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“The parties would like to continue these discussions, which we are optimistic will lead to an agreement between the parties in the next few days and eliminate the need for further litigation,” Bankman-Fried’s counsel, Mark Cohen, wrote in a letter to the court filed Feb. 2. Source
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Tesla’s latest filing with the U.S. Securities and Exchange Commission (SEC) shows that the fair market value of the company’s bitcoin holdings was $191 million at the end of 2022. In addition, billionaire Elon Musk’s electric car company recorded $204 million of impairment losses resulting from changes in the prices
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Among those listed are media companies like the Wall Street Journal, Fortune, Fox Broadcasting and CryptoX as well as big crypto names like exchanges Coinbase and Binance. American, Spirit and Southwest airlines, as well as Stanford University – where FTX founder Sam Bankman-Fried's parents work as professors – and its
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Eric Snyder, partner at Wilk Auslander LLP, says that a substantial amount of haircuts are likely to be made, but that depends on the petition Genesis’ trio of companies filed. Source
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Genesis Capital's parent company Digital Currency Group (DCG) denied involvement in Genesis' bankruptcy filing in a statement on Jan. 20. According to DCG, a special committee of independent directors recommended and decided to file for Chapter 11 bankruptcy protection. Filing for Chapter 11 will allow Genesis to seek the reorganization of debts, assets
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Three of the institutional crypto brokerage's entities filed for Chapter 11 protection late Thursday. Source
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Bitcoin has not moved as expected despite the news of Genesis, one of the largest crypto lenders in the world, filing for bankruptcy. This lack of negative movement from bitcoin in response to the news could cement the digital asset’s path to the upside in the coming weeks. Bitcoin Remains Unfazed
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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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As the crypto lender Genesis Global Trading filed for Chapter 11 bankruptcy protection in New York, members of the crypto community went on social media to express their thoughts on the matter. From believing that no one will be held accountable to labeling the entire crypto lending concept as “stupid,” community members
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Bitcoin fell 2% to trade at the $20,700 level, while ether was trading down 3% to the $1,530 level. Equities closed down. Source
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