BlockFi to sell $160M in Bitcoin miner-backed loans: Report
The deadline for bidders to submit offers for the Bitcoin-machine-backed loans is set for Jan. 24. Go to Source Powered by WPeMatico
Bankruptcy
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Genesis eyes fast resolution to creditor disputes and bankruptcy exit in May
A lawyer for Genesis is optimistic it can resolve creditor disputes before the week is out while the firm could exit bankruptcy proceedings in four months. Go to Source Powered by WPeMatico
BlockFi exec argues bankruptcy court should approve bonuses to retain talent
According to Megan Crowell, losing certain employees could “severely [limit] the debtors’ options” amid bankruptcy proceedings. Go to Source Powered by WPeMatico
NYDFS advises crypto firms not to commingle user and corporate funds in the event of insolvency
“A VCE’s customer agreement should make clear the parties’ intentions to enter into a custodial relationship, rather than a debtor-creditor relationship,” said the NYDFS. Go to Source Powered by WPeMatico
Genesis’ bankruptcy filing was decided by independent committee according to DCG
A special committee of independent directors recommended and decided to file for Chapter 11 bankruptcy protection. Go to Source Powered by WPeMatico
FTX Debtors’ List of Assets Omits Mention of Large Stash of NFTs and ENS Names Owned by Alameda
This week, FTX debtors issued a press release and a 20-page document noting that bankruptcy administrators had located $5.5 billion in liquid assets. The document details that investigators discovered fiat currencies, crypto assets, and securities as part of FTX’s and Alameda Research’s cache. However, the disclosure to unsecured creditors does not mention the extremely large … Read more
Coindesk Up for Sale? Investors Circle Crypto News Publication Amidst Genesis Bankruptcy
According to various reports, investors are reportedly interested in purchasing Coindesk, a cryptocurrency news publication. On Jan. 18, Wang Feng, founder of China-based news publication Marsbit, announced his intentions to purchase Coindesk along with other members of the crypto industry. This news follows a report from Semafor at the end of November 2022 stating that … Read more
Crypto lender Genesis files for bankruptcy
Crypto lender Genesis Global has become the latest firm to throw in the towel following the collapse of FTX, filing for Chapter 11 bankruptcy protection in New York. Go to Source Powered by WPeMatico
New FTX CEO Discusses Possibility of Rebooting Defunct Crypto Exchange in First Interview Since Taking Over
Following recent disclosure that FTX debtors and bankruptcy administrators located $5.5 billion in liquid assets, the new FTX CEO John J. Ray III discussed the business in his first interview since taking over the exchange’s restructuring process. Ray detailed during the interview that he is open to the possibility of reviving the now-defunct digital currency … 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
