DCG Can’t Sell or Reduce Ownership of Genesis Until Bankruptcy Proceedings Close, Judge Rules
Genesis requested a New York bankruptcy court to bar ownership changes to secure tax benefits on around $700 million worth of operating losses.
Bankruptcy
Galaxy Digital Looking to Buy More Crypto Bankruptcy Assets After Deal to Sell FTX’s Coins: FT
Mike Novogratz’s firm is also interested in companies FTX invested in as a venture capital provider.
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.
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.