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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, 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
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 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 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
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
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 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 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
Crypto traders and speculators have been discussing the digital currency XRP (ripple) lately because the price has been stagnant compared to other digital assets. Some venture capitalists and analysts plan to short XRP, while other speculators believe the crypto is poised for a price jump in the future. Additionally, crypto enthusiasts have been discussing Ripple … Read more
