debtors – DIGIT INFO

FTX pencils deal to access $600M in Robinhood shares

DIGIT — Tue, 10 Sep 2024 04:32:44 +0000

FTX debtors will pay Emergent $14 million to cover administrative expenses in exchange for the firm withdrawing any claims to $600 million in Robinhood shares and cash.

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Celsius seeks court approval to start repaying customers by year-end

DIGIT — Tue, 03 Oct 2023 05:14:53 +0000

The embattled crypto lender is seeking final court approval for a restructuring plan that will start repaying creditors before the end of 2023.

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FTX, Genesis reach in-principle agreement to settle bankruptcy case

DIGIT — Fri, 28 Jul 2023 06:01:00 +0000

FTX and Genesis lawyers have sent a letter to the bankruptcy judge regarding a settlement agreement.

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FTX Finds $7.3 Billion in Liquid Assets; Lawyers Consider Rebooting Shuttered Crypto Exchange

DIGIT — Thu, 13 Apr 2023 17:30:01 +0000

FTX debtors revealed during a hearing on April 12th that the restructuring team has collected $7.3 billion in liquid assets. The exchange is currently considering a relaunch, according to a lawyer representing the defunct cryptocurrency exchange. Following the announcement, the exchange’s token, FTT, increased by over 70%, rising from $1.30 to $2.35 per unit. Lawyers […]

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Former FTX CEO Seeks $10M Insurance Fund for Legal Defense, Request Opposed by FTX Debtors and Unsecured Creditors

DIGIT — Thu, 30 Mar 2023 21:05:00 +0000

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 […]

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FTX Warns Community of Phony ‘Debt Tokens’ and Scams Claiming to Be Affiliated With the Bankrupt Exchange

DIGIT — Sun, 19 Feb 2023 19:30:39 +0000

On Friday, debtors who control the official FTX Twitter account warned the community to “be on alert for scams from entities claiming to be affiliated with FTX.” They also noted that neither FTX debtors nor any entity related to the company has issued any IOU crypto assets or “debt tokens.” The alert comes as a […]

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Bankrupt Celsius Aims to Raise $14.4 Million From Bitcoin Mining Rig Credits and Coupons

DIGIT — Sat, 11 Feb 2023 11:30:45 +0000

Defunct cryptocurrency lender Celsius aims to secure more than $14 million from credits and coupons backed by Bitmain, according to an interim CEO Christopher Ferraro in a bankruptcy court filing dated Feb. 9, 2023. Ferraro stated in the filing that the “coupons currently provide no utility to the debtors’ mining business.” Celsius Interim CEO Outlines […]

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FTX Bankruptcy: Judge Delays Decision on Appointing Independent Examiner Amid Cost Concerns

DIGIT — Tue, 07 Feb 2023 20:35:10 +0000

Judge John Dorsey has delayed his decision on whether to appoint an independent examiner in the FTX case. At the latest hearing, Dorsey acknowledged that the cost to debtors could reach tens of millions of dollars. Currently, the bankruptcy judge is hopeful that the issue will be resolved through a mutually agreed upon solution between […]

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DOJ-Appointed US Trustee Objects to Subpoena Request in FTX Bankruptcy Case

DIGIT — Fri, 03 Feb 2023 21:20:02 +0000

Following a request from FTX lawyers to subpoena FTX co-founder Sam Bankman-Fried (SBF) and members of his family, the U.S. Trustee appointed by the Department of Justice has filed an opposition to the request. The U.S. Trustee explained that the motion would duplicate the efforts of the federally appointed independent examiner. U.S. Trustee Argues for […]

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Sam Bankman-Fried Disputes FTX US ‘Shortfall’ Claims, Critics Skeptical of Excel Spreadsheet Defense

DIGIT — Wed, 18 Jan 2023 18:30:47 +0000

Following an update from FTX debtors about the $5.5 billion discovered by administrators during an investigation, former FTX CEO Sam Bankman-Fried (SBF) took to Twitter to share a blog post from his Substack newsletter. SBF stated that the presentation published by litigation firm Sullivan & Cromwell is “extremely misleading” and that FTX US is solvent […]

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