Recovery Financial News

Crypto recovery firm Unciphered has extended an offer to former Ripple chief technology officer (CTO) Stefan Thomas to unlock a hard drive containing over 7,000 Bitcoin ( BTC) that he has been unable to access for years.

The crypto market is displaying promising signs of recovery following an extended bear market with surging crypto prices and NFT sales.

A company is petitioning former Ripple chief technology officer Stefan Thomas for a hard drive containing more than 7,000 Bitcoin (BTC) that he has been unable to access for years.

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₹50,000 crore in evaded Goods and Services Tax (GST) in FY24, Business Standard reported. This amount is over double that of what was recovered in FY23 and is likely to potentially be the highest annual tax collection, it added. In FY24, GST officials have so far identified evasions amounting to ₹1.36 lakh crore; and have already recovered ₹14,108 crore of this.

Jeremy Renner has revealed that he has recorded a collection of songs marking «different milestones in my journey of recovery» since his snowplough accident in January this year. The Marvel star said he will soon release the collection titled 'Love and Titanium'.

Hardware wallet firm Ledger is rolling out its cloud-based private key recovery solution despite facing significant criticism from the crypto community.

Popular hardware wallet company Ledger has launched a cloud-based private key recovery tool called 'Ledger Recover.'

Gayatri Projects have received a single bid for the debt-laden engineering, procurement, and construction (EPC) company from Dubai-based private equity fund Mark AB Capital Investment LLC, offering them about 10% recovery on their total dues of ₹6,000 crore. The bankers had received two expressions of interest (EOIs) earlier this year but the other joint bid from two individuals did not result in a serious offer, people familiar with the process said. Mark AB's offer includes a small upfront payment, with the remaining payment differed after two years. «The offer includes a total of ₹50 crore upfront cash, ₹50 crore capital infusion, and the remaining ₹500 crore to be paid after two years,» said a person aware of the details. «Mark has said that it will partner with an asset reconstruction company to assign the debt and pay recoveries from it after two years.» Last week, Gayatri Projects' resolution professional Sai Ramesh Kanuparthi successfully petitioned the National Company Law Tribunal (NCLT) to expand the resolution timeline, which has been extended by 60 days. Bankers are expected to close the deal by December. «Creditors will look to negotiate a better deal including some commitment for covering the bank guarantees (BGs) issued to the company,» said a person aware of the details.

Shiba Inu (SHIB), the crypto industry’s second most valuable meme cryptocurrency by market capitalization, is on course to post a price rise for a fifth consecutive day.

The U.S. prosecution team has issued a formal request to the United States District Court, Southern District of New York, seeking to preclude the defense from introducing arguments or evidence concerning the current value of specific investments in the trial against Samuel Bankman-Fried, the erstwhile CEO of cryptocurrency exchange FTX. This request follows allegations that Bankman-Fried misappropriated FTX customer deposits for a substantial investment in the artificial intelligence startup Anthropic, an investment whose value might have significantly appreciated amid recent fundraising endeavors by Anthropic.

The tax authorities have historically had difficulty in collecting arrears of taxes from defaulters. If the company files for bankruptcy, loses its ability to pay or becomes untraceable,  the recovery process becomes even more challenging. When it comes to GST, it’s important to keep in mind that the money owed by the Company, which is due to the Government, may already be collected from the final customer. As a result, there should not be any exemption from punishment for any gross neglect or misfeasance in relation to the affairs of the company.

SHANGHAI/BEIJING (Reuters) — China will promote a sustained economic recovery, focusing on expanding domestic demand, while fending off financial risks, People's Bank of China Governor Pan Gongsheng said in a report published on Saturday.

By Asif Shahzad and Mubasher Bukhari

PARIS (Reuters) -Third quarter sales at L'Oreal rose 11.1%, led by growth in Europe and the United States but missing expectations for a strong rebound in China.

While the first and second quarters saw many companies exceeding market expectations, the third-quarter forecasts are notably more conservative.

Hardware wallet developer Ryder has announced the close of a $1.2 million raise and revealed the Ryder One hardware wallet featuring a recovery system designed to replace the typical seed-phrase process.

Aditya Gaggar, Director of Progressive Shares believes that the earliest signs of recovery in the IT sector would only be visible from Q4FY24 or Q1FY25 onwards. In an interview with Mint, he said one can look at banking, infrastructure, auto, pharma, and chemicals sectors to invest. However, he emphasised that it is more of a stock-specific rather than a sector-driven market.

It’s good to know that somewhere out there, there’s a guy in a t-shirt looking to reinvent the banking system.  No, not Sam Bankman-Fried – former Credit Suisse trader Hamza Lemssouguer, whose fund Arini Capital is now proposing to make short term loans to companies with liquidity needs. 

BEIJING (Reuters) -China's new home prices fell for the third straight month in September, official data showed on Thursday, dashing hopes of a turnaround in demand during a traditionally peak month for home buying despite efforts to revive the crisis-hit property sector.

Recent weeks have seen increased volatility in equity markets, primarily influenced by evolving expectations regarding Federal Reserve policy rates and geopolitical factors following the Israel-Hamas war.