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The Sushi DAO, a decentralized autonomous organization behind crypto exchange SushiSwap, has approved a legal restructuring on Oct. 26 that creates three new decentralized entities, aiming to provide more flexibility to its operations.The proposal, which received 100% votes in favor, will create the DAO Foundation, the Panamanian Foundation, and the
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The DAO will be divided into three organizations, which would be based in Panama and the Cayman Islands. Source
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Cryptocurrency exchange CoinFlex announced a structuring proposal in response to user feedback following the platform experiencing liquidity issues.In a Wednesday blog post, CoinFlex said under the proposal — which will be subject to a vote and then court approval— creditors will own 65% of the company, while its team members
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Zipmex is one of many crypto companies that withered as the market slid earlier this year. Bitcoin fell from $69,000 to $17,000 in six months, bankrupting lenders like Celsius Network and Voyager Digital while Singapore-based hedge fund Three Arrows Capital imploded. Zipmex loaned $48 million to Babel Finance, also a
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"This delay principally relates to the Company’s ongoing negotiations of potentially material transactions with its lenders to restructure or refinance certain financing agreements in order improve the Company’s financial position, and for the Company to be able to continue as a going concern for at least the next 12 months,"
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Crypto futures exchange CoinFLEX has filed for restructuring in Seychelles as part of its plans to improve its financial situation. Original Source
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Ryan Preston Dahl, a partner at Ropes & Gray, joined CryptoX TV’s “First Mover” to discuss the crypto lender’s bankruptcy filing. Source
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Along with competitors including Celsius Network and Babel Finance, Vauld, a cryptocurrency lender supported by Coinbase Inc., said it suspended withdrawals and recruited advisers to investigate a potential restructuring to withstand the market crash. According to Chief Executive Officer Darshan Bathija's blog post on Monday, the Singapore-based company has retained
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On July 4, the crypto lending company Vauld announced it suspended withdrawals, trading, and deposits after disclosing the firm is “facing challenges.” While not naming any specific companies, the Singapore-based cryptocurrency lending platform and exchange mentioned “financial difficulties” stemming from “key business partners.” Vauld Suspends Withdrawals Over ‘Financial Difficulties’ During the last
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Withdrawals are still paused and the company has hired restructuring experts as it faces a financial crisis. Source
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