FTX Reorganization Plan To Resume In January 2025
FTX will distribute funds by January 2025, with account and verification requirements for customers and creditors. The trading platform issued a press release revealing that the implementation of this reorganization plan will enable the platform to initiate distributions to both its customers and its creditors. Following the announcement that it will finalize its arrangements with […]
Haru Invest Declared Bankrupt Amidst $1B Investor Fraud
After being linked to a $1 billion cryptocurrency scam, the Seoul Rehabilitation Court formally declared cryptocurrency yield platform Haru Invest bankrupt. Haru Invest, a cryptocurrency yield company that operates under Haru Management Limited, reportedly cheated investors of 1.4 trillion won, or $1 billion, in a “rug pull” scheme that left creditors reeling, according to investigations […]
California Revokes BlockFi’s Lending License Two Years Post-Bankruptcy
Bankrupt and now defunct BlockFi has entered into a settlement in which it has consented to the revocation of its license and to cease unsafe practices. The California Department of Financial Protection and Innovation (DFPI) has permanently revoked the license of BlockFi, a bankrupt cryptocurrency lender, two years after the company declared bankruptcy. On November 7, […]
Mt. Gox Shifts $2.2B in Bitcoin, Intensifying BTC Selling Pressure
For over a decade, about 127,000 Mt. Gox creditors owed more than $9.4 billion in Bitcoin. Mt. Gox recently transferred billions in Bitcoin, with some of it directed toward centralized exchanges, potentially signaling further creditor repayments as the decade-long case nears its end. A wallet linked to the bankrupt exchange moved over $2.19 billion in […]
FTX Approved to Repay Customers Fully by Bankruptcy Judge
A Delaware judge accepted FTX’s bankruptcy plan, which calls for paying consumers back with interest and cash, despite a demand for in-kind payments. The U.S. District of Delaware Bankruptcy Court’s Judge John Dorsey decided to support FTX’s repayment, which could disburse assets valued up to $16 billion. Ninety-eight percent of creditors had their requests for […]