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The unsecured committee of creditors and others involved in crypto lending firm Celsius’ bankruptcy case have objected to a motion from the debtors delaying a reorganization plan.In separate Feb. 8 court filings, the committee and Withhold account holders as well as the United States Trustee and Celsius borrowers objected to
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Plans to transform the bankrupt crypto lender into a “recovery corporation” are not a done deal, and the estate could still be liquidated, legal filings warn. Source
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The holding company of troubled crypto lender Genesis Global Capital, Genesis Global Holdco LLC, filed for Chapter 11 bankruptcy protection in New York on Jan. 19. Genesis is the latest crypto platform to file for bankruptcy, joining Celsius, Voyager, BlockFi and FTX.The application of Chapter 11 provisions to the crypto
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Perhaps a fair question is, does the VC world want another Alameda? Although the firm closed 38 deals it wasn’t the biggest investor. That goes to Coinbase Ventures, as Pitchbook puts their deal count at 121. Despite this, Coinbase Ventures just doesn’t have the same profile as Alameda had. Its
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The term sheet also involves refinancing the outstanding loans where DCG borrowed $500 million in cash and about $100 million worth of bitcoin (BTC) from Genesis, the person said. Included is “an equitization of the infamous 10-year promissory note that DCG gave Genesis in return for failed hedge fund 3AC
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A seven-member committee has been appointed to represent the interests of unsecured creditors in Genesis Global bankruptcy case, according to court filings on Feb. 4. The committee will represent the creditors in court, having the right to be consulted before major decisions and to participate in the reorganization plan. Members are
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The Creditors’ rejection follows a veto by Voyager itself. Source
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Top Stories This Week FTX creditor list shows airlines, charities and tech firms caught in collapse The complete list of creditors owed money by the bankrupt cryptocurrency exchange FTX has been released, revealing a wide range of global companies. Among
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The defunct crypto lender Celsius is exploring the possibility of creating a debt token to repay creditors. The plan would need to be approved by regulators, but if approved by the trustee and financial authorities, the debt token would be called an “asset share token (AST).” Celsius Proposes ‘Asset Share Token’
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According to a deed of company arrangement (DoCA), the exchange will receive a loan of 1.25 million Australian dollars from an associated business, Digico, to allow it to function. Customers with under $250 will be repaid in full and others will receive at least 45% of their balance over five
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