Bankrupt crypto exchange FTX has reached settlement agreements with Evolve Bank and Silicon Valley Community Foundation (SVCF) that could enable it to recover up to $21 million in assets. According to Oct. 30 court filings, these settlements still require court approval, with a hearing set for Nov. 20. Evolve Bank settlement Before FTX’s collapse in […]
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FTX CEO John J. Ray III urged the court to keep former engineering director Nishad Singh out of prison, arguing that his continued freedom would help maximize asset recovery for the exchange’s creditors. Ray emphasized Singh’s cooperation as essential to FTX’s ongoing bankruptcy proceedings, where he has already assisted in asset recovery and provided critical […]
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The assets were initially valued at $28 million but now exceeded $50 million due to market fluctuations. The assets have been frozen by KuCoin since FTX's collapse in November 2022.
Bankrupt crypto exchange FTX has filed a lawsuit to recover over $50 million in assets allegedly withheld by KuCoin, according to court documents filed on Oct. 28. The assets were reportedly held in a KuCoin account belonging to the now-defunct Alameda Research, which filed for Chapter 11 bankruptcy in November 2022. FTX’s allegation In its […]
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The costly meltdown of global exchange FTX is still settling big chunks of its bankruptcy drama, now securing about $228 million from Bybit to further feed the cash dispersal that was approved in court earlier this month.
FTX has reached a $228 million settlement with crypto exchange Bybit and its affiliates, concluding a lawsuit filed in Nov. 2023 that sought to recover approximately $1 billion in assets. The agreement allows FTX to withdraw $175 million in digital assets held on Bybit’s platform and sell about $53 million in BIT tokens to Mirana […]
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The prices of Bitcoin and other digital assets were significantly lower during the 2022 collapse of FTX compared to current market prices.
US prosecutors have requested that the court favorably consider former FTX executive Nishad Singh’s “substantial assistance” during their investigation into the failed crypto exchange, according to an Oct. 23 court filing. The prosecutors noted that he approached his cooperation with genuine remorse and a strong desire to help. According to the authorities, Singh’s “exemplary cooperation” […]
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Alexander Nikolas Gierczyk of California says the hedge fund he sold his FTX bankruptcy claim to isn't paying out what it promised.
Roughly two years after the crypto exchange collapsed and many of its executives faced criminal charges, the Oct. 7 court decision was a step forward for reimbursing FTX users.
Over 94% of creditors voted in favor of the plan, which promises to return 118% of their claims in cash.
Get it before Oct. 30, Terraform Labs tells the third parties it is discussion its wind-down with.
The parent company of Silvergate Bank has listed assets ranging from $100 million to $500 million and liabilities between $10 million and $50 million.
The company was authorized to choose between receiving a $30 million or a 500 Bitcoin loan from Galaxy Digital.
This week’s Crypto Biz explores Pavel Durov’s arrest and consequences for Telegram, Nvidia’s earnings results, OpenSea’s Wells notice, Rhodium’s bankruptcy, BlackRock’s new crypto ETF and SxT Labs’ fundraising.
Bankrupt Mt. Gox continued its Bitcoin transfers this morning by moving 37,477 BTC, equivalent to $2.47 billion, to an untagged address, 12Gws9, according to data from Arkham Intelligence. The dashboard shows that the firm moved 5,106 BTC through a cold wallet to another untagged address beginning with 1MzhW. Market observers said these transactions are part […]
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The defunct exchange has moved billions of dollars worth of bitcoin over two days.
The bankrupt Mt. Gox exchange moved a total of $2.85B BTC to new wallets this morning, according to blockchain analytical firm Arkham Intelligence. As part of its creditor repayment efforts, Mt. Gox transferred 5,110 BTC, worth $340.1 million, to four separate Bitstamp addresses. Arkham reported that 1,598 BTC, valued at $106 million, went to a […]
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"This transaction marks a final chapter in the wind-down and is the best possible outcome for customers of BlockFi," said Mohsin Y. Meghji, Plan Administrator of BlockFi Inc.
Bankrupt crypto lender BlockFi will commence first interim crypto distributions through Coinbase in July 2024, it announced on Thursday.
FTX has agreed to pay the CFTC $4 billion in disgorgement and $8.7 billion in restitution, minus amounts credited from other bankruptcy payments, according to a July 12 filing. If the proposed settlement is approved, FTX and associated debtors will receive dollar-for-dollar credit toward the restitution amount based on the amount they distribute in FTX.com […]
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The US commodities regulator didn’t seek a civil monetary penalty, meaning the entire $12.7 billion would be used to pay back FTX’s creditors.
The FTX bankruptcy estate is contesting a $264 million claim made by Jump Trading’s subsidiary, Tai Mo Shan, regarding an undelivered loan of 800 million Serum (SRM) tokens from Alameda Research. Alameda Research failed to deliver the 800 million SRM tokens as stipulated in the loan agreement. This failure is central to the dispute, as […]
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The bankrupt Terraform Labs is looking to sell four of its companies as it winds down operations to comply with its multi-billion SEC deal.
BTC derivatives continue to show moderate bullishness, creating a positive outlook for reclaiming $60,000 soon.
Bankrupt crypto lender Celsius Network’s litigation administrator has initiated legal action against account holders who have not settled liabilities related to preferential transfers made in the 90 days before the firm filed for bankruptcy. The lawsuits, filed in the US Bankruptcy Court for the Southern District of New York, target those with more than $100,000 […]
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Two Celsius creditors have filed a motion asking for a second distribution after they allegedly suffered reduced payments from possessing corporate accounts.
Mt. Gox, the bankrupt Japanese crypto exchange, will repay creditors’ Bitcoin and Bitcoin Cash assets starting July 2024. Following the announcement, the market sold off, with Bitcoin dipping below $61,000. In a June 24 statement, the exchange’s Rehabilitation Trustee, Nobuaki Kobayashi, wrote: “The Rehabilitation Trustee will commence the repayments in Bitcoin and Bitcoin Cash in […]
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The decentralized autonomous organization was first impacted by the collapse of the Terra ecosystem in 2022 and suffered $16.4 million in losses.
The group of creditors, led by Sunil Kavuri, cited several concerns, including forced taxation, which would compromise creditors’ best interests.