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
reorganization plan
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FTX and CFTC agree to $12.7B settlement, subject to court approval
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. Go to Source
Gemini creditors revolt over ‘brutal’ Bitcoin slashing reorg plan
Under the proposed plan, Gemini Earn users may only recover 61% of their lost funds in a worst-case scenario. Go to Source
Crypto Lender Celsius to Be Acquired by Novawulf, Exiting Chapter 11
Crypto lender Celsius’ committee of unsecured creditors has chosen the digital asset investment firm Novawulf Digital Management to sponsor the company’s reorganization plan, according to a statement published on Wednesday. The proposed agreement would enable Celsius to exit the Chapter 11 bankruptcy process, and the new owners could begin distributing funds as early as June, … Read more
FTX’s $5.5 Billion in Alleged ‘Liquid Assets’ Includes Locked SOL Cache and Illiquid FTT Holdings
Two days ago, bankruptcy administrators and FTX debtors published an update for unsecured creditors claiming the discovery of $5.5 billion in liquid assets. Roughly $3.5 billion of these funds are cryptocurrency assets, with 11 different digital currencies classified as “liquid assets.” However, two of the firm’s top cryptocurrency caches are not liquid as the company’s … Read more
