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"At least as of the date of the interview, parties collectively operating as Abra were or were nearly insolvent," the filing said. "Notwithstanding the forgoing, Plutus Financial Holdings, Inc., or an affiliate or subsidiary thereof, posted information in an official social media platform that represents: 'There is no truth that
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The new filing is set to face legal opposition from borrowers. Source
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The updated reorganization plan “reflects substantial agreement on certain key issues,” the filing said, but added that Genesis, its creditors and other stakeholders reserve their position in negotiations that are still ongoing. In April, for a 30-day period that was subsequently extended, the court appointed a mediator to resolve differences,
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On Thursday, the firm moved a total of 291,000 ETH, worth $553 million, into staking contracts, according to a Dune Analytics chart by 21Shares. A total of 192,000 tokens were deposited into the Celsius staking pool, while 99,000 tokens were staked with Figment, Wan reported. Source
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The bid, though accepted by Celsius and a committee of its creditors, must still be approved by regulators to finalize the acquisition. Months ago, Bankruptcy Court Judge Martin Glenn warned “regulatory roadblocks” could plague the sale of Celsius much like it thwarted a fellow lender’s acquisition. In April, crypto exchange
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However, nobody at BlockFi bothered to follow through with this, including the restructuring team, and no bond was posted, the creditors said. “It’s a good thing the federal government stepped in to bail out all SVB depositors, including BlockFi,” they wrote. Original Source
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According to data by crypto intelligence firm Arkham Intelligence, Celsius transferred some 40,928 ETH to a crypto wallet spread through fourteen transactions between May 10 and May 12. The account is owned by Figment, who deposited the funds into staking contracts, according to Ethereum blockchain explorer Etherscan. Original Source
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The new governance token will have a larger supply than MKR, with a 1200:1 exchange rate to MKR. It will also give access to Maker’s AI-assisted governance tools, allowing token holders to “easily summarize and verify governance rules and processes, or generate new aligned governance proposals,” the proposal said. Source
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“The court finds that all digital assets held by the debtors in custodial omnibus wallets are indeed client property, and not property of the bankruptcy estates, subject, of course, to possible avoidance and clawback rights,” Kaplan said, but had less happy news for BIA customers. Original Source
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Regular customers, misled by management, didn’t understand the implications of this transfer – but more sophisticated Series B investors were well aware of deficient record keeping, the filing added, arguing that the two entities should be treated as one for bankruptcy purposes. Original Source
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