chapter 11
SEC Raises Objections to Celsius Network's Restructuring Plan Involving Coinbase
The U.S. Securities and Exchange Commission (SEC) has filed a limited objection to the Chapter 11 restructuring plan of crypto lending platform Celsius Network. The objection, dated September 22, 2023, specifically targets the company's proposed arrangement with Coinbase for distribution services. The SEC is also currently engaged in a lawsuit against Coinbase, adding another layer of complexity to the situation.
Celsius Crypto Lender's Bankruptcy: Large Withdrawals Clawbacks
Celsius Network is imposing bankruptcy proceedings on account holders with $100,000 or more liabilities, and is taking legal action against those who withdrew large amounts pre-bankruptcy.
Luna Terraform Labs Opts for Chapter 11 Bankruptcy to Counter SEC's Securities Fraud Lawsuit
Terraform Labs files for bankruptcy to appeal against SEC lawsuit, challenging jurisdiction over crypto assets. CEO Amani challenges jurisdiction, affecting cryptocurrency regulation and digital asset classification.
Core Scientific's Bankruptcy Exit: Financial Revival and Operational Expansion
Core Scientific's court-approved bankruptcy plan sets the stage for its Nasdaq relisting, debt restructuring, and operational expansion, aiming to bolster revenue and shareholder value.
Coin Cloud Customer Data and Source Code Allegedly Stolen
Coin Cloud, a cryptocurrency ATM provider, has suffered a data breach involving 70,000 customer selfies and 300,000 PII stolen, highlighting the need for improved security measures in the cryptocurrency sector.
Prime Trust Files for Chapter 11 Bankruptcy
Prime Trust, LLC filed for Chapter 11 bankruptcy on August 14, 2023, following financial difficulties, a cease and desist order, and a terminated acquisition deal with BitGo.
SEC Charges FTX Auditor Prager Metis Over Independence Violations
The SEC has charged Prager Metis with violations of auditor independence laws, drawing attention due to its previous engagement with cryptocurrency exchange FTX, which filed for bankruptcy in 2022. The legal action emphasizes the crucial role of auditor independence in ensuring financial transparency and investor protection.
BlockFi Granted Extension to Submit Bankruptcy Exit Plan
BlockFi, a cryptocurrency lender, has been granted a 48-day extension until May 15 to submit a bankruptcy exit plan. The company is exploring a potential sale of assets or an outside backer to support a restructuring deal. A committee of BlockFi customers argued to take control of the case, citing the lack of a workable business for reorganization and the potential sale of the platform. However, the bankruptcy judge granted a shorter extension than requested by BlockFi.
Crypto Lender Celsius to Proceed with Chapter 11 Restructuring Plan
Celsius Network, the bankrupt crypto lender, has announced it will proceed with its Chapter 11 restructuring plan, with a disclosure statement containing information for claim holders to be filed on April 12. The proposed restructuring plan is sponsored by NovaWulf.
FTX Announces Proposed Settlement and Amended Plan in Chapter 11 Cases
FTX has announced a proposed settlement in their Chapter 11 cases, pending court approval. The settlement includes a "Shortfall Claim" for customers and an amended Plan of Reorganization. The Official Committee of Unsecured Creditors supports the plan, expecting expedited cases and improved recoveries. Customers may receive over 90% of distributable value globally.
TX Debtors Propose Amended Chapter 11 Plan: Cryptocurrency Claims Valued at Bankruptcy Date
FTX's debtors plan to value cryptocurrency claims based on their value at the time of the company's November 2022 bankruptcy, potentially impacting creditors due to market recovery.
Mark Cuban To Testify On Voyager Marketing
Mark Cuban will be deposed in a class-action lawsuit claiming that he supported Voyager Digital's Ponzi scam. Judge Lisette M. Reid ordered Cuban's complete deposition on February 2 in Dallas, Texas. Plaintiffs' attorneys applauded the judge's denial of Cuban's motions to halt and postpone discovery.
Celsius Network Announces Disclosure Statement for Chapter 11 Plan
Celsius Network, a bankrupt crypto lender, has announced it will move forward with its Chapter 11 restructuring plan by filing a disclosure statement on April 12. The statement is aimed at providing "adequate information" for claim holders to vote on the proposed restructuring plan sponsored by NovaWulf. The plan proposes creating a public platform fully owned by Earn creditors called NewCo, with no involvement from Celsius founder.
