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Nexo Secures Preliminary VARA Approval to Launch Crypto Lending and Brokerage Services in Dubai

Bitcoin.com
Nexo Secures Preliminary VARA Approval to Launch Crypto Lending and Brokerage Services in Dubai
abu dhabi
Nexo Secures Preliminary VARA Approval to Launch Crypto Lending and Brokerage Services in DubaiOn Tuesday, Nexo announced its Dubai entity, Nexo DWTC, had secured preliminary approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to engage in virtual asset lending, borrowing, and broker-dealer activities within the UAE’s most populous city. Nexo Gains Initial VARA Approval for Dubai Crypto Operations The crypto lender Nexo received a provisional “Initial Approval [IA]” […]
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Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

US Commodities Regulator Mulling Enforcement Action Against Co-Founder of Bankrupt Crypto Lender Voyager: Report

The Daily Hodl
US Commodities Regulator Mulling Enforcement Action Against Co-Founder of Bankrupt Crypto Lender Voyager: Report
3AC
US Commodities Regulator Mulling Enforcement Action Against Co-Founder of Bankrupt Crypto Lender Voyager: Report

The Commodity Futures Trading Commission (CTFC) is reportedly contemplating taking enforcement action against the co-founder of a bankrupt crypto lender. According to a new report by Bloomberg, the CTFC is considering charging Stephen Ehrlich, the ex-chief executive of Voyager, of misleading customers about the safety of their assets after launching an investigation into the troubled […]

The post US Commodities Regulator Mulling Enforcement Action Against Co-Founder of Bankrupt Crypto Lender Voyager: Report appeared first on The Daily Hodl.

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Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Blockfi Announces Self-Liquidation Plan After Failed Attempts to Sell Company

Bitcoin.com
Blockfi Announces Self-Liquidation Plan After Failed Attempts to Sell Company
Alameda Research
Blockfi Announces Self-Liquidation Plan After Failed Attempts to Sell CompanyThe now-defunct crypto lender Blockfi has recently filed a court document outlining its plans to liquidate the company. The firm has come to the realization that selling the company would not be beneficial to its creditors. As a result, Blockfi has decided to take matters into its own hands and proceed with a self-liquidating transaction. […]
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Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Voyager Digital Provides Update on Reimbursement Plan for Creditors

Bitcoin.com
Voyager Digital Provides Update on Reimbursement Plan for Creditors
Assets
Voyager Digital Provides Update on Reimbursement Plan for CreditorsFollowing Binance’s withdrawal from the Voyager Digital deal on April 25, the now-defunct crypto lender has recently informed creditors that they can expect to receive their initial cash and crypto distributions “within the next few weeks.” This update comes nine days after Binance’s decision to back away from the deal. Voyager Digital Expects Initial Distributions […]
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Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

FTX seeks to claw back $4B from Genesis in a battle of the bankrupt

Coin Telegraph
FTX seeks to claw back B from Genesis in a battle of the bankrupt
Bankruptcy

The bankrupt crypto exchange wants to recoup billions from the bankrupt crypto lender claiming it was “instrumental” to FTX’s “fraudulent” business model.

Cryptocurrency exchange FTX is seeking to recover around $4 billion from similarly bankrupt crypto lender Genesis and a still-solvent British Virgin Islands-based entity — part of efforts to recover value for creditors.

In a May 3 court filing in a New York Bankruptcy Court, lawyers for FTX sought $1.8 billion in loans and a $273 million collateral pledge allegedly given to Genesis from FTX’s sister trading firm Alameda Research.

FTX is also seeking to claw back $1.6 billion in withdrawals allegedly made by Genesis and a further $213 million purported to be withdrawn by its BV-based entity GGC International from the exchange before it collapsed into Chapter 11 bankruptcy on Nov. 11.

The filing claims Genesis was “largely repaid” its nearly $8 billion in loans made to Alameda, “unlike other FTX creditors and customers.”

FTX alleged the bankrupt lender was “one of the main feeder funds for FTX and instrumental to its fraudulent business model.”

Related: Celsius eyes merge of entities as creditors claim distinctions were a ‘sham’

The exchange’s lawyers are seeking the clawback under bankruptcy laws that allow it to recoup “avoidable transfers” that occur in a 90-day period before a company declares bankruptcy.

Previous clawbacks by FTX have focused on $3.2 billion in payments made to its former executives, a $460 million investment made by Alameda into venture capital firm Modulo Capital and around $93 million in political donations made by founder Sam Bankman-Fried and other former top brass.

Crypto Twitter Hall of Flame: Gabriel Haines: Shirtless shitposting and hunting SBF on the meme streets

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Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Gemini ‘supportive’ of Genesis mediation, but frustrated over pacing

Coin Telegraph
Gemini ‘supportive’ of Genesis mediation, but frustrated over pacing
Bankruptcy

Genesis is starting a 30-day meditation with its key creditors as its bankruptcy proceedings are close to hitting the four-month mark.

Crypto lender Genesis and its key creditor group have agreed to a 30-day mediation process in an attempt to move forward with a final restructuring plan, though one company is expressing "frustration" over the pace of progress.

On April 30, Gemini tweeted that Genesis, its parent company Digital Currency Group (DCG), its Unsecured Creditors Committee (UCC) and Gemini have agreed to a 30-day mediation process in court on April 28. 

Gemini said its aim is to "drive to a final resolution as soon as possible, and that it was "supportive" of mediation. Gemini however added it had “expressed our frustration” regarding “the pace of progress among the parties and the need for urgency.”

