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” Crypto exchange Digital Surge emerges as a rare survivor of FTX fallout “ Australian cryptocurrency exchange Digital Surge appears to have narrowly avoided collapse, despite having millions of dollars in digital assets tied up in the now-bankrupt FTX crypto exchange. On Jan. 24 local time, Digital Surge creditors approved a five-year bailout plan, which…
” Breaking: BlockFi reportedly posts uncensored financials revealing $1.2 billion FTX exposure “ Bankrupt crypto lending firm BlockFi has reportedly uploaded financials by accident, revealing $1.2 billion in assets tied up with bankrupt exchange FTX and Alameda Research. According to a Jan. 25 report from CNBC, the unredacted filings show that as of Jan. 14, BlockFi…
” New ‘Celsius token’ may be used to repay creditors: report “ Bankrupt crypto lending firm Celsius may issue its own token to repay creditors, according to a January 24 report from Bloomberg. The report cites a video court hearing as the source of the information. According to the report, Celsius attorney Ross M. Kwasteniet…
” BlockFi to sell $160M in Bitcoin miner-backed loans: Report “ Bankrupt crypto lending firm BlockFi has plans to sell off $160 million in loans backed by around 68,000 Bitcoin mining machines as part of bankruptcy proceedings, according to reports. In a Bloomberg report on Jan. 24, two people “familiar with the matter” claim that…
” Genesis eyes fast resolution to creditor disputes and bankruptcy exit in May “ A lawyer for bankrupt crypto lending firm Genesis is optimistic the firm can resolve its creditor disputes as early as this week and the company could come out of Chapter 11 proceedings by late May. Genesis’ lawyer Sean O’Neal made the…
” BlockFi exec argues bankruptcy court should approve bonuses to retain talent “ Megan Crowell, the chief people officer at crypto lending firm BlockFi, has petitioned a court to allow bonuses for “key employees” amid Chapter 11 bankruptcy proceedings. In a Jan. 23 declaration for United State Bankruptcy Court in the District of New Jersey,…
” NYDFS advises crypto firms not to commingle user and corporate funds in the event of insolvency “ The New York Department of Financial Services, or NYDFS, has released guidelines on how licensed crypto firms should handle customer assets should they face “insolvency or similar proceeding”. In a Jan. 23 announcement, NYDFS superintendent Adrienne Harris…
” Genesis bankruptcy case scheduled for first hearing “ The first hearing in Genesis Capital’s bankruptcy case will be held on January 23 at 2:00 pm (EST), according to court filings. Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York will hear the case. Under Chapter 11,…
” SBF to forfeit $700M worth of assets if found guilty of fraud “ According to new court filings, disgraced FTX founder Sam Bankman-Fried (SBF) will be subject to the forfeiture of roughly $700 million worth of assets if he were to be found guilty of fraud. In a court document filed on Jan 20,…
” Genesis’ bankruptcy filing was decided by independent committee according to DCG “ Genesis Capital’s parent company Digital Currency Group (DCG) denied involvement in Genesis’ bankruptcy filing in a statement on Jan. 20. According to DCG, a special committee of independent directors recommended and decided to file for Chapter 11 bankruptcy protection. Filing for Chapter 11 will…