Tagged: bankruptcy

May 9, 2023 @ 8:40 am By Omar Faridi  |  

Bittrex, Inc. released the following statement today regarding Bittrex U.S.’ decision to file Chapter 11 bankruptcy: “Having previously announced that Bittrex, Inc. would be ceasing all operations in the U.S. effective April 30th, we have now made the decision to file Chapter 11 bankruptcy in… Read More

April 26, 2023 @ 11:48 am By JD Alois  |  

Bankrupt digital asset platform Voyager Digital has received a Dear John, or perhaps a Dear Voyager letter from Binance.US. In a series of Tweets, Voyager revealed that Binance.US has announced a separation from its previously announced agreement. Last January, bankruptcy courts approved the sale of… Read More

April 13, 2023 @ 7:48 am By Omar Faridi  |  

Bankrupt digital currency exchange FTX has reportedly recovered more than $7.3 billion in cash as well as liquid digital assets. This is notably an increase of over $800 million since this past January 2023. This, according to a report from Reuters which referenced the firm’s… Read More

April 8, 2023 @ 4:49 pm By Omar Faridi  |  

Bankrupt cryptocurrency lender Celsius Network recently revealed that it would be going ahead with its planned Chapter 11 restructuring process with a disclosure statement including pertinent information for its claim holders. Last week, we filed our Chapter 11 Plan of Reorganization (“the Plan”) with the… Read More

March 26, 2023 @ 3:51 pm By Omar Faridi  |  

After months of litigation, Celsius recently revealed it has reached an agreement with the Custody Ad Hoc Group and the UCC on a Settlement that reportedly “returns most digital assets in the Custody Program to account holders who opt in to the Settlement.” Custody users… Read More

January 31, 2023 @ 6:03 pm By JD Alois  |  

“The business model Celsius advertised and sold to its customers was not the business that Celsius actually operated.” – Court Document, Filed January 31, 2023 Celsius, one of the first big crypto firms to fail and file for bankruptcy protection, continues to meander its way… Read More

January 23, 2023 @ 11:02 pm By JD Alois  |  

Genesis Global Holdco has received approval from the US Bankruptcy Court for the Southern District of New York for all the first-day motions related to its Chapter 11 filed on January 19, 2023. Last week, Genesis filed for bankruptcy protection after a period when it… Read More

January 20, 2023 @ 7:35 am By JD Alois  |  

Late last night, Genesis, part of the Digital Currency Group (DCG), filed for Chapter 11 bankruptcy protection as it looks to restructure in light of a challenging environment in the crypto sector which has impacted multiple firms. Genesis is a digital asset prime brokerage that… Read More

January 11, 2023 @ 10:57 am By JD Alois  |  

The sale of Voyager Digital has received preliminary approval by the courts thus clearing the way for Binance.US to acquire the assets of the bankrupt firm. Revealed last month, Binance.US announced the agreement for it to acquire Voyagers assets for approximately $1 billion. Binance.US’ bid… Read More

January 10, 2023 @ 11:01 am By JD Alois  |  

BlockFi, once a top crypto lending platform and now in the midst of Chapter 11 bankruptcy proceedings, has posted a document that outlines its dramatic fall from grace. Once a leading digital asset unicorn, crypto contagion destroyed the platform, which is now looking to maximize… Read More

January 9, 2023 @ 11:02 am By JD Alois  |  

As was previously reported, the bankruptcy proceedings of FTX and its affiliated entities have included a decision to sell certain entities or subsidiaries that have remained solvent during and after the collapse of FTX. A prime example is LedgerX, a firm that was acquired by… Read More

January 5, 2023 @ 10:18 am By JD Alois  |  

Celsius Network, once a high-flying digital asset platform that promised incredible returns for its investors, is meandering its way through the bankruptcy process as the platform collapsed last year. Yesterday, the courts published an Opinion that Celsius Earn investors will not like. Last June, Celsius… Read More

December 27, 2022 @ 12:31 pm By JD Alois  |  

Bankruptcy filings for private equity financed firms have moved higher in 2022 – a data point that should come as no surprise due to the challenging economic environment. According to S&P Global Market Intelligence, forty-nine private firms filed for bankruptcy protection during the year –… Read More

December 23, 2022 @ 6:12 pm By JD Alois  |  

Former CEO of Alameda Research Carolyn Ellison has apologized for her misdeeds pertaining to the collapse of FTX as well as Alameda. Gary Wang, FTX co-founder and former CTO, has also acknowledged his errors, according to multiple reports. Both Ellison and Wang have pleaded guilty… Read More

December 21, 2022 @ 11:41 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against former Alameda Research CEO Caroline Ellison and FTX co-founder and former CTO Gary Wang. The enforcement action was due to the pair’s role in the failure of FTX and their roles in a “multiyear scheme to… Read More

December 19, 2022 @ 8:47 am By JD Alois  |  

Voyager Digital, a crypto firm working its way through bankruptcy, is selling its assets to Binance US – the US facing subsidiary of global crypto exchange Binance. Voyager fell prey to the various crypto failures as it found itself on the wrong end of a… Read More

December 15, 2022 @ 5:08 pm By JD Alois  |  

FTX has filed a new document with the courts indicating its intent to sell multiple assets. FTX CEO John J. Ray, III, stated earlier this week his intent to sell certain assets as it moves to recoup funds in the bankrupt operation. Included on the… Read More

December 13, 2022 @ 11:44 am By JD Alois  |  

The US Attorney’s Office, Southern District New York, has unsealed the criminal charges filed against Sam Bankman-Fried and his firms including FTX. The criminal charges were revealed yesterday when the Bahamas announced it expected to extradite Bankman-Fried following a formal request. The indictment states that… Read More

December 9, 2022 @ 9:08 am By JD Alois  |  

Sam Bankman-Fried, founder and former CEO of FTX – the now bankrupt crypto exchange, has committed to testifying in front of the House Committee on Financial Services to discuss the collapse of FTX and affiliated entities. The agreement to testify came today following a back… Read More

December 2, 2022 @ 1:07 pm By JD Alois  |  

According to bankruptcy managers, FTX and most of its subsidiaries are resuming ordinary course payments of salary and benefits to employees worldwide as well as payments to certain non-US contractors and service providers. New FTX CEO John J. Ray III said: “With the Court’s approval… Read More