DOJ Appeals Against Approval of Voyager-Binance.US Asset Sale
The DOJ has filed an appeal against the approval of Voyager Digital's Chapter 11 bankruptcy plan, which would have allowed the company to sell assets to Binance.US. While U.S. bankruptcy judge Michael Wiles approved the plan, the SEC and other regulators have been critical, citing concerns over securities law. If regulators block the deal, Voyager may have to liquidate.
Bittrex Global to End Trading on Dec 4, 2023
Bittrex Global, a Liechtenstein-based cryptocurrency exchange, will cease operations on December 4, 2023, following regulatory challenges and legal proceedings, requiring customers to convert U.S. dollar holdings.
Bitcoin Miner Core Scientific Apparently Declares Chapter 11 Bankruptcy
Due to dropping income and BTC prices, Core Scientific filed for Chapter 11 bankruptcy in Texas. In July 2021, the company was valued at $4.3 billion. Due to a lengthy bear market, Core Scientific sold 9,618 BTC in April to continue functioning. Microsoft has banned cloud customers from mining cryptocurrency to improve service reliability.
Celsius Network to File Disclosure Statement for Restructuring Plan
Crypto lender Celsius Network will file a disclosure statement on April 12 regarding its Chapter 11 restructuring plan. The statement is aimed at providing adequate information for claim holders to vote on the proposed plan, which would create a public platform fully owned by Earn creditors called NewCo. The committee of unsecured creditors will appoint the majority of the firm’s board members, with no Celsius founder involvement or relationship.
PlusToken Crypto Scam Masterminds to Serve 11 Years in Prison
The ringleaders of the PlusToken Ponzi Scheme have been charged with 11 years of prison after they stole cryptocurrencies worth 14.8 billion yuan.
Darknet AlphaBay Moderator Paid in Bitcoin Sentenced to 11 Years in Prison
A darknet moderator for marketplace AlphaBay has been apprehended by law officials and sentenced to 11 years in prison.
JPMorgan to Launch Investment “Basket” Tied to 11 Crypto-Focused Firms including MicroStrategy, Square, and Nvidia
JPMorgan has filed a request with the Securities and Exchange Commission to approve a debt instrument linked to 11 firms that have all invested in Bitcoin and other cryptocurrencies.
Aave (LEND) Is Up By Over 11,000 Percent This Year, DeFi Market Reaches $11 Billion in Total Value Locked
The continuous rise and the unending support for the decentralized finance (DeFi) industry has resulted in a total of $11 billion in total value locked.
Benjamin Quinlan: New Chairman of FinTech Association of Hong Kong Shares Vision for FTAHK 2.0 and the Future of Asia's FinTech Ecosystem
The FinTech Association of Hong Kong has elected Benjamin Quinlan as Chairman to lead it through the next chapter of its mission to foster the FinTech ecosystem in Hong Kong and Asia.
$11 Million Raised by the Makers of CryptoKitties to Build a New Blockchain
The firm behind CryptoKitties, Dapper Labs has been able to raise a sum of $11.2 million from investors such as Andreessen Horowitz, Digital Currency Group, and Warner Music Group.
Allied Market Research: Blockchain Integration into the Global Retail Market to Garner $11 Billion by 2026
Allied Market Research, a global market research and business firm, has reported that the incorporation of blockchain into the global retail market will garner $11.18 billion by 2026 from $83 million recorded in 2018.
Ethereum Price Rallies as ETH Whales Hold the Smallest Percentage of Supply in 11 Months
Capital in the cryptocurrency market could be moving from the world’s first cryptocurrency to Ethereum and other altcoins.
May 11: If You Can't Handle Me at My Worst, then You Don't Deserve Me at My Best...
What a volatile Sunday for Bitcoin as it plunged from $9,800 to $8,100 in a single hour, a very large outsized move for a weekend trading session that even Coinbase suffered an outage. There was no news/catalyst, instead I think it was a planned outsized sale that happened. A likely scenario is that a coordinated selling or take-profit via OTC and exchanges.
Russians are Rushing to Buy Bitcoin as COVID-19 Pandemic Continues
As governments around the world continue to battle ill-effects of the ongoing COVID pandemic, Bitcoin is turning out an investment of choice among developing and emerging economies. Officials from the Russian chapter of Binance, Garantex, and EXMO shared insights with the Russian publication, confirming the growth in users originating from the country. All the bourses have mandatory KYC policies in place, meaning the reported figures are accurate.
Donald Trump is “Not a Fan” of Bitcoin and Crypto, Citing High Volatility
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money.” Donald Trump tweeted on 11 July.
TRON Launches Sidechain Solution & Aims to List on Coinbase
Tron (TRX) announced the launch of Tron’s sidechain solution, the Sun Network, as revealed in the company’s blog on 11 August.