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Orthogonal Trading’s insolvency, triggered $31 million of loans in the credit pool to default this week. The bad debt represents 80% of the credit pool’s outstanding loans. When Sherlock invested in the pool, however, Orthogonal’s borrowings only accounted for 14% of the pool’s loans. Source
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After weeks of negotiations on a potential buyout of Zipmex, venture capital fund V Ventures has reportedly reached a deal to acquire the embattled cryptocurrency exchange.V Ventures, a subsidiary of Thoresen Thai Agencies (TTA) public company, is looking to purchase a 90% stake in Zipmex crypto exchange, Bloomberg reported on
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As part of the deal, Foundry will also have rights to completely build out and operate Compute North's facility in Minden, Neb. The deal will also include rights to a fleet of mining machines owned by the miner, as well as its intellectual property, the statement said. Original Source
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The embattled crypto exchange FTX has informed the public that the FTX parent firm West Realm Shires Services, Alameda Research, and approximately 130 additional affiliated companies have filed for Chapter 11 bankruptcy protection in Delaware. FTX’s Parent Company, Alameda Research, and 130 Associated Firms Voluntarily Commence Bankruptcy Proceedings After days of confusion
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Crypto lender Hodlnaut has been dealt another blow in its pursuit for recovery after it emerged that it has $18 million stuck on FTX, the crypto exchange that halted withdrawals earlier this week. Original Source
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Cryptocurrency exchange Zipmex is in advanced buyout negotiations that will see it potentially sell a majority stake in the business. Source
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Shares of bitcoin miner Core Scientific (CORZ) fell another 14% Friday after a rough week amid financial woes and analyst downgrades. Source
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In July, the lender asserted several “technical events of default,” which led to taking control of Compute North assets. Generate Capital exercised its voting rights to take over Compute North subsidiary that owned the two bitcoin mining sites the two firms were developing. That included the Wolf Hollow site in
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Singapore-based Hodlnaut was one of several crypto companies that succumbed to the pressures of the downturn. It applied to be put under judicial management on Aug. 13, five days after it froze withdrawals. Judicial management is a form of debt restructuring that sees an entity manage the business, property and
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Voyager (VGX), the crypto exchange platform that declared bankruptcy in July, used to be a force to reckon with in the crypto
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