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Bankruptcy
FTX Files for Bankruptcy Protections in US; Sam Bankman-Fried Resigns
Crypto exchange FTX announced that it is filing for Chapter 11 bankruptcy and Sam Bankman-Fried has stepped down from his role as CEO but will “remain to assist in an orderly transition.” CoinDesk Global Policy & Regulation Managing Editor Nikhilesh De weighs in.
FTX Files for Bankruptcy Protection in US; CEO Bankman-Fried Resigns
Bankruptcy filings attributed to FTX US and Alameda Research estimate each company has $10 billion to $50 billion in liabilities.
FTX Violated Its Own Terms of Service and Misused User Funds, Lawyers Say
Although the crypto exchange's terms of service prevented it from using customer assets, lawyers suggest FTX's swift downfall indicates the funds were misused.
Bankrupt Crypto Lender Celsius Files Motion to Extend Submission Time for Reorganization Plan
The bankrupt lender filed the motion so that it has more time to submit its reorganization plan.
How Security Tokens Can Benefit Creditors in Bankruptcy Restructurings
These blockchain-based assets are SEC-regulated and can give investors a share of a failed business like Celsius' future profits.
RETRACTION: Compute North Did Not Pay Execs $3M on the Day It Declared Bankruptcy
The filing states the money was paid over the course of the year ended Sept. 22, not that day as CoinDesk reported earlier based on a mistaken reading of the document.
Bankruptcy Judge Denies Celsius’ Motion to Pay Employees $3M in Retention Bonuses – At Least Temporarily
Judge Martin Glenn said he was “shocked” by the bankrupt lender’s plan to issue the bonuses while withholding information from the public, a move he called “completely unacceptable.”
Lender Generate Capital to Buy Bankrupt Bitcoin Miner Compute North's Stake in 2 Bitcoin Mining Facilities
The lender is paying $5 million in cash and assuming liabilities associated with the two sites, which total 400 MW of operating capacity.
Bondholders of Troubled Bitcoin Miner Core Scientific Said to Be Working With Lawyers: Report
The company last week warned it may have to explore bankruptcy as its financial condition worsens.
