Tag: bankruptcy

Aug 17 2022

Celsius to explore options for refunding customers at UCC meeting

Aug 17 2022 Published at CryptoSlate under tags  bankruptcy legal

With multiple financing offers reportedly coming for Celsius Network, it announced it would meet with the Unsecured Creditors Committee (UCC) on August 23 to consider possible options to accelerate the recovery of the customer's funds. During the second hearing held on August 16,...

Aug 16 2022

Hodlnaut Seeks Judicial Management After Halting Withdrawals

Aug 16 2022 Published at Crypto Briefing under tags  bankruptcy hodlnaut news

Crypto lender Hodlnaut has announced that it is seeking judicial management in Singapore following its decision to suspend withdrawals. Hodlnaut Requests Judicial Management Hodlnaut has announced its latest steps toward...

Celsius CEO’s alleged trading decisions led to bankruptcy

Aug 16 2022 Published at CryptoSlate under tags  bankruptcy exchanges

Alex Mashinsky allegedly took control of trading decisions at Celsius, which resulted in a $50 million loss in January, the Financial Times reported. Following the U.S. Federal Reserve's January 2022 meeting, Celsius CEO Alex Mashinsky allegedly stepped in to lead the firm's trading strategy. In anticipation of a hawkish outcome and his conviction that crypto prices would...

Aug 15 2022

Celsius set to burn $137.2M in 3 months as bankruptcy proceedings continue

Aug 15 2022 Published at CryptoSlate under tags  bankruptcy bear market

Embattled crypto lender Celsius, which filed for Chapter 11 bankruptcy in July, filed new documents in court on Aug. 14, detailing its budget for August through October. According to court documents, Celsius expects its net cash flow to turn negative to the tune...

Aug 13 2022

Siacoin creator Skynet to keep operating despite announced shutdown

Aug 13 2022 Published at CryptoSlate under tags  bankruptcy bear market siacoin skynet

Siacoin's (SC) parent company, Skynet Labs, has announced that it will shut down operations after failing to raise sufficient funds in its latest funding round. However, this decision will not affect the Skynet platform, which will continue to operate, and all users' files will remain on the platform....

Aug 11 2022

Zipmex enables up to $153 worth of ETH withdrawals

Aug 11 2022 Published at CryptoSlate under tags  bankruptcy lending

Zipmex, the lender that had halted customer withdrawals on July 20, is allowing customers to access and withdraw up to 0.08 Ethereum (ETH) tokens, worth around $153 at the time of writing, starting Aug. 11 The firm will transfer...

Zipmex Opens Crypto Withdrawals After Pausing Due To Volatile Markets

Aug 11 2022 Published at Bitcoinist.com under tags  bankruptcy bitcoin btcusdt ethereum zipmex

The recent crypto winter plunged some crypto firms into insolvency. Also, the collapse