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” SBF borrowed $546M from Alameda to fund Robinhood share purchase “ Sam Bankman-Fried, the disgraced founder of cryptocurrency exchange FTX, borrowed over $546 million from the exchange’s sister firm Alameda Research to fund his purchase of Robinhood shares. Those same shares were later used by Bankman-Fried as collateral for a loan taken by Alameda…
” Public Bitcoin mining companies plagued with $4B of collective debt “ The Bitcoin mining community took up massive loans during the 2021 bull market, negatively impacting their bottom lines during a subsequent bear market. <p>The recent bankruptcy filing of Bitcoin (BTC) miner Core Scientific despite a $72M relief offer from creditors raised questions about…
” Crypto Biz: Contagion engulfs Bitcoin miners as bear market continues “ Never underestimate how quickly things can deteriorate in a sector as volatile as crypto, especially in a bear market. Prices can always go lower in the depts of crypto winter and casualties can multiply overnight. 2022 has been a year of never-ending contagion;…
” BTC miner Core Scientific gets interim nod for $37.4M bankruptcy loan “ A U.S. bankruptcy court has granted Bitcoin (BTC) miner Core Scientific interim approval to access a $37.5 million loan from existing creditors to fund the firm amid its liquidity issues. Core Scientific is one of the largest cryptocurrency mining companies in the…
“FTX seeks to claw back Sam Bankman-Fried’s political donations” FTX’s new leadership team signaled that it will attempt to claw back money that disgraced ex-billionaire Sam Bankman-Fried and his close associates improperly funneled to various entities — including a fortune in donations to political candidates. New FTX CEO John Ray and the company’s other caretakers…
” Bitcoin miner Core Scientific reportedly files for Chapter 11 bankruptcy “ Just days after creditors offered to help Core Scientific — a Bitcoin (BTC) mining company — avoid possible bankruptcy, reports emerged confirming the business’ inevitable fate. Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC…
” BlockFi files motion to return frozen crypto to wallet users “ Bankrupt crypto lending platform BlockFi has filed a motion requesting authority from the United States Bankruptcy Court to allow its users to withdraw digital assets currently locked up in BlockFi Wallets. In a motion filed on Dec .19 with the U.S. Bankruptcy Court…
” $1.7M of Bitcoin tied to QuadrigaCX reawakens after years of dormancy “ Five wallets tied to the defunct Canadian cryptocurrency exchange QuadrigaCX, previously thought to be inaccessible, have just been spotted moving around $1.7 million worth of Bitcoin after years of dormancy. Crypto researcher ZachXBT alerted the crypto community in a Twitter post on…
“FTX judge to hear media companies’ request to reveal customers” A US judge overseeing the bankruptcy of FTX said Friday he would allow media companies to intervene in the case so they could argue that the collapsed crypto exchange must publicly disclose the names of its customers. US Bankruptcy Judge John Dorsey said he would allow the New York…
” FTX liquidators’ legal team urges cooperation with Bahamian authorities amid favoritism allegations “ A lawyer representing provisional liquidators overseeing FTX’s operations in the Bahamas has pushed back against allegations officials in the country were using the collapse of the crypto exchange to benefit its residents first. In a Dec. 16 hearing for FTX Trading’s…