FTX bankruptcy estate files $1.8B lawsuit against Binance, CZ
The estate argued that Sam Bankman-Fried’s $1.75 billion repurchase deal with Binance in July 2021 was a fraudulent transfer because of FTX’s insolvency. Go to Source
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Celsius distributes $2.5B to 251,000 creditors amid bankruptcy proceedings
Over 121,000 Celsius creditors have yet to claim their funds, according to the Celsius bankruptcy administrator. Go to Source
US Trustee challenges FTX reorganization plan, citing legal concerns
The objections raised by the US Trustee and the creditor group are likely to play a significant role in the court’s deliberations. Go to Source
Coinbase Severs Ties With Silvergate Bank Amidst JPMorgan Downgrade and Delayed SEC Filing
On March 2, 2023, the cryptocurrency exchange Coinbase announced that, in light of recent developments, the company is “no longer accepting or initiating payments to or from Silvergate Bank.” The news follows the crypto bank’s delay of its annual 10-K filing with the U.S. Securities and Exchange Commission (SEC) and JPMorgan’s downgrade of the company’s … Read more
FTX Debtors Seek Dismissal of Turkish Entities in Chapter 11 Bankruptcy Proceedings
FTX debtors have filed a motion with the court requesting to dismiss its Turkish subsidiaries from the Chapter 11 bankruptcy proceedings. The defunct crypto exchange’s lawyers believe dismissing the entities “is in the best interests” of creditors, and FTX debtors do not believe Turkish authorities “or any liquidator” in the country will cooperate with officials … Read more
Celsius CEO Alex Mashinsky Resigns Amid Tumultuous Bankruptcy Proceedings
On Tuesday, September 27, 2022, Celsius Network CEO Alex Mashinsky submitted a letter of resignation from the company. Mashinsky added that he still plans to help the embattled crypto lender “achieve a successful reorganization.” Alex Mashinsky Resigns From Embattled Celsius — Founder Apologizes for the ‘Difficult Financial Circumstances’ After Celsius paused withdrawals on June 12, … Read more
Downfall of Canada’s Lambo driving ‘Crypto King’ reportedly sees $35M in losses
Founder of fraud recovery law firm says the only other avenue available for investors would be to make reports to the Ontario Securities Commission or the police. Go to Source Powered by WPeMatico
Crypto Lender Vauld Suspends Withdrawals, Company Is Discussing ‘Restructuring Options’ With Advisors
On July 4, the crypto lending company Vauld announced it suspended withdrawals, trading, and deposits after disclosing the firm is “facing challenges.” While not naming any specific companies, the Singapore-based cryptocurrency lending platform and exchange mentioned “financial difficulties” stemming from “key business partners.” Vauld Suspends Withdrawals Over ‘Financial Difficulties’ During the last 30 days, a … Read more