The mediation is to move forward on a proposed bankruptcy exit plan submitted in February that expected creditors to recover 80% of lost funds. The plan is backed by DCG but the UCC opposed the restructuring deal wanting better terms.

Genesis is slated to next appear in bankruptcy court on May 4. Sean O’Neal, a lawyer for Genesis, said in court on April 30 that it hopes to have two mediation sessions before May 8 with the deal's final terms made public after the mediation period.

A mediator will need to be selected by Genesis and the UCC. O’Neal said potential mediators have started to be contacted and the process will be outlined to the court once one is selected.

Related: Binance.US, Alameda, Voyager Digital and the SEC — the ongoing court saga

On April 25, DCG expressed its thoughts on the matter when Genesis filed its motion for mediation.

The crypto conglomerate said the settlement would “prolong the court process” due to the renewed demands and added it was “difficult to understand the rationale” of Genesis creditors as they had given “limited engagement” since the plan proposed in February.

Genesis filed for Chapter 11 bankruptcy in a New York District Court in January, estimating its liabilities were between $1 billion and $10 billion with assets in the same range.

The crypto lender was one of several firms hit by liquidity issues in the wake of the collapse of FTX.

Magazine: Whatever happened to EOS? Community shoots for unlikely comeback

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Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Binance US Pulls the Plug: Voyager Purchase Deal Falls Through

Bitcoin.com
Binance US Pulls the Plug: Voyager Purchase Deal Falls Through
asset purchase agreement
Binance US Pulls the Plug: Voyager Purchase Deal Falls ThroughAccording to the now-defunct crypto lender Voyager, Binance US sent a letter to the company “terminating the asset purchase agreement.” While the announcement was “disappointing” for Voyager, the firm maintained that its customers would still be receiving their cash and crypto through a “direct distribution” via the Voyager platform. Voyager’s Asset Purchase Agreement With Binance […]
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Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Voyager’s $1B deal with Binance.US moves forward after deal with Feds

Coin Telegraph
<div>Voyager's B deal with Binance.US moves forward after deal with Feds</div>
Bankruptcy

The bankrupt crypto lender struck a deal with the U.S. government and its $1 billion sale of cryptocurrencies to Binance.US has moved forward.

Bankrupt cryptocurrency lender Voyager Digital Holdings has sealed a deal with the United States Federal government that moves forward a $1 billion plan allowing Voyager to sell its assets to the U.S. arm of Binance.

An April 19 filing in a New York District Court saw Voyager, the Official Committee of Unsecured Creditors and the U.S. government agree that the deal for Binance to acquire Voyager's digital assets could move forward as planned.

The filing states the government can continue to work on an appeal on what it claims are provisions allowing Voyager to be immunized from certain legal liabilities.

Previously the deal with Binance.US was temporarily halted by a federal judge after a request by the United States government for an emergency stay.

This is a developing story, and further information will be added as it becomes available.

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Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

BlockFi to provide over $100K in refunds to California clients

Coin Telegraph
BlockFi to provide over 0K in refunds to California clients
Blockfi

At least 111 BlockFi borrowers had continued repaying loans between Nov. 11 and Nov. 22, even though they didn't need to, according to court documents.

Bankrupt crypto lender BlockFi has agreed to refund more than $100,000 to California customers that had continued to repay loans even after a trading halt on Nov. 10 last year. 

According to a March 27 statement from California's financial watchdog, the Department of Financial Protection and Innovation (DFPI), its investigation discovered at least 111 borrowers in California paid back roughly $103,471 in loan repayments between Nov. 11 and Nov. 22.

The regulator claimed that BlockFi failed to "provide timely notification to borrowers that they could stop repaying their BlockFi loans."

The DFPI claims that borrowers were not notified until Nov. 22 that they could stop repaying their BlockFi Loans "until further notice."

According to documents, BlockFi requested permission from the bankruptcy court to return these payments to the borrowers in a motion filed with the court on Feb. 24, 2023.

The refunds will be able to go ahead if the motion is approved, with a hearing scheduled for April 19.

Excerpt from the DFPI agreement filed in court. Source: DFPI

Meanwhile, the DFPI said BlockFi has agreed to an "interim suspension" of its California Financing Law (CFL) license while "the bankruptcy and revocation actions are pending."

"If this motion is granted BlockFi agrees to direct the Servicer to timely return borrowers' payments, including interest and late fees and all funds paid following the November 10th platform pause," according to the DFPI documents. 

Unless otherwise ruled by the bankruptcy court, the regulator said BlockFi's agreement to the interim suspension means it will continue to direct its agents to pause the collection of repayments for California customers on loans, interest payments and "not charge, levy, or assess any late fees associated with any payments, including at maturity."

BlockFi has also agreed to continue not reporting to credit agencies that loans from California residents have become delinquent or defaulted on or after Nov. 11, 2022, and will not take “any action that may harm California residents’ credit scores on such loans.”

Related: BlockFi in no immediate danger, despite Silicon Valley Bank exposure: Report

According to the DFPI, Commissioner Clothilde V. Hewlett previously suspended BlockFi's lending license for 30 days beginning on Nov. 11, 2022 and moved to revoke BlockFi's CFL license on Dec. 15, 2022.

BlockFi halted client withdrawals and requested clients not to deposit to BlockFi wallets or Interest Accounts on Nov. 10, citing a lack of clarity around the FTX collapse.

By Nov. 28, BlockFi filed for Chapter 11 bankruptcy for the company and its eight subsidiaries. BlockFi International filed for bankruptcy with the Supreme Court of Bermuda on the same day.

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Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

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