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 […]
Law Firm bills Voyager Digital Creditors $5.1M Legal Claim
McDermott Will & Emery, a law firm based in New York, has filed a $5,1 million claim against the creditors of defunct crypto brokerage firm Voyager Digital. The claim covers legal services between March 1 and May 13, 2023. In a court filing dated July 3, the law firm billed the “Official Committee of Unsecured […]
Banq Goes Bankrupt Amid Parent Company’s Crisis
Banq, a crypto custodian Prime Trust subsidiary, has filed for bankruptcy in the Nevada District Court. Prime Trust, Banq’s parent company, is attempting to conclude an acquisition with BitGo after experiencing a financial crisis due to the Celsius bankruptcy. Banq also accuses its former executives of stealing its trade secrets and assets to launch rival NFT […]