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Court filings reveal that the FTX co-founder is seeking access to a $10 million insurance plan to cover his attorney fees. FTX debtors and unsecured creditors have opposed Sam Bankman-Fried’s request, arguing that every dollar spent on his defense is “one less dollar” available to cover the losses of the
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A seven-member committee has been appointed to represent the interests of unsecured creditors in Genesis Global bankruptcy case, according to court filings on Feb. 4. The committee will represent the creditors in court, having the right to be consulted before major decisions and to participate in the reorganization plan. Members are
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The names and information of most of the other top 50 creditors remain redacted, but the twelfth-largest unsecured creditor is listed as Hong Kong-based crypto trading firm Pulsar Global Ltd, with a claim of $92.9 million, while individual creditor Larry Qian is 14th with a claim of $91.1 million. Another
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Meanwhile, Lend users stand to make higher yields from unsecured lending to institutions that have been evaluated for their creditworthiness by Credora. Besides, lenders can exit their positions at any time, subject to availability of liquidity in the pool. According to Ribbon, most unsecured lending in Decentralized Finance (DeFi) is
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An ambitious new decentralized autonomous organization (DAO) has built a data service for lending platforms that records a user’s financial reputation to reduce the amount of collateral needed for a loan.It has partnered with Chainlink and that protocol’s founder Sergey Nazarov is an early backer.Users of Reputation DAO will have
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Unsecured borrowing has come to decentralized finance (DeFi). Aave, a DeFi money market that allows users to earn interest on cryptocurrency and borrow against it, introduced credit delegation in early July. This service allows someone with a lot of collateral deposited on Aave and no desire to borrow against it to
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