Bankruptcy Financial News

A number of supposed Open Exchange (OPNX) investors have been blasted by the CEO of the crypto claims trading platform after some publicly distanced themselves from the project after being named as backers.

Two new consortiums will dispute the assets of bankrupt crypto lender Celsius Network in an auction scheduled for April 25 in New York. According to reports and court filings, crypto exchanges Gemini and Coinbase are among the companies participating in the bids. 

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.

OPNX, an exchange jointly founded by members of the Three Arrows Capital (3AC) and Coinflex teams, has revealed the venture capital firms purportedly backing it. An April 21 video posted by the company featured CEO Leslie Lamb thanking some of the major backers of the project, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, and Token Bay Capital.

Crypto investment is being blamed for a spike in the number of South Korean people aged 20-39 declaring insolvency.

BlockFi, a lender of digital assets, was given additional time to submit a bankruptcy exit plan by a New Jersey bankruptcy judge in the United States on April 19.

A California judge has combined three investor lawsuits against defunct crypto bank Silvergate Bank involving the bankrupt crypto exchange FTX.

Bankrupt cryptocurrency lender Voyager Digital Holdings has sealed a deal with the United States Federal government that moves forward a $1 billion plan allowing Voyager to sell its assets to the U.S. arm ofBinance.

Cryptocurrency exchange Zipmex has requested another extension which would allow for a longer moratorium on its debt in Singapore amid the firm’s liquidity issues.

The Kingdom of Bhutan’s sovereign investment arm, estimated to manage around $2.9 billion in assets, has placed millions of dollars in cryptocurrencies and was a customer of bankrupt crypto firms BlockFi and Celsius.

A court filing indicates that bankrupt crypto lender Celsius Network either intended to, or is potentially looking at taking legal action against crypto blogger and Celsius creditor Tiffany Fong over leaking internal information.

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.

Cross-chain bridge platform Ren Protocol has announced that FTX, Alameda Research and other affiliates that acquired the platform in 2022 have authorized and directed the platform to move all its crypto assets to FTX debtors’ wallets.

The debtors behind bankrupt cryptocurrency mining firm Core Scientific filed a motion for the approval of hiring a permanent president.

Bankrupt crypto lender Celsius Network has announced it will be moving forward on its Chapter 11 restructuring plan with a disclosure statement containing information for claim holders.

After a Bloomberg article alleged exposure between stablecoin provider Tether and the now-collapsed Signature Bank, rumors began to circulate regarding the involvement between the two companies. 

Cohen told a Manhattan federal court judge that his 31-year-old client, a founder of the cryptocurrency exchange FTX, was pleading not guilty to new charges lodged against him in recent weeks in what a prosecutor has labelled as one of the biggest frauds in American history. But Cohen quickly added that although he was pleading not guilty to the new charges, Bankman-Fried was not acknowledging that he can be tried on them. He didn't elaborate and left the courthouse quickly just before his client was ushered to a waiting vehicle. Earlier this week, a rewritten indictment charged Bankman-Fried with a new conspiracy count, alleging that he violated the anti-bribery provisions of the Foreign Corrupt Practices Act by directing the payment of $40 million in bribes to a Chinese official or officials to free up $1 billion in cryptocurrency that was frozen in early 2021. FTX filed for bankruptcy on Nov. 11, when the global exchange ran out of money after the equivalent of a bank run. He has remained free on a $250 million personal recognizance bond that requires him to stay with his parents in Palo Alto, California. His trial is tentatively set to begin in the fall.

Users of failed crypto exchanges and funds are selling their claims for a fraction of their paper value, creating a thriving market for bankruptcy claims.

The European arm of FTX, FTX EU has launched a website to allow European customers to submit withdrawal requests.

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