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This week the two co-founders of the embattled cryptocurrency hedge fund Three Arrows Capital spoke to Bloomberg about their fund crumbling at the seams. The co-founders Su Zhu and Kyle Davies did not disclose their whereabouts, but a lawyer who monitored the interview noted the duo is located in the United Arab Emirates. Zhu said … Read more
“The issues here were foreseeable and actually credit specific, not crypto specific in nature,” said three department heads at Coinbase. Go to Source Powered by WPeMatico
Lawyers for the bankrupt crypto lender reaffirmed that user funds essentially belonged to the company and not the user, with potentially one major exception. Go to Source Powered by WPeMatico
Ever since Celsius paused withdrawals on June 12, the company has been the focus of attention due to the lender’s financial hardships. A month later, Celsius filed for bankruptcy in the U.S. by leveraging the Chapter 11 process. Two days after the bankruptcy filing, a report disclosed that two people familiar with the matter allege … Read more
The bankrupt CeFi crypto lender is about $1.2 billion in deficit, with the majority of its liabilities being customer deposits some believe they may not be required to give back. Go to Source Powered by WPeMatico
Another crypto lender, Celsius Network, has sought bankruptcy protection in the U.S. “Customer claims will be addressed through the Chapter 11 process,” the company said. Two other crypto firms recently filed for bankruptcy protection: Voyager Digital and Three Arrows Capital (3AC). Celsius Follows Voyager, Files for Chapter 11 Bankruptcy Crypto lender Celsius Network announced Wednesday … Read more
The company says it’s planning to continue operations throughout the restructuring process, though withdrawals will continue to be paused at this time. Go to Source Powered by WPeMatico
An unnamed source told CNBC that the company plans to file the bankruptcy paperwork “imminently.” Go to Source Powered by WPeMatico
The embattled platform continues to wind down its debts to decentralized finance (DeFi) lending protocols, having just paid off 20 million USDC to Aave. Go to Source Powered by WPeMatico
On July 8, 2022, the company behind the largest stablecoin in the world, Tether, revealed that the firm liquidated a loan made to the crypto lender Celsius, and the liquidation caused “no losses to Tether.” According to the stablecoin issuer, the bitcoin loan to Celsius was “overcollateralized” by roughly “130%+.” Tether Liquidates Bitcoin Loan Taken … Read more
