FTX seeks to claw back $460M from Bankman-Fried-backed VC firm
While the funds represent a small portion of FTX’s overall asset shortfall, the settlement means the firms can avoid a costly legal battle. Go to Source Powered by WPeMatico
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DOJ-Appointed US Trustee Objects to Subpoena Request in FTX Bankruptcy Case
Following a request from FTX lawyers to subpoena FTX co-founder Sam Bankman-Fried (SBF) and members of his family, the U.S. Trustee appointed by the Department of Justice has filed an opposition to the request. The U.S. Trustee explained that the motion would duplicate the efforts of the federally appointed independent examiner. U.S. Trustee Argues for … Read more
FTX lawyers: Examiner could cost $100M and ‘provide no benefit’
FTX lawyers, joint provisional liquidators of FTX.US and the Bahamas and a committee of creditors have all opposed the appointment of an independent examiner. Go to Source Powered by WPeMatico
Former FTX chief lawyer claims US legal counsel channeled business to S&C
The former chief regulatory officer of FTX has supported a motion that would stop FTX from using Sullivan & Cromwell LLC as its lead bankruptcy counsel. Go to Source Powered by WPeMatico
Core Scientific to Shut Down 37,000 Bitcoin Mining Rigs Belonging to Bankrupt Crypto Lender Celsius
Core Scientific plans to shut down 37,000 bitcoin mining rigs belonging to now-defunct crypto lender Celsius, according to an agreement between the two bankrupt firms. Celsius owes Core Scientific approximately $7.8 million for energy and hosting costs, as the crypto lender has been unable to make regular payments as outlined in the hosting contract. Celsius … Read more
Core Scientific shuts down 37K mining rigs it was hosting for Celsius
Core Scientific estimated that canceling the agreement with Celsius will provide $2 million in revenue per month as long as Bitcoin stays around $16,700. Go to Source Powered by WPeMatico
FTX wants permission to sell FTX Japan and FTX Europe as well as LedgerX
The four businesses FTX wants to sell had only recently been acquired, and lawyers argue this simplifies the sale process. Go to Source Powered by WPeMatico
FTX resumes employee and contractor payments after weeks in limbo
The payments will exclude former FTX CEO Sam Bankman-Fried, and certain former execs including Gary Wang, Nishad Singh, and Alameda’s Caroline Ellison. Go to Source Powered by WPeMatico
Ripple, SEC case heads for conclusion after ‘summary judgment’ filed
Ripple argued that XRP profits came from “market forces of supply and demand” rather than any contract between Ripple and XRP token holders. Go to Source Powered by WPeMatico
Celsius files to reopen withdrawals for a minority of customers
Celsius has motioned for $50 million worth of the total $225 million held in the Custody Program and Withhold Accounts to be released to owners. Go to Source Powered by WPeMatico
