State Delaware Financial News

Cryptocurrency trading platform Bittrex has filed for Chapter 11 bankruptcy protection in the District of Delaware.

The judge presiding over crypto exchange FTX’s bankruptcy case has given the green light to a motion allowing the sale of LedgerX.

A Coinbase shareholder has filed a lawsuit against the crypto exchange’s nine executives and board members. 

Defunct crypto lender Celsius Network is looking to combine its United Kingdom and United States entities as new court filings allege that any supposed distinction between the two companies was a “sham.”

A Coinbase shareholder has filed a stockholder derivative complaint against some of the company’s executives and board members, claiming they profited from inside information during the company’s public listing. CEO Brian Armstrong and well-known venture capitalists are among the defendants.

FTX announced that it has entered into a purchase agreement with an affiliate of Miami International Holdings to sell its futures and options exchange and clearinghouse LedgerX. 

Jeremy Sheridan, former assistant director of the United States Secret Service Office of Investigations, has warned that certain FTX customers could become targets if their personal information were to be made public.

Donald Trump, the now-indicted former US president, has sold out another collection of non-fungible tokens (NFTs), months after his first one, which portrays him as a major historical figure, a muscular and younger US patriot, a king, and a world ruler - among other guises. 

Tribe Capital, the San Francisco-based venture capital firm that previously invested in FTX before its collapse, is exploring the possibility of injecting new capital to revive the bankrupt cryptocurrency exchange, Bloomberg reported on April 18.

A Delaware company is seeking registration with the United States Securities and Exchange Commission (SEC) to carry out over-the-counter (OTC) stock trading on-chain. 

FTX has recovered over $7.3 billion in cash and liquid crypto assets, an increase of more than $800 million since January, the company's attorney said on Wednesday at a U.S. bankruptcy court hearing in Delaware. FTX attorney Andy Dietderich said the company is starting to think about its future after months of effort devoted to collecting resources and figuring out what went wrong under the leadership of indicted ex-founder Sam Bankman-Fried. Bankman-Fried has pleaded not guilty. «The situation has stabilized, and the dumpster fire is out,» Dietderich said. FTX has benefited from a recent rise in crypto prices, Dietderich said. Its total recovery would be valued at $6.2 billion based on crypto prices from November 2022, when it filed for bankruptcy after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.

Bankrupt crypto exchange FTX has recovered approximately $7.3 billion in cash and liquid crypto assets, an increase of more than $800 million since January, according to the company’s counsel at a bankruptcy court hearing in Delaware.

FTX is considering rebooting its platform amid reports that the bankruptcy team has managed to stabilize the situation and recover a huge portion of the missing assets.

Cryptocurrency exchange FTX may be considering restarting in the future, according to the legal team behind the debtors.

According to bankruptcy cryptocurrency exchange FTX, a court in Switzerland has approved a petition allowing the firm to potentially sell its European business.

Bahamas-based bankrupt crypto exchange FTX and its affiliated debtors recently released their first report. The 45-page report highlighted the control failures of FTX’s previous management, which included founder and former CEO Sam Bankman-Fried.

FTX was run by three inexperienced people “not long out of college,” who relied on “a hodgepodge” of online shared documents and communications across a series of different apps to manage the multi-billion dollar empire according to FTX CEO John Ray III.

A bitter dispute between Paxful's co-founders Artur Schaback and Mohamad (Ray) Youssef in Delaware's courts may have been the real reason behind the Bitcoin marketplace's sudden closure on April 4. 

The California Department of Financial Protection and Innovation said that the company behind cryptocurrency and stock trading platform Robinhood will likely pay more than $10 million in penalties “for operational and technical failures that harmed main street investors.”

Some mainstream media outlets have objected to attempts to withhold the identities of non-United States customers of cryptocurrency exchange FTX during its bankruptcy proceedings.

The debtors for defunct crypto exchange FTX have approved an agreement that would sell its preferred stock in Mysten Labs, the company behind the Sui blockchain.