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"Debtors have repeatedly promised that a plan that resolves claims against DCG is right around the corner, as they seek extension after extension of mediation periods, hearing dates, and bid deadline," the Gemini filing said. The harm to Gemini is worsened by the fact, it said, that DCG has "not
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied DCG and its subsidiary, Genesis, reached a pivotal legal agreement that may reimburse creditors up to 90% and stabilize the volatile cryptocurrency market. In a pivotal development, Digital Currency Group (DCG) and its subsidiary, Genesis, have reached
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Judge Martin Glenn shot down efforts to have a special shareholders class declared in the Celsius Network bankruptcy case in a court document filed on Aug. 25. The judge also declined to settle whether or not the CEL token was a security. In a motion filed on July 25 and heard
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied FTX has announced a cybersecurity breach involving its bankruptcy case claims agent, Kroll, exposing limited, non-sensitive customer data of specific claimants. On Aug. 25, the struggling crypto exchange used the X platform to notify customers, creditors,
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied FTX creditors are looking to expedite bankruptcy proceedings as legal fees are becoming increasingly expensive, possibly eating into the money paid to creditors. While attorneys of FTX are working towards recovering what remains of the once global
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“They've now moved to a pace of almost $50 million a month in fees, with literally hundreds of lawyers, financial advisors and bankers working on them practically full time,” said Kris Hansen, a lawyer from Paul Hastings representing the creditors’ committee. “Every dollar spent in the case is essentially a
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In the complex world of finance and business, bankruptcy serves as a crucial mechanism that allows struggling companies to reorganize and regain financial stability. One of the most well-known forms of bankruptcy is Chapter 11, a legal process in the United States that grants businesses the opportunity to restructure their operations
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Lawyers are trying to untie a complex financial web among companies that went under in the crypto winter. Source
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied BlockFi announces the start of its Chapter 11 solicitation period, allowing creditors to vote on the bankruptcy plan. Blockfi has announced via Twitter that the solicitation period for creditors under Chapter 11 has begun. During this time,
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Cryptocurrency custodian fintech Prime Trust has filed for bankruptcy under Chapter 11 in the US. The company filed a voluntary petition for bankruptcy in the Eighth Judicial District Court of Nevada. Prime Trust has chosen John Guedry,
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