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Compute North filed for bankruptcy in September as it was unable to meet its debt obligations. The mining firm has closed 13 asset sales, four of them major, which have “satisfied” all of its secured debt, which was $250 million, said Compute North’s attorney at a Thursday hearing. Source
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"As a part of this reorg, some folks will have new roles, responsibilities, and reporting lines," a Chainalysis spokesperson told CryptoX in an emailed statement. "Unfortunately we will also part ways with some incredibly talented people within our team." Source
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A judge also temporarily denied Celsius from paying certain employees a retention bonus, a total of nearly $3 million. The plan, which Celsius’ lawyers claimed was necessary to keep the company’s employees from jumping ship, would divide the approximately $3 million in requested funds into cash bonuses for 62 of
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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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Bankruptcy proceedings for Celsius have officially begun – and the odds that depositors will get their money back look slimmer than ever. Source
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Zhong’s exit comes weeks after the company’s former CEO Jae Kwon announced that he was re-joining the company as the CEO of Ignite spin-off “New Tendermint.” Source
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A blockchain reorganization attack refers to a chain split in which nodes receive blocks from a new chain while the old chain continues to exist. On May 25, the Ethereum Beacon chain suffered a seven-block reorg and was exposed to a high-level security risk called chain organization. Validators on
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Verge has been hit by a massive 560,000-block reorganization. Source
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