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Court filings reveal that the FTX co-founder is seeking access to a $10 million insurance plan to cover his attorney fees. FTX debtors and unsecured creditors have opposed Sam Bankman-Fried’s request, arguing that every dollar spent on his defense is “one less dollar” available to cover the losses of the debtors. FTX Debtors and Unsecured … Read more
Peer-to-peer marketplace Paxful will refund its Earn program users impacted by Celsius Network’s bankruptcy. Go to Source Powered by WPeMatico
The proposed purchase price of the Mysten Labs shares was roughly 95% of the amount FTX Ventures invested as part of a $300-million funding round in September 2022. Go to Source Powered by WPeMatico
Should they opt in to the deal, Celsius customers cannot “pursue any litigation, including seeking relief from the automatic stay, turnover, or other claims or causes of action.” Go to Source Powered by WPeMatico
The Treasury Secretary of the U.S. Janet Yellen said the federal government will intervene if it is necessary to protect other small lenders. Go to Source Powered by WPeMatico
The lawsuit claimed FTX Digital Markets was an “economic nullity” within the FTX Group “created as a front to facilitate a conspiracy to defraud the Debtors’ customers”. Go to Source Powered by WPeMatico
Did the depegging reveal stablecoins’ limitations, or was it a learning moment? Go to Source Powered by WPeMatico
According to a presentation recently submitted by the FTX debtors on March 16, Sam Bankman-Fried’s companies had a $6.8 billion hole in their intercompany balance sheet when they filed for Chapter 11 bankruptcy protection. FTX and its conglomerate of firms have debts of around $11.6 billion, including customer claims and various other liabilities. FTX’s $6.8 … Read more
Bitcoin has decoupled from stocks and rising ten years after the Cyprus banking crisis coincided with a BTC price boom. Go to Source Powered by WPeMatico
Rising interest rates, which brought down the U.S. banking system’s market value of assets by $2 trillion, combined with a large share of uninsured deposits at some U.S. banks, threatens their stability. Go to Source Powered by WPeMatico