FTX Creditor Claims Break 50c as Buyers Made Whole
The market is warming up to FTX claims, with a single claim fetching between 52 and 53 cents on the dollar at Friday’s auction. According to Thomas Braziel, partner at 117 Partners , a firm specializing in crypto bankruptcy claims, the market for FTX creditor claims has been heating up, with some claims purportedly selling […]
Court Approves $175M Settlement From Genesis to FTX
A New York bankruptcy judge has authorized a settlement between bankrupt crypto firms FTX and Genesis Global Trading (GGC), allowing FTX-affiliated Alameda Research to receive $175 million from GGC. In a filing on October 11, the United States Bankruptcy Court for the Southern District of New York approved the settlement agreement between FTX and GGC’s […]
Gemini Opposes Genesis Bankruptcy Plan
Genesis and Digital Currency Group (DCG)’s bankruptcy proposal was rejected by Gemini, a cryptocurrency exchange run by the Winklevoss twins. According to Gemini’s attorneys, the bankruptcy plan doesn’t provide enough information and guarantees for some of the biggest debtors. According to Gemini’s filing, the debtors showed a general understanding between the Committee, DCG, and them. […]
DCG Strikes in Principle Agreement with Genesis
Digital Currency Group (DCG), a leading cryptocurrency venture capital firm, has agreed in principle with creditors of its crypto lending subsidiary, Genesis, once carried out the plan recoveries could amount to 70%–90% for Genesis creditors According to a court filing published on August 29, the estimated dollar equivalent recoveries for unsecured creditors could range from […]
Court Grants Vauld Permission to Restructure Board
Vauld, a Singapore-based cryptocurrency exchange in bankruptcy proceedings since August 2022, has received court approval to restructure its board of directors. The new upper management will oversee the company’s rescue operation. Vauld’s co-founder Darshan Bathija announced on X (previously Twitter) on August 24 that a Singapore court approved the company’s scheme of arrangement. The proposal […]