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On March 17, 2023, SVB Financial Group, the parent company of Silicon Valley Bank, filed for Chapter 11 bankruptcy protection in the Southern District of New York. The company stated that it is no longer associated with Silicon Valley Bank (SVB) after the Federal Deposit Insurance Corporation (FDIC) placed it
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Troubled SVB Financial Group has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court to preserve value.Announcing the news on March 17, SVB said that the funds of its venture capital arm SVB Capital and the broker-dealer SVB Securities, as well as
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FTX debtors have filed a motion with the court requesting to dismiss its Turkish subsidiaries from the Chapter 11 bankruptcy proceedings. The defunct crypto exchange’s lawyers believe dismissing the entities “is in the best interests” of creditors, and FTX debtors do not believe Turkish authorities “or any liquidator” in the
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Bitcoin rose 1% to around $21,000 over the past 24 hours after the Genesis bankruptcy news hit the wires. Ether rose 2% to $1,545, CryptoX data shows. Traders weren’t surprised by bitcoin's and ether's resilience following the news. “The market appeared to expect the Genesis bankruptcy filing for the last
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Cryptocurrency lender Genesis has filed for Chapter 11 bankruptcy in the Southern District of New York.The firm has estimated liabilities of $1 billion to $10 billion and assets in the same range, according to the Jan. 19 filing.Earlier reports claimed the company had been considering filing for bankruptcy protection if it
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The market capitalization of BUSD – the number of stablecoins outstanding times its price, theoretically $1 – fell to an 11-month low of $16.4 billion on Jan. 3 from $22.1 billion at the start of December, according to data by CoinGecko. BUSD remained the third largest stablecoin by market capitalization. Original
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Most of Core Scientific’s customers that already have machines or contracts with the company’s hosting business won’t be affected by the bankruptcy, said Cann. The company, however, is considering selling two of its facilities, said Cann, but that was under consideration before the bankruptcy. The two sites are still under
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Just days after creditors offered to help Core Scientific — a Bitcoin (BTC) mining company — avoid possible bankruptcy, reports emerged confirming the business’ inevitable fate. Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices.On Dec. 14, Financial services platform B.
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Crypto mining firm Argo Blockchain has reported it had been negotiating to sell assets and “engage in an equipment financing transaction” in an effort to avoid filing for bankruptcy.In a Dec. 12 announcement, Argo Blockchain said it was at risk of having insufficient funds to continue operating within a month,
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Originally named Math Money FX, the company was formed in 2013 to help financial institutions leverage the Bitcoin blockchain to "reduce risk, save costs, and increase efficiencies," according to a company timeline. Early on, it raised money from finance titans including the former CEO of the New York Stock Exchange,
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