Bankruptcy Financial News

Donald Trump’s embrace of digital assets and the prospect of a Congress featuring pro-crypto lawmakers. The cryptocurrency climbed as much as 4.7% to an unprecedented $80,092 on Sunday.

Genesis Trading, currently navigating bankruptcy proceedings, has moved 40,000 ETH, $126.8 million, to two separate wallets, signaling possible bankruptcy liquidations.

BlockFi, the defunct centralized crypto lender, announced on July 25 the successful completion of the sale of its FTX claims, representing a crucial step towards the company’s wind-down, and promises full repayment to eligible creditors.

Defunct Japanese crypto exchange Mt. Gox on Thursday transferred Bitcoin worth $2.7b to a new wallet address. It marks the exchange’s first significant transaction since May, following several smaller test transactions on Wednesday.

Failed crypto exchange FTX is seeking creditors vote on a liquidation plan, to wind-down payments in order to compensate customers.

Judge Sean Lane greenlit Genesis Global’s Chapter 11 plan on Friday, allowing the defunct crypto lender to repay creditors roughly $3b in crypto and cash.

The UK government’s Insolvency Service has shut down a London-based crypto advisory firm that claimed to offer investment advice in cryptocurrencies.

Barry Silbert, founder and CEO of crypto conglomerate Digital Currency Group (DCG), stands to potentially gain up to $1 billion through a sophisticated maneuver involving the bankruptcy system. 

Bankrupt crypto lender Celsius has begun demanding customers who made major withdrawals in the three months preceding its bankruptcy to return their funds or face legal action.

BlockFi has finalized a settlement with FTX and Alameda Research to receive $874.5 million to help repay customers affected by its bankruptcy.

A group of FTX creditors have filed a motion seeking to stop plans of the collapsed exchange from valuing their cryptocurrency assets based on 2022 prices.

Digital asset mining firm Hut 8 signed an interim agreement to build out and install crypto-mining facilities in collaboration with Celsius Network.

Bankrupt digital asset exchange, FTX has paid hundreds of millions in legal fees in a few months sparking reactions as creditors seek to recover their losses.

Gemini Earn creditors could potentially face up to a 70% reduction in their promised crypto payouts as part of a proposed reorganization plan.

Celsius’ Bitcoin (BTC) mining plans face obstacles as a United States judge hints at a possible new vote to clear deviations.

Bankrupt crypto exchange FTX has been given the green light to sell around $873 million of trust assets, with proceeds used to repay creditors impacted by the exchange’s collapse in 2022, according to a Nov. 29 filing in a Delaware bankruptcy court.

Bankrupt crypto lender Genesis and its parent company, Digital Currency Group (DCG), has struck a deal that could end an ongoing lawsuit to claw back $620 million in repayments from DCG. 

Celsius Network has scaled back its post-bankruptcy business plans to focus only on bitcoin mining, citing U.S. regulators' skepticism of its other planned business lines. Celsius, whose restructuring plan had also envisioned the company earning «staking» fees by validating blockchain transactions and managing its legacy portfolio of cryptocurrency loans, said in a statement late Monday it had changed course after receiving «feedback» from the U.S. Securities & Exchange Commission. Celsius declined to comment on Tuesday. The SEC did not immediately respond to a request for comment. A U.S. bankruptcy court in Manhattan had approved Celsius' Chapter 11 plan on Nov. 9, clearing the company to return cryptocurrency to customers and create a new company owned by Celsius creditors.

Bankrupt crypto companies FTX and BlockFi are allowed to proceed in negotiations for their claims settlement, according to a new court filing.

An employee of FTX’s charity wing recruited by FTX co-founder Sam Bankman-Fried is trying to get paid $275,000, the remainder of his claimed 2022 salary bonus.

The FTX bankruptcy estate, headed by CEO John J. Ray III, has filed a lawsuit against ByBit, its investment arm Mirana, and various executives. The aim is to recover funds and digital assets that ByBit withdrew from FTX just before its collapse, with the current value close to $1 billion.