FTX Files Reorganization Plan to End Bankruptcy
Asset values for creditor claims will be calculated at prices on the day FTX filed for bankruptcy in November 2022, the plan says.
Bankruptcy
Solana Rally Sees FTX’s Holdings Grow to $4.2B, Setting Claims Market on Fire
FTX’s SOL holdings are worth over $4.2 billion in today’s money, up from $1.16 billion from earlier this year.
Crypto Firm SafeMoon Files for Chapter 7 Bankruptcy, SFM Plunges 42%
The firm’s executives were arrested last month on multiple charges.
FTX Bankruptcy Judge Takes Step to Shorten Timeline for Customers’ Recoveries
A federal judge took steps to end a protracted dispute between FTX and its largest creditor at a bankruptcy hearing, signaling the court could try to speed up efforts to recover FTX customer’s funds from the failed crypto firm’s estate.
Troubled Crypto Exchange Zipmex Proposes to Pay Creditors 3.35 Cents on the Dollar: Bloomberg
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.
Genesis Sues Gemini to Recover ‘Preferential Transfers’ Worth $689M
Crypto lender Genesis Global Capital has sued cryptocurrency exchange Gemini Trust, its former business partner, to recover more than $689 million.
Celsius to Transition to Mining-Only NewCo After SEC Feedback in Updated Bankruptcy Plan
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.
FTX Sues Bybit to Claw Back $953M in ‘Misappropriated Funds’
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.
We’ve Seen the FTX Collapse Before
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)
Celsius Bankruptcy Reorganization Plan Approved by Court; Implementation by Early 2024
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.