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According to a new filing with the U.S. Securities and Exchange Commission on Monday, Bitcoin (BTC) miner Iris Energy says it has received a default notice from mining rig manufacturer Bitmain Technologies.The notice alleged that Iris Energy failed to "engage in good faith restructuring discussions" for certain principal payments due
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How Security Tokens Can Benefit Creditors in Bankruptcy Restructurings Original Source
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A committee of unsecured creditors stemming from the Celsius bankruptcy case has filed a motion with the court to stop the now-defunct crypto lender from selling the company’s stablecoin holdings. The written protest by the group of creditors against the sale follows objections from a slew of securities regulators filed
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Attorneys for the UCC describe a “Hobson’s choice” for Voyager’s creditors: to either support the sale agreement as-is and have a chance at getting their money back faster while allowing Voyager’s executives to get off scot-free, or to fight the plan and risk the bankruptcy process “devolving into a morass
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Mt Gox creditors have been issued new information concerning their claims and it seems they now have until January 10, 2023 (Japan time) to register for a repayment method. The latest notice says that any creditors that wish to receive payment, must finish the “selection and registration” section on the
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Mt. Gox’s Nobuashi Kobayashi has issued a new memo for creditors to avail their crypto payments. The creditors have been instructed to register themselves with the Mt. Gox Rehabilitation Claim Filing System and have been advised to set up a functional crypto account with exchanges to avail their payments on time. Per
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Celsius was one of the crypto firms to collapse due to the market downturn earlier this year and has been struggling to payback its creditors. The lending firm was looking at a number of ways to payback its debt, including IOU (“I Owe You”) tokens. Source
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The creditors are seeking information regarding the loan agreements between Celsius and Equities First, any transfer of cash or crypto between Celsius and the lender, and also the reason behind Equities First inability to payback the $439 million collateral to Celsius. Original Source
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In the reorganization creditors would own 65% of CoinFLEX. Meanwhile, existing Ordinary Series A shareholders, including the CoinFLEX founders, would lose their equity stakes. Series B investors are to remain shareholders and can be incentivized with future equity over time in the event they bring value to the business. Source
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Cryptocurrency exchange CoinFlex announced a structuring proposal in response to user feedback following the platform experiencing liquidity issues.In a Wednesday blog post, CoinFlex said under the proposal — which will be subject to a vote and then court approval— creditors will own 65% of the company, while its team members
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