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Tensions were apparent between the sides in court, as a lawyer for BlockFi said 3AC has a “runaway” legal counsel who is dragging things out and piling up more than $16 million in legal bills. A lawyer for the hedge fund, Adam Goldberg from the firm Latham & Watkins, said
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WM Motor’s struggle highlights the challenges smaller companies and new startups face in China’s fiercely competitive EV market. China’s electric vehicle (EV) landscape is witnessing a significant development as WM Motor, a notable player in the industry, officially filed for bankruptcy protection in a Shanghai court. The announcement came through a
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The beleaguered crypto lender was among a rash of digital asset companies that froze their customers’ accounts and eventually collapsed after FTX blew up last fall. The restructuring plan, which more than 90% of creditors approved, will enable BlockFi to recover the assets it lost to crypto exchange FTX and
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According to data gathered by Matrixport, a crypto services provider that is tracking the market, the expected payout for creditor claims against FTX has surged to an average of 37 cents on the dollar, its highest since the bankruptcy filing in late 2022, and up from just over 10 cents
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Crypto exchange Coinbase attempted to acquire FTX Europe twice since it filed for bankruptcy in November 2022, hoping to broaden its derivatives business overseas. The company, however, has decided not to go forward with the deal, Cointelegraph has learned. According to a report from Fortune, Coinbase explored acquiring FTX’s European arm
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Allan Joseph Bankman and Barabara Fried, the parents of Sam Bankman-Fried, have been sued by the FTX bankruptcy estate. Original Source
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Earlier this week, Genesis and its parent company, Digital Currency Group, said more than 230,000 retail creditors who used Gemini’s Earn program stand to be made “nearly whole” under a proposed remuneration deal to be voted on later this year. Earn was offered to customers of the Gemini crypto exchange,
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The presentation also details $2.2 billion in cash, crypto, equity and real estate received by Bankman-Fried and other executives, including Nishad Singh, Zixiao “Gary” Wang and Caroline Ellison, in the months leading up to the bankruptcy. That may be significant because U.S. law allows such payments to be clawed back
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The accusations of vote-buying and manipulation have added complexity and uncertainty to the Genesis bankruptcy case. Bankrupt crypto lender Genesis Global Capital (GGC) is facing new charges from creditors that the proposed $175 million transaction with the insolvent FTX exchange is an attempt to manipulate the bankruptcy process through vote buying. These
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Gemini, a crypto exchange led by the Winklevoss twins, opposed the bankruptcy plan by Genesis and Digital Currency Group (DCG). Gemini‘s lawyers explained that the bankruptcy plan lacks enough details and guarantees for some of the
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