Search Results for: bankrupt

Kyle Davies, founder of Three Arrows Capital, faces contempt of court charges for failing to respond to a subpoena concerning the collapse of the hedge fund. This case raises questions about the need for tighter regulations in the unregulated crypto industry to protect investors and maintain market stability.

US Bankruptcy Judge Brendan L. Shannon recently granted Bittrex customers the opportunity to withdraw assets from the bankrupt exchange platform despite the DOJ’s objection. The court order highlights the complex balance between consumer protection and regulation in the cryptocurrency industry.

Banq’s bankruptcy filing amidst Prime Trust’s acquisition deal with BitGo has raised concerns over accountability and transparency in the crypto space. With TrueUSD and Haru Invest also affected, the industry must address safety and integrity challenges in the midst of a demanding regulatory climate.

The ongoing disagreement surrounding the collapsed crypto exchange FTX and the disclosure of customer names persists, with concerns that revealing names could “degrade value” and impair the sales process, affecting repayment to creditors. Highlighting the delicate balance between privacy and public transparency, this case could have ramifications on cryptocurrency regulations and future exchange operations.

A Bloomberg report reveals that Binance and its affiliates moved $70 billion through Silvergate Bank and Signature Bank, raising concerns about funds movement transparency and banks’ role in the crypto industry. The SEC’s case against Binance alleges mishandling of client funds, while the exchange claims the transfers were part of regular business operations.

The mediation period between crypto lender Genesis and its creditors, including Gemini, takes a new turn as U.S. Bankruptcy Court Judge Sean Lane extends it until June 16 amid growing concerns over parent company Digital Currency Group’s (DCG) role. This comes after the multi-billion dollar collapse of Genesis’ borrower – crypto exchange FTX – and tensions rise as the case resolution remains far from being concluded.

FTX is contesting Genesis’ claim that its debtors are entitled to nothing in a recent court filing, amid ongoing bankruptcy proceedings. This highlights the importance of transparency, proper communication, and including all stakeholders in mediation to ensure fairness and resolve issues in the crypto industry.

FTX objects to extending court-mediated settlement talks for bankrupt crypto lender Genesis and opposes estimating their debtors’ claims at $0.00. As Genesis’ largest creditor with $3.9 billion claims, FTX’s objection adds to mounting pressure from individual creditors seeking faster resolution. Meanwhile, Genesis faces lawsuits and SEC actions over its customer lending program, Earn.

A U.S. District Judge referred a motion concerning the appointment of an independent examiner for FTX’s bankruptcy to an appellate court. The case raises questions about the need for an independent examiner in crypto exchange bankruptcies, potential costs, and implications for future similar cases.

A Delaware District Judge has referred the FTX bankruptcy case to the US Third Circuit Court of Appeals. Despite concerns about potential financial burdens, an independent investigator may be appointed to maintain transparency and fairness, and reveal any malfeasance that led to the collapse.

Core Scientific, once the largest crypto mining company, is struggling under bankruptcy and creditor pressure amidst evolving cryptocurrency regulations. As the business landscape changes, adaptability is crucial for the ever-maturing crypto industry.

BlockFi’s bankruptcy battle faces tensions with creditors citing poor management and restructuring plans. A withdrawn wind-down plan suggested recovering funds through claims against commercial counterparts, but a corrective letter clarifies that soliciting acceptances remains unlawful. An upcoming hearing on June 20 will determine BlockFi’s legacy.

The controversial bankruptcy of crypto exchange FTX prompts efforts to retrieve over $240 million paid for stock trading platform Embed, amidst claims of inadequate investigation by former executives. The ongoing turmoil raises concerns about due diligence and highlights the importance of regaining lost finances and rebuilding the company’s reputation in the blockchain industry.

The U.S. Bankruptcy Court approved Voyager Digital’s liquidation plan, enabling the return of approximately $1.33 billion in crypto to customers. This marks the third bankruptcy plan for Voyager, following Binance.US’s withdrawal from a previous agreement. Initial customer payments will be made in crypto or cash, with future litigations possibly impacting further distributions.

The U.S. Trustee challenges a Delaware bankruptcy court’s decision, arguing that an independent examiner must be appointed in the FTX bankruptcy case. Ensuring transparency, this appointment may bring unbiased perspective despite an estimated $100 million examination cost.