State Delaware Financial News

In a recent development, a federal judge in Delaware has ruled in favor of Galaxy Digital, the crypto merchant bank led by Mike Novogratz.

The Delaware Court of Chancery in the United States has granted a motion from crypto investment firm Galaxy Digital largely dismissing digital asset custodian BitGo’s case following a dropped acquisition of the firm in 2022.

FTX received court permission on Friday to remove customer names from all filings in its bankruptcy case, persuading a US judge that publishing the names would put people at risk of scams and identity theft. US Bankruptcy Judge John Dorsey in Wilmington, Delaware, ruled that FTX can permanently redact the names of individual customers from its bankruptcy filings, after hearing testimony that publishing customers' names would place them at risk even if other identifying information like their email address was kept secret. «It is the customers who are the most important issue in this case,» Dorsey said. «We want to make sure that they are protected and they don't fall victim to any types of scams.» In January, Dorsey had allowed FTX to keep secret the names of 9 million of its individual customers for three months.

Bankrupt cryptocurrency exchange FTX has been granted permission to remove individual customers from all court filings in its bankruptcy case. However, the names of companies and institutional investors will be sealed for another 90 days.

Bankrupt cryptocurrency exchange FTX has secured court permission to remove the names of its customers from all filings in its bankruptcy case. 

The US Department of Justice objected to a proposal by crypto exchange Bittrex to return money to customers as part of its liquidation plan. 

The United States Justice Department (DOJ) has filed an objection to a motion by bankrupt cryptocurrency trading platform Bittrex to allow customers to withdraw their crypto and fiat. The U.S. Treasury’s Office of Foreign Asset Control (OFAC) is Bittrex’s biggest creditor, but its claim would be subordinated under the Bittrex proposal.

The Metropolitan Museum of Art (Met) is set to return $550,000 in donations it received from crypto exchange FTX prior to its collapse in November.

The New York-based Metropolitan Museum of Art will return more than half a million dollars in donations it received from the now-defunct crypto exchange FTX.

The US Government’s push for an independent inquiry of the now-bankrupt crypto exchange FTX was on Tuesday referred to the U.S. Third Circuit Court of Appeals.

A United State District Judge has referred a motion requesting the appointment of an independent examiner for bankruptcy crypto exchange FTX to appellate court.

The Miami International Securities Exchange (MIAX), owned by Miami International Holdings, has completed the acquisition of LedgerX, which was one of the FTX assets court-approved for sale in January. LedgerX is an exchange and clearinghouse regulated by the United States Commodity Futures Trading Commission (CFTC). 

The bankrupt crypto exchange FTX is taking legal action in an attempt to retrieve more than $240 million it paid for the stock trading platform Embed.

The US and Maltese arms of crypto exchange Bittrex have processed $425 million in withdrawals since the platform announced plans to wind down US operations. 

Bankrupt cryptocurrency exchange Bittrex Inc received court permission Wednesday to borrow $7 million in bitcoin to fund the start of its Chapter 11 case. Seattle-based Bittrex filed for bankruptcy Monday, saying it intended to return customer funds and wind down its U.S. operations. The company's international affiliates will continue to operate crypto exchanges for customers outside of the U.S., but Bittrex said that the U.S. regulatory environment had become untenable after the SEC sued the company for allegedly running an unregistered securities exchange. Before filing for bankruptcy, Bittrex stopped accepting new deposits from U.S. customers and told its existing users to withdraw their crypto from the platform. Bittrex's U.S. operations made up a minority of its overall users. Affiliated exchanges based in Liechtenstein and Bermuda accounted for about 77% of the company's 5.4 million users as of March 27, according to court filings.

In a sign of dedication to its efforts to launch a spot Bitcoin Exchange Traded Fund (ETF) in the US, Grayscale Investments is trying a new approach.

Three new crypto-focused exchange-traded funds (ETFs) have been put forward for approval by cryptocurrency asset manager Grayscale Investments, which also announced a new entity to manage its growing funds.

Bittrex filed for Chapter 11 bankruptcy protection, a month after saying it would shutter its U.S. operations, becoming the latest victim of crypto winter.

Despite this, last month the SEC charged the firm, and co-founder and former CEO William Shihara, for operating an unregistered securities exchange, broker, and clearing agency.Now the company has filed Chapter 11 bankruptcy in federal court in Delaware, saying it believes it has more than 100,000 creditors, with estimated liabilities and assets both within the $500 million to $1 billion range."For those customers who did not withdraw their funds from the platform prior to the end of April, your funds remain safe and secure, and our main priority is to ensure that our customers are made whole," says a statement.The move does not affect Bittrex Global, which will continue to operate as normal serving customers outside of the US.The firm joins FTX, Celsius, Voyager and BlockFi among the crypto outfits to file for bankruptcy over the last year.

In a major update, leading peer-to-peer cryptocurrency exchange Paxful announced the resumption of its marketplace operations. 

Bittrex US has filed for bankruptcy in a federal court in Delaware less than a month after the US Securities and Exchange Commission accused the crypto platform of running an unregistered securities exchange.