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Rhodium Encore LLC, a bankrupt bitcoin mining company, has received court approval for a unique debtor-in-possession financing plan that allows borrowing in either U.S. dollars or bitcoin. Galaxy Digital Holdings Ltd., a blockchain firm led by Mike Novogratz, has offered to provide Rhodium with a loan of either $30 million in dollars or 500 bitcoin. … Read more
The company was authorized to choose between receiving $30 million or 500 Bitcoin loan from Galaxy Digital. Go to Source
This week’s Crypto Biz explores Pavel Durov’s arrest and consequences for Telegram, Nvidia’s earnings results, OpenSea’s Wells notice, Rhodium’s bankruptcy, BlackRock’s new crypto ETF and SxT Labs’ fundraising. Go to Source
Rhodium’s debts range between $50 million and $100 million, while its total assets are estimated between $100 million and $500 million. Go to Source
The Chapter 11 bankruptcy reorganization hearing for Terraform Labs Pte. Ltd. and Terraform Labs Limited is set for Sept. 19, 2024, at 10 a.m. EDT. This hearing will be pivotal in shaping the future of the crypto company, which has encountered substantial hurdles since the Terra ecosystem’s collapse in 2022. Terraform Labs Faces Pivotal Bankruptcy … Read more
The assets in question were evidently given to Tether as collateral. Go to Source
In a January open letter, Gemini co-founder Cameron Winklevoss accused entities related to Genesis of inflating their assets. Go to Source
Mt. Gox creditors aren’t selling their Bitcoin, despite preliminary concerns that 99% of them could be looking to offload BTC. Go to Source
Crypto lender Blockfi announced that it will begin interim crypto distributions via Coinbase this month. U.S. clients will receive notifications, while non-U.S. clients face regulatory restrictions. Blockfi, which filed for bankruptcy protection in November 2022, is now collaborating with Coinbase to maintain withdrawals and plan future distributions, including those recovered from FTX. Blockfi to Begin … Read more
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
