Celsius Distributes $2.5B to 251K Creditors Amid Bankruptcy Proceeding
According to the Celsius bankruptcy administrator, more than 121,000 creditors have yet to claim their funds. Celsius has reimbursed two-thirds of its eligible clients as part of its much-anticipated bankruptcy proceedings. As per an August 26 court filing , the bankrupt cryptocurrency lender has returned about $2.53 billion to 251,000 creditors. This sum accounts for […]
FTX Restructuring Faces Legal Hurdles
Sunil Kavuri, representing FTX’s largest creditor group, echoed these concerns and suggested in-kind repayments to avoid high cash taxes. The United States Trustee and a group of creditors are placing legal obstacles in the way of the restructuring plan of FTX, the cryptocurrency exchange that has gone bankrupt. This raises questions about the feasibility of […]
FTX, Alameda to Pay Creditors $12.7B in CFTC Settlement
The settlement follows the collapse of FTX in November 2022, which caused significant turmoil in the cryptocurrency market. A settlement between the Commodity and Futures Exchange Commission (CFTC), the defunct cryptocurrency exchange FTX and the sibling business Alameda Research has received approval from a judge in the United States. Following the exchange’s collapse in November […]
Genesis Moves $1.5B in BTC, ETH for Creditor Repayment
Bankrupt crypto lender Genesis Global has moved $1.5 billion in Bitcoin and Ethereum for creditor repayment. Arkham Intelligence, a crypto data analytics platform, disclosed the update, which indicated that the funds were transferred to Ethereum (ETH) and Bitcoin (BTC). The implosion of the FTX Derivatives Exchange in Q4 2022 had a substantial impact on Genesis […]
FTX Settles with IRS Over $24B Tax Bill
FTX has settled with the IRS for $200 million instead of $24 billion, clearing a significant hurdle in its bankruptcy. As per the documents submitted to the Bankruptcy Court for the District of Delaware, FTX has agreed to settle $200 million worth of priority claims against the Internal Revenue Service (IRS). This sum is payable […]