GBTC Sell-off Affects Bitcoin Market Dynamics – Report
A substantial sell-off of Grayscale Bitcoin Trust ETF (GBTC) shares, aided partly by the insolvency of FTX, has reportedly impacted Bitcoin’s recent value decline in January 2024, according to a new market report from Bitfinex. Profits realized after Grayscale’s effective conversion of its GBTC trust to an exchange-traded fund (ETF) had a substantial impact on […]
Appeal Court Orders Appointment of Independent Examiner for FTX
The United States Court of Appeals for the Third Circuit ordered the judge supervising the bankruptcy of cryptocurrency exchange FTX to appoint an independent examiner months after the initial filing. Three judges of the Third Circuit reversed a ruling by Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware on January […]
Former FTX CEO Hires New Lawyers, May Appeal Fraud Conviction
Sam Bankman-Fried, the ex-CEO of FTX, has changed his legal representation and filed a sealed document ahead of his sentencing for seven counts of fraud and money laundering. Sam Bankman-Fried, also known as SBF, the former CEO of the cryptocurrency exchange FTX, has informed the federal court that he has hired new lawyers to defend […]
Banking App Dave to Buy Back $100M Stake From FTX
Neobank Dave has agreed to pay FTX liquidators $71 million in exchange for a convertible promissory note for $100 million that FTX Ventures has provided. This note was first issued by FTX Ventures, a venture capital entity associated with the now-defunct exchange FTX. As per the revised agreement, Dave is going to secure the debt […]
FTX to Present Updated Reorganization Plan to Court in Mid-Dec
Insolvent crypto exchange FTX is preparing to present a revised reorganization plan to the court in mid-December. The plan will likely alter the course of action for unsecured creditors. Acknowledging varying viewpoints regarding the valuation and allocation of assets, the Committee of Unsecured Creditors emphasized the ability of the proposed plan to preserve equilibrium among […]