Search Results for: creditors

Crypto Exchange Bittrex Enters Chapter 11 Bankruptcy Protection Following SEC Lawsuit

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Bittrex Inc., the U.S.-based cryptocurrency exchange, has filed for Chapter 11 bankruptcy protection in Delaware after being sued by the U.S. Securities and Exchange Commission for failing to register with the regulator. The exchange reportedly has over 100,000 creditors and liabilities…

Voyager Digital Provides Update on Reimbursement Plan for Creditors

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Following Binance’s withdrawal from the Voyager Digital deal on April 25, the now-defunct crypto lender has recently informed creditors that they can expect to receive their initial cash and crypto distributions “within the next few weeks.” This update comes nine days…

China Warns of Global Financial Instability From US Economic Policies

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China has urged the U.S. and other developed nations to assess the spillover effects of their economic and financial policies. “The economic and financial policies of the U.S. pose the biggest challenge to global financial stability,” according to the Chinese Ministry…

Former FTX CEO Seeks $10M Insurance Fund for Legal Defense, Request Opposed by FTX Debtors and Unsecured Creditors

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Court filings reveal that the FTX co-founder is seeking access to a $10 million insurance plan to cover his attorney fees. FTX debtors and unsecured creditors have opposed Sam Bankman-Fried’s request, arguing that every dollar spent on his defense is “one…

Analyst Warns of Banks’ Authority to Confiscate Funds, Decline of US Dollar Purchasing Power

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According to Lynette Zang, chief market analyst at ITM Trading, U.S. banks have the legal authority to confiscate people’s funds due to legislation passed by Congress. In a recent interview, Zang discussed how the purchasing power of the U.S. dollar has…

US Government Seizes Robinhood Shares Linked to FTX Founder Sam Bankman-Fried

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The U.S. Department of Justice (DOJ) is in the process of seizing Robinhood shares, worth about $460 million, that are linked to former FTX CEO Sam Bankman-Fried (SBF). “We believe that these assets are not property of the bankruptcy estate or…

Gemini’s Cameron Winklevoss Insists Digital Currency Group Needs to Resolve Liquidity Issues in Open Letter to CEO Barry Silbert

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Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, published an open letter to Digital Currency Group (DCG) CEO Barry Silbert on Jan. 2, 2022, stating that it had been 47 days since withdrawals from Genesis had been halted. In the letter,…

New York Times, FT, Bloomberg Blasted for Attempting to Get FTX Creditors’ Names Unsealed

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Amid the ongoing FTX bankruptcy proceedings, court documents indicate that media firms such as Bloomberg, the New York Times (NYT), Dow Jones & Company, and the Financial Times (FT) want the redacted information tied to FTX creditors unsealed. The media companies…

US Senator Calls Sam Bankman-Fried to Answer for Failure of FTX and Alameda Research

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Two congressional hearings will be held next week on the collapse of cryptocurrency exchange FTX and U.S. lawmakers have asked former FTX CEO Sam Bankman-Fried (SBF) to testify. As the founder of FTX and Alameda Research, “you must answer for the…

Report: Genesis Owes Gemini Customers $900 Million, Exchange Is Attempting to Recoup Assets

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According to a recent report from the Financial Times (FT), Genesis Global Capital allegedly owes $900 million to Gemini customers. The exchange operated by Cameron and Tyler Winklevoss is attempting to recover the funds from Genesis, according to FT’s sources. Report…