FTX creditors object to bankruptcy reorganization plan
The group of creditors, led by Sunil Kavuri, cited several concerns, including forced taxation, which would compromise creditors’ best interests. Go to Source
Bankruptcy
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FTX Reaches Settlement With IRS on $24 Billion Tax Claim
Crypto exchange FTX has reached a settlement with the Internal Revenue Service (IRS), reducing its $24 billion claim to $200 million to be paid within 60 days after the company’s restructuring plan is approved. Additionally, the U.S. tax authority will receive a $685 million lower priority claim, payable only if funds are available after satisfying … Read more
FTX reaches $200M settlement with IRS on tax bill
The agreement, which is subject to a court approval, resolves a major hurdle for FTX bankruptcy process. Go to Source
Bankruptcy Court Backs Bittrex in Cryptocurrency Freeze Dispute
The bankruptcy proceedings of Bittrex Inc. involved a legal dispute over claims filed by Azim Ghader, who sought recovery for lost profits and damages after his cryptocurrency was frozen on the Bittrex exchange in 2017. The United States Bankruptcy Court for the District of Delaware found that Bittrex had complied with legal requirements and upheld … Read more
$2.18 Billion Digital Assets in Kind Returned to Earn Users, Gemini Says
Cryptocurrency exchange Gemini announced on Wednesday that Earn users have received $2.18 billion of their digital assets in kind, representing 97% of their assets owed and a 232% recovery since Genesis halted withdrawals. This recovery follows a settlement with Genesis and other creditors, ensuring that Earn users will receive 100% of their digital assets back … Read more
Gemini returns $2.18B to Earn users following 18-month withdrawal freeze
Gemini has announced a $2.18 billion distribution to its Earn program users 18 months after it suspended withdrawals. Go to Source
Investigation finds FTX bankruptcy lawyer didn’t conspire with FTX
An independent probe found that Sullivan & Cromwell was not complicit in the now-defunct exchange’s fraud. Go to Source
Bitcoin price tops $68K but a few concerning headwinds remain
Bitcoin price shows strength as investors expect the Fed to resume printing, but a handful of global macroeconomic headwinds are still in play. Go to Source
Court Approves Crypto Lender Genesis’ $3 Billion Payout to Customers
Crypto lender Genesis Global obtained court approval Friday to return approximately $3 billion to its customers as part of its bankruptcy liquidation. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 plan, overruling an objection from its equity owner, Digital Currency Group (DCG), which argued that repayments should be based on January 2023 cryptocurrency values. … Read more
Genesis Global secures court approval for $3B payout
According to Judge Lane, any available funds for distribution by Genesis are being exhausted by creditor claims, which take priority over DCG’s equity stake. Go to Source