Court Approves Crypto Lender Genesis’ $3 Billion Payout to Customers
Crypto lender Genesis Global obtained court approval Friday to return approximately $3 billion to its customers as part of its bankruptcy liquidation. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 plan, overruling an objection from its equity owner, Digital Currency Group (DCG), which argued that repayments should be based on January 2023 cryptocurrency values. […]
Genesis Global secures court approval for $3B payout
According to Judge Lane, any available funds for distribution by Genesis are being exhausted by creditor claims, which take priority over DCG’s equity stake.This post was originally published on this site
'Crypto King' Aiden Pleterski faces fraud, money laundering charges
Pleterski and an associate were arrested months after multiple investor complaints and months of police investigation. This post was originally published on this site
Bankrupt Crypto Lender Blockfi Enlists Coinbase to Distribute Crypto Payouts
The now-defunct crypto lender Blockfi is officially shutting down the firm’s web portal this month according to an update from the firm. Blockfi said that it has partnered with Coinbase to help facilitate the execution of withdrawals to eligible Blockfi customers. Blockfi Collaborates With Coinbase for Withdrawals, Plans to Shut Down Web Portal After the […]
NBA, football, NASCAR stars cough up $2.4M in Voyager promo suit
Rob Gronkowski, Victor Oladipo, and Landon Cassill have agreed to settle with plaintiffs in their ongoing case against Voyager Digital. This post was originally published on this site
FTX addresses transferred $8.3M one day before amended proposal deadline
The transfer occurred a day before FTX debtors are set to release a new restructuring plan for the exchange.This post was originally published on this site
Former FTX exec Ryan Salame to give up $5.9M Bahamas property
Salame proposes to satisfy the debtors by transferring a residence he owns to FTX Digital Markets Ltd. This post was originally published on this site
FTX Bankruptcy Claims Surge in Value: Bids Now Approach 93 Cents on the Dollar
Half a year ago, firms specializing in acquiring troubled companies and their debts were actively accumulating FTX bankruptcy claims worth millions, offering $0.33 for every dollar of claim. Presently, the valuation of these claims has significantly appreciated, with buyers now prepared to offer $0.93 on the dollar for each claim. FTX Bankruptcy Claims Now Worth […]
Prime Trust parent company lost $8M investing in TerraUSD
Prime Core Technologies said that “under prior management” it had lost $6 million in user funds and $2 million in treasury funds through investments in the algorithmic stablecoin.This post was originally published on this site
BlockFi opens crypto withdrawals for eligible US users following court order
The lending platform halted client withdrawals amid filing for bankruptcy in November 2022, but later petitioned the court for authorization to return user funds.This post was originally published on this site