Cryptonews Tags Bankruptcy

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Blockchain News

Former Cred Executives Plead Guilty to Wire Fraud in Crypto Lender’s Collapse

Former CEO Daniel Schatt and CFO Joseph Podulka admit to misleading investors in one of the earliest and most damaging crypto lending failures of 2020.

, by Hassan Shittu

Blockchain News

FTX Bankruptcy Costliest Ever, Nears $1 Billion in Fees: Bloomberg

FTX’s bankruptcy has resulted in $950 million in legal and advisory fees, making it one of the most expensive corporate collapses. Despite the costs, most creditors are expected to recover 118% of claims.

, by Hongji Feng

Blockchain News

Bankrupt New Zealand Crypto Exchange Cryptopia Returns Millions to Users Following Liquidation

Cryptopia suffered a cyber-attack in 2019, suffering a $15.5 million loss, followed by a second hack in 2021 losing $170,000 in crypto.

, by Sujha Sundararajan

South Korean Crypto Yield Firm Haru Invest Declared Bankrupt After $1 Billion ‘Rug Pull’

South Korean crypto yield platform Haru Invest, implicated in a $1 billion fraud, has officially been declared bankrupt by the Seoul Rehabilitation Court, as per a local news report. Haru Invest, operated by Haru Management Limited, lured over 16,000 investors by guaranteeing principal safety...

, by Jai Pratap

US Court Grants Approval to Wind-Down Terraform Labs Operations in Bankruptcy

Do Kwon's Terraform Labs, the company behind the blockchain protocol Terra, secured court approval on Thursday, to wind down its operations in bankruptcy. As previously announced, the bankrupt crypto firm faced its Chapter 11 bankruptcy reorganisation hearing on September 19. The Thursday...

, by Sujha Sundararajan

Celsius Creditors Recover $2.53 Billion in Cash and Crypto Distribution

Celsius has distributed more than $2.53b to about 251,000 creditors, the bankruptcy administrator said in a report on the disbursements. This distribution accounts for about two-thirds of eligible creditors and roughly 93% in value, a Monday court filing showed. The administrator distributed the...

, by Shalini Nagarajan

Terraform Labs Bankruptcy Hearing Set for September 19

Terraform Labs (TFL), the company behind the Terra ecosystem, made an important announcement on Wednesday regarding its ongoing Chapter 11 bankruptcy proceedings.The Bankrupt crypto firm is set to face its Chapter 11 bankruptcy reorganization hearing on September 19. The hearing will be critical in...

, by Hassan Shittu

Genesis Trading Transfers 40,000 ETH to Two Addresses, Signals Asset Liquidations

Genesis Trading, currently navigating bankruptcy proceedings, has moved 40,000 ETH, $126.8 million, to two separate wallets, signaling possible bankruptcy liquidations. Per Arkham Intelligence data, a crypto wallet linked to Genesis Trading, transferred 27,500 ETH to the address starting...

, by Sujha Sundararajan

BlockFi Completes FTX’s Claim Sale Ahead of Bankruptcy Filing

Bankrupt crypto lender BlockFi has completed the sale of its FTX claims to enable the distribution of payments to its eligible customers.

Mt. Gox Transfers $2.7B Bitcoin Before $9B Payout Process

Defunct Japanese crypto exchange Mt. Gox on Thursday transferred Bitcoin worth $2.7b to a new wallet address. It marks the exchange’s first significant transaction since May, following several smaller test transactions on Wednesday. Arkham Intelligence reported in a Thursday X post that a...

, by Shalini Nagarajan

FTX Creditors Poll on a Liquidation Plan to Repay Customers

Failed crypto exchange FTX is seeking creditors vote on a liquidation plan, to wind-down payments in order to compensate customers. Delaware judge John Dorsey, on Thursday, authorized FTX bankruptcy advisors to begin soliciting creditor votes, aiming to obtain feedback from those who were...

, by Sujha Sundararajan

Failed Crypto Lender Genesis to Disburse $3B to Creditors in Bankruptcy Case

Judge Sean Lane greenlit Genesis Global's Chapter 11 plan on Friday, allowing the defunct crypto lender to repay creditors roughly $3b in crypto and cash. In a win for customers, the judge's decision paves the way for Genesis to return frozen assets finally. Withdrawals have been halted on the...

, by Shalini Nagarajan

UK Crypto Advisory Firm Shuts Down Over Investor Losses, Accounting Neglect

The UK government’s Insolvency Service has shut down a London-based crypto advisory firm that claimed to offer investment advice in cryptocurrencies. In a London High Court ruling on April 30, Amey Finance Academy Ltd was ordered to close. The company's sole owner and leader, Desmond Amey...

, by Shalini Nagarajan

Barry Silbert Could Pocket $1 Billion in Personal Gains by Exploiting Bankruptcy System: Report

Barry Silbert, founder and CEO of crypto conglomerate Digital Currency Group (DCG), stands to potentially gain up to $1 billion through a sophisticated maneuver involving the bankruptcy system. This comes in the wake of the collapse of Genesis, a crypto lending operation tied to DCG, which has...

, by Ruholamin Haqshanas

Crypto Lender Celsius Pursues $2B Pre-Bankruptcy Exodus

Bankrupt crypto lender Celsius has begun demanding customers who made major withdrawals in the three months preceding its bankruptcy to return their funds or face legal action. A committee-supervised administrator has sent letters to customers who withdrew more than $100,000 each between April...

, by Shalini Nagarajan

BlockFi to Receive $874.5 Million From Settlement with FTX and Alameda Research

BlockFi has finalized a settlement with FTX and Alameda Research to receive $874.5 million to help repay customers affected by its bankruptcy. According to a recent court filing by the United States Bankruptcy Court for District of New Jersey, the comprehensive agreement detailed that BlockFi...

, by Hongji Feng

DCG Opposes Genesis Bankruptcy Plan, Cites Favoritism to Small Group of Creditors

Digital Currency Group (DCG) has opposed the bankruptcy plans of its subsidiary Genesis, arguing that it goes against the law and favors a small group of creditors. In a Feb 5 court filing, the company asked the court not to approve the Revised Plan submitted by Genesis for multiple reasons,...

, by David Pokima

Genesis Seeks Green Light from Bankruptcy Court for $1.4 Billion GBTC Share Sale

Crypto lender Genesis Global Capital, currently undergoing bankruptcy proceedings, has requested permission to sell trust assets worth approximately $1.6 billion. In a motion filed with the U.S. Bankruptcy Court in the Southern District of New York, the firm sought approval to sell assets...

, by Ruholamin Haqshanas

Celsius Emerges from Bankruptcy and will Distribute $3B to Creditors

Celsius Network has emerged from bankruptcy and is planning to pay over $3 billion of cryptocurrency and fiat to its creditors. Part of the bankruptcy plan will include the creation of a new Bitcoin mining company named “Ionic Digital” which will be fully owned by Celsius’...

, by Tanzeel Akhtar

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