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This year's crash in crypto prices has rattled nerves of retail depositors while also saddling big industry players with losses on assets they had lent out in search of yields. Celsius Network, a crypto lender, and Voyager, a crypto trading platform, each froze withdrawals and later declared bankruptcy. Another distressed
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The company that owns Thailand’s Siam Commercial Bank has postponed a deal to acquire a majority stake in Bitkub, the country’s largest cryptocurrency exchange. The decision comes amid tightening crypto regulations that limit growth in domestic crypto trading. SCB Postpones Acquisition of Thai Crypto Exchange Bitkub The parent company of Siam Commercial
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The economic crisis in crypto is waning, FTX co-founder and CEO Sam Bankman-Fried thinks. He noted in an interview on Axios Pro Thursday that he is not getting “a ton of calls” from distressed businesses, as he was in the first weeks of the so-called crypto winter. Given a positive
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Singapore crypto exchange Vauld Group is seeking a moratorium against its creditors — a move that would give the troubled lender more time to restructure its business after collapsing asset prices impacted its operations earlier this month.Vauld filed an application in Singapore on July 8 seeking a moratorium order, The
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The crypto lender – which counts Peter Thiel, Pantera Capital, and Coinbase Ventures among its investors – owes $402 million to its creditors, with 90% of that debt originating from individual retail investor deposits, a July 8 affidavit filed by Vauld co-founder and CEO Darshan Bathija revealed. Source
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“In particular, Celsius has pointed out in its pleadings that customers transferred ownership of crypto assets to Celsius, making those customers unsecured creditors. This detail may undercut customer expectations, who thought they were depositing their assets into a construct similar to a traditional bank,” Gwen added. Source
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Ever since Celsius paused withdrawals on June 12, the company has been the focus of attention due to the lender’s financial hardships. A month later, Celsius filed for bankruptcy in the U.S. by leveraging the Chapter 11 process. Two days after the bankruptcy filing, a report disclosed that two people
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Another crypto lender, Celsius Network, has sought bankruptcy protection in the U.S. “Customer claims will be addressed through the Chapter 11 process,” the company said. Two other crypto firms recently filed for bankruptcy protection: Voyager Digital and Three Arrows Capital (3AC). Celsius Follows Voyager, Files for Chapter 11 Bankruptcy Crypto lender Celsius
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The Federal Deposit Insurance Corporation (FDIC) is probing crypto lender Voyager Digital over claims that it is FDIC-insured. The crypto firm previously explained that through its strategic relationships with Metropolitan Commercial Bank, “all customers’ USD held with Voyager is FDIC insured.” Voyager Probed by FDIC The Federal Deposit Insurance Corporation (FDIC) is
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