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Bankrupt crypto exchange FTX and crypto lender Genesis have reached an agreement in principle to resolve the claims brought by FTX in its bankruptcy case.On July 27, legal counsels for both firms sent a letter to bankruptcy Judge Sean Lane stating that they had agreed to a settlement.However, the agreement
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Genesis had emerged as the largest unsecured creditor of FTX and its affiliated companies, with $226.3 million owed, according to a January court filing that includes a list of major creditors. In parallel, FTX also claimed that Genesis owed nearly $4 billion, later reduced to $2 billion, which Genesis has
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Bankrupted crypto lender Celsius Network reached two settlements that allows it to return assets to customers and end its bankruptcy proceedings, according to court filings on July 20. The settlements will be analyzed by Judge Martin Glenn at a hearing on August 10 and address $78.2 billion in unsecured claims. Any
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Mossab Hussein, co-founder of cybersecurity firm Spidersilk, said the surprising emails can be attributed to one of two options: "It's either FTX itself sending those emails [to notify them of the claims portal] and giving people a scare. Or, someone has "a list" of emails and is bruteforce resetting their
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OPNX, an exchange dedicated to the trading of bankruptcy claims against fallen crypto firms, has listed FTX and Celsius claims.According to the July 14 announcement, FTX claims specifically can be immediately onboarded and converted into collateral in the form of OPNX's native reborn OX (reOX) tokens or oUSD, its credit
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Users who held assets on bankrupt crypto firms FTX and Celsius Network can now trade their claims on the Open Exchange (OPNX). Source
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Lawyers on behalf of FTX Trading Ltd. and Maclaurin Investments Ltd. (owned by Alameda Research, the hedge fund arm of the bankrupt FTX empire) asked the court to order the return of funds transferred to Patrick Gruhn, Robin Matzke, Brandon Williams, and Lorem Ipsum UG, the leadership of FTX Europe. Original
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The Florida Office of Financial Regulation is considering action against United States-based cryptocurrency exchange Bittrex, which filed for Chapter 11 bankruptcy protection in May.In a July 5 filing with the U.S. Bankruptcy Court for the District of Delaware, Florida Office of Financial Regulation (OFR) assistant general counsel Brandon Greenberg said
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Three Arrows Capital, which says it’s owed over $220 million by BlockFi, also protested that it wasn’t being given a chance to contest fraud allegations, while the SEC said proposed clauses to release BlockFi and its management were overly vague and broad. Original Source
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“Alvarez & Marsal have been charging Celsius $1.7 million per month,” Kuvari found, “And charging FTX $11 million a month.” Similarly to the comparison with Enron, this means A&M is charging about six times as much on a bankruptcy involving only about 50% more liabilities. On a percentage basis, A&M
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