billion in Crypto to Creditors

February 1, 2024 The Daily Hodl

Embattled Crypto Lender Celsius Escapes Chapter 11 Bankruptcy, To Distribute Billion in Crypto to Creditors

Altcoins

Troubled crypto lending platform Celsius has avoided Chapter 11 bankruptcy with a plan to pay back its creditors billions of dollars. In a new press release, the embattled crypto firm announced yesterday that it has successfully emerged from bankruptcy with the intention of paying back its creditors $3 billion worth of crypto assets and fiat […]

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One Factor Could Be Hinting at Speculative Overheating in the Crypto Market, According to IntoTheBlock

FTX Estate Selling Crypto, Hoarding Cash To Pay Out Customer Claims: Report

January 29, 2024 The Daily Hodl

Bankruptcy

The bankruptcy estate of former crypto exchange FTX is reportedly selling off billions of dollars worth of crypto assets and hoarding cash to pay out customers it owes money to. According to a new report by Bloomberg, FTX has begun selling digital assets as a means of repaying customers who had their accounts frozen during […]

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One Factor Could Be Hinting at Speculative Overheating in the Crypto Market, According to IntoTheBlock

Crypto Company Terraform Labs Files for Chapter 11 Bankruptcy Protection

January 23, 2024 The Daily Hodl

Bankruptcy

Collapsed crypto company Terraform Labs has filed for Chapter 11 bankruptcy in the United States. The firm submitted a voluntary petition to the U.S. Bankruptcy Court for the District of Delaware. The document, which was filed on Sunday, indicates Terraform Labs has between 100-199 creditors, owns between $100,000,001-$500 million in estimated assets, and owes between […]

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One Factor Could Be Hinting at Speculative Overheating in the Crypto Market, According to IntoTheBlock

Crypto Asset Management Firm Sells $65,000,000 Claim in FTX Bankruptcy, According to CIO

December 24, 2023 The Daily Hodl

Bankruptcy

A top executive of a crypto asset management firm says that the company has sold its multi-million dollar claim in FTX’s bankruptcy. In a lengthy thread, Ikigai Asset Management chief investment officer Travis Kling tells his 98,100 followers on the social media platform X that the firm sold its $65 million claim in FTX’s bankruptcy […]

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One Factor Could Be Hinting at Speculative Overheating in the Crypto Market, According to IntoTheBlock

Hut 8 signs deal to develop new mining site to build equity with Celsius creditors

December 18, 2023 Coin Telegraph

Bankruptcy

Hut 8’s new mining site in Cedarvale, Texas, will house almost 66,000 miners and will be powered by more than 215 MWof energy.

The Canadian Bitcoin mining firm Hut 8 has signed an interim agreement to launch a new mining site in Cedarvale, Texas, in connection with the Celsius Network bankruptcy proceedings.

Announcing the news on Dec. 18, Hut 8 said that the mining site will house almost 66,000 miners and will be powered by more than 215 megawatts (MW) of energy.

Hut 8 president Asher Genoot said that the agreement targets a “twofold” goal, which is to build equity with creditors of Celsius while also growing the strength of the managed services business. “We anticipate having more than 895 MW of infrastructure under our umbrella once the site is up and running,” the executive noted.

One Factor Could Be Hinting at Speculative Overheating in the Crypto Market, According to IntoTheBlock

Crypto Company SafeMoon Files for Bankruptcy Following Founder and Executives’ Indictment on Fraud Charges Last Month

December 16, 2023 The Daily Hodl

Bankruptcy

Blockchain firm SafeMoon is filing for bankruptcy after its founder and two executives were indicted on fraud charges in November. According to a recent document, the crypto company voluntarily filed for Chapter 7 bankruptcy over a month after founder Kyle Nagy, chief technology officer Thomas Smith and chief executive Braden Karony were accused of violating […]

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One Factor Could Be Hinting at Speculative Overheating in the Crypto Market, According to IntoTheBlock

FTX and Alameda move $23.59M in assets to Binance, Coinbase, OKX

December 9, 2023 Coin Telegraph

FTX and Alameda move .59M in assets to Binance, Coinbase, OKX

Bankruptcy

The latest transfer of $23.59 million was spread across 19 tokens, including ETH, ALEPH, CRV, AVAX, LINK, DOGE, MATIC, UNI, and SOL.

In four days, wallets linked to defunct crypto trading firms FTX and Alameda Research moved $23.59 million worth of digital assets to top cryptocurrency exchanges.

Blockchain analytics firm Spot On Chain identified the movement, estimating that the defunct entities have transferred $591 million since Oct. 24 using 59 different cryptocurrency tokens.

The wallets linked to FTX spread the latest transfer of $23.59 million across 19 tokens: 3,150 ETH valued at $6.8 million, 59.6 million ALEPH (ALEPH) worth $6.41 million, $2.48 million in Curve (CRV), $990,000 in Avalanche (AVAX), and $848,000 in Chainlink (LINK).

One Factor Could Be Hinting at Speculative Overheating in the Crypto Market, According to IntoTheBlock

FTX to submit revised reorganization plan in mid-December

December 7, 2023 Coin Telegraph

Bankruptcy

Bankrupt, defunct exchange FTX is preparing to present an updated reorganization plan to the court in mid-December.

The Official Committee of Unsecured Creditors has written a reply to the FTX 2.0 Customer Ad Hoc Committee, providing insights into the details of its proposed amended reorganization plan. Scheduled for mid-December, this event is expected to reshape the fate of unsecured creditors.

As its bankruptcy proceedings progress, shuttered exchange FTX is preparing to present an updated reorganization plan to the court in mid-December.

Recognizing differing perspectives on asset valuation and distribution, the Official Committee, in the letter, highlighted the proposed plan’s capacity to maintain a balance among stakeholders’ interests.

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