FTX Bankruptcy Lawyer Cleared of Conspiracy
An investigation cleared Sullivan & Cromwell LLP of knowing about the financial issues and fraud behind FTX’s collapse. The law firm that presided over the FTX bankruptcy, Sullivan & Cromwell LLP, was found to have been unaware of the perilous financial conditions and underlying fraud that precipitated the demise of the once-thriving exchange, according to […]
Core Scientific Gets Court Approval for Restructuring
The mining business Core Scientific declared it was prepared to emerge from bankruptcy after a U.S. judge approved its reorganization plan. According to Core Scientific CEO Adam Sullivan , the plan’s confirmation marks a turning point for the business. The CEO of Core Scientific, said: “With demand for Bitcoin and high-value compute continuing to rise, […]
Celsius Initiates Recovery of Large Pre-Bankruptcy Withdrawals
According to a recent creditor notification, creditors who took over $100,000 out of Celsius within three months of the company’s bankruptcy may need to reimburse some of those monies or face legal repercussions. Celsius’s bankruptcy administrators revealed on January 9 a proposal to notify creditors that anyone who took out more over $100,000 in the […]
Crypto Lender Celsius Network Cleared to Exit Bankruptcy
Celsius Network is rebranding as a Bitcoin mining company and vowing to pay back customers and avoid bankruptcy. The court has granted Celsius Network, a cryptocurrency lending platform, permission to become a Bitcoin mining business that its creditors control. This move is part of a larger plan to reimburse account owners for money that hasn’t […]
BlockFi Emerges From Bankruptcy, Opens Wallet Withdrawals
BlockFi announced on Oct. 24 that it has emerged from bankruptcy and can now enact the various parts of its bankruptcy plan, including a wind-down. BlockFi, a troubled Bitcoin lending platform forced to cease withdrawals when FTX failed, has announced that it will emerge from bankruptcy faster than planned and that its bankruptcy plan will […]