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Crypto custodian Prime Trust filed for Chapter 11 bankruptcy in the United States state of Delaware on Aug. 14 after reporting shortfalls in customer funds. Prime Trust said it’s working with 25,000 to 50,000 creditors and has liabilities of up to $500 million. Although the news of the company’s financial instability
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Crypto custodian Prime Trust has filed for Chapter 11 bankruptcy protection in Delaware after facing a shortfall in customer funds.The company said in an Aug.15 filing that it has between 25,000 to 50,000 creditors and estimated liabilities between $100 million to $500 million compared to $50 million to $100 million
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Cryptocurrency custody firm Anchorage Digital and major mining manufacturer Bitmain could take equity stakes in Core Scientific as part of the firm’s restructuring plan.According to an Aug. 8 filing in the United States Bankruptcy Court for the Southern District of Texas, Bitmain plans to sell Core Scientific 27,000 S19j XP
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Companies that have lent funds to Core Scientific to buy equipment can elect to either have their claims converted into equity fully, or take on secured debt in the emerging company at 80% of the value of their claims. Only Anchorage Digital, which had a $29 million loan as of
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Bankrupt crypto exchange FTX has filed a motion in court to remove its Dubai unit from ongoing restructuring proceedings in the United States.In a court filing on Aug. 2, FTX argued that its Dubai unit didn’t conduct any business before the bankruptcy filing; thus, the subsidy is unlikely to rehabilitate its operations.
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The estate argues that any court orders while FTX Dubai was part of the proceedings should stand, but that the dismissal requested "is necessary" to protect the debtors and authorize them to, for instance, pay pre-bankruptcy wages and salaries, along with other compensation, benefits and expenses to Dubai employees. Source
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A body representing FTX customers said it is “extremely disappointed” by the exchange’s draft bankruptcy exit plan and claims it was ignored by FTX’s restructuring team.In a July 31 court filing, FTX’s Official Committee of Unsecured Creditors (UCC) said despite its repeated requests and previous promises from the team, it
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Kyle Davies, the co-founder of bankrupt crypto hedge fund Three Arrows Capital (3AC), has submitted documentation to court claiming he is fully a citizen of Singapore and not the United States.In an Aug. 1 filing with U.S. Bankruptcy Court for the Southern District of New York, Davies provided notarized and
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A judge in the bankruptcy case for defunct crypto exchange FTX has issued an order allowing Terraform Labs to subpoena information that could be used in its case brought by the United States Securities and Exchange Commission (SEC).In a July 31 filing in U.S. Bankruptcy Court for the District of
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The Genesis lending business froze withdrawals last year in the aftermath of FTX's collapse, which, among other things, affected customers of a lending product from the Gemini exchange. The led to a public war of words between the two sides, and this remains one of the more contentious issues to
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