The Singapore-based firm has proposed to pay creditors 3.35 cents on the dollar in its latest restructuring plan, according to Bloomberg, which cites people familiar with the matter.
Crypto lender Genesis Global Capital has sued cryptocurrency exchange Gemini Trust, its former business partner, to recover more than $689 million.
Crypto lender Celsius will transition to a new company that focuses only on Bitcoin mining, a shift from an earlier reorganization plan that included a focus on staking too.
The FTX estate says the funds were “preferentially” or “fraudulently” transferred to Bybit and affiliates in the lead-up to its November 2022, bankruptcy filing.
Jon Corzine and Sam Bankman-Fried were both politically-connected business leads who lost over $1 billion in customer funds, though their different outcomes shows that regulation does not always achieve what is promised. (Wikimedia Commons/CoinDesk)
Crypto lender Celsius secured approval for its reorganization plan from a bankruptcy court on Thursday, marking an end to an ordeal that began when it filed for bankruptcy in July last year.
The Silicon Valley investment firm was part of the Fahrenheit consortium that successfully bid for bankrupt cryptocurrency lender Celsius.
The value of FTX’s stake in Solana’s SOL token, for instance, has just added $1 billion in two weeks.
The latest transactions followed $19 millions worth of crypto moved from FTX cold wallets to exchanges.
The debtor group in control of FTX assets has conducted various on-chain transactions in the past few weeks.