Tagged: bankruptcy

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

November 27, 2022 @ 10:58 pm By Omar Faridi  |  

The bankruptcy of cryptocurrency exchange FTX has “highlighted the risk of crypto investment with a number of investors having to write off their losses” including Singapore state investment firm Temasek Holdings (Private) Ltd. The company recently announced that “it would write off $275 million invested… Read More

November 20, 2022 @ 7:01 pm By JD Alois  |  

FTX Trading and the over 100 affiliated entities posted a release yesterday updating on the bankruptcy process. FTX filed for bankruptcy on November 11th following a run on the bank where the company was unable to fulfill redemption requests. It has been widely reported that… Read More

November 17, 2022 @ 7:31 pm By JD Alois  |  

Today, the Securities Commission of the Bahamas issued a statement that it has transferred all assets held by FTX Digital Markets Ltd., to a wallet controlled by the regulator. The Securities Commission said it took control of the assets under its powers as a regulator… Read More

November 17, 2022 @ 9:23 am By JD Alois  |  

New FTX CEO John J. Ray has filed a declaration in support of Chapter 11 proceedings, completely slamming the utter incompetence of management in what was once the second-largest crypto exchange in the world. To quote the filing: “Never in my career have I seen… Read More

November 15, 2022 @ 9:19 am By JD Alois  |  

An initial filing pertaining to the Chapter 11 filing for FTX and affiliated firms has surfaced today. Filed yesterday by new leadership at FTX to manage the bankruptcy proceedings, the document notes there are over 100,000 creditors with claims – a number that can balloon… Read More

November 14, 2022 @ 4:11 pm By JD Alois  |  

The bankruptcy of FTX and many of its affiliated entities have pummeled all crypto markets. Many observers wonder if there is another shoe to drop. Meanwhile, crypto-associated firms continue to make announcements regarding any impact the collapse of crypto may have on their operations. It… Read More

November 13, 2022 @ 5:26 pm By JD Alois  |  

As details of the FTX collapse continue to emerge, criticism has turned into a pile-on in regard to Sam Bankman-Fried’s mismanagement of the crypto exchange and affiliated entities, including his hedge fund Alameda Research. Bankman-Fried is said to be in the Bahamas, where authorities are… Read More

November 11, 2022 @ 10:09 am By JD Alois  |  

In an action that should come as no surprise, FTX (International), along with its affiliated firms, including FTX.us and Alamada Research, has filed for bankruptcy protection. The news was revealed via Twitter in FTX’s main account. What was once the 2nd largest crypto exchange in… Read More

September 27, 2022 @ 12:15 pm By JD Alois  |  

In a brief corporate statement, Alex Mashinsky, founder and CEO of Celsius Network, has resigned from the firm, effective immediately. Celsius is one of the crypto firms that grew rapidly providing incredible returns to investors via its crypto lending/yield platform, only to collapse in the… Read More

September 2, 2022 @ 3:32 pm By JD Alois  |  

Celsius Network has emerged as another emblematic platform reflecting the hubris of certain crypto firms in promising more than they can actually deliver. Celsius collapsed into Chapter 11 bankruptcy during a time of dramatic volatility, catalyzed by the collapse of TerraUSD, a stablecoin that ended… Read More

July 25, 2022 @ 9:44 am By JD Alois  |  

As was reported earlier, FTX has sent a proposal to Voyager Digital to effectively take over the company’s accounts while leaving the Three Arrows Capital (3AC) loans within the recovery process. FTX would open new accounts for remaining Voyager Digital account holders – potentially funding… Read More

July 24, 2022 @ 7:27 pm By Omar Faridi  |  

FTX Trading Ltd., owner and operator of FTX.com, a global cryptocurrency exchange, recently announced a joint offer with West Realm Shires Inc., the owner and operator of FTX US, and Alameda Ventures Ltd, “to provide early liquidity to customers of Voyager Digital, LLC, which filed… Read More

July 19, 2022 @ 9:06 am By JD Alois  |  

Three Arrows Capital (3AC) is shouldering part of the blame for the crypto contagion that has wreaked havoc on digital asset markets. The crypto hedge fund stumbled, and then imploded when crypto valuations rapidly declined – most dramatically represented by the collapse of TerraUSD/LUNA, an… Read More

July 18, 2022 @ 10:27 pm By JD Alois  |  

Celsuis held its first hearing in bankruptcy court, publishing a presention that highlights the grim decline in value of its crypto holdings in just a few weeks. According to a presentation, as of March 30, 2022, Celsius helld over $22 billion in assets. That amount… Read More

July 15, 2022 @ 4:59 pm By JD Alois  |  

Following its bankruptcy filing, digital asset trading platform Voyager Digital (OTCPink: VYGVQ), has delisted its shares from the Toronto Stock Exchange (TSX). Voyager last traded at CDN $0.335 a share down from over $26/share in the past year. Voyager went bankrupt following a large loan… Read More

July 13, 2022 @ 9:42 pm By JD Alois  |  

Celsius Network, at one time one of the most popular crypto yield and lending platforms, has filed for bankruptcy protection under chapter 11, thus removing all speculation as to whether or not the platform could reanimate itself during a collapse in crypto valuations. Celsius effectively… Read More

July 6, 2022 @ 9:58 am By JD Alois  |  

Voyager Digital (TSX: VOYG) (OTCQX: VYGVF), a digital asset trading platform, has filed for bankruptcy following a difficult couple of weeks for the company. Voyager is emblematic of crypto contagion fears as counter-party risk has caused several firms to pause operations or, in this case,… Read More

December 17, 2020 @ 11:44 am By JD Alois  |  

The break up of the once high-flying Fintech Wirecard continues as the insolvency administrator has announced that Wirecard Solutions South Africa has been acquired by Adumo RF Pty Ltd,  subject to approval by the local regulatory authorities. Today’s announcement follows similar announcements of the various… Read More

November 19, 2020 @ 10:15 am By JD Alois  |  

Infamous Fintech Wirecard AG (WDI:DE) has seen its core European business sold to Banco Santander according to the insolvency administrator. Jaffe reports that the assets of Wirecard AG, Wirecard Technologies GmbH and other companies of the Wirecard Group, and the assets of the European core business were… Read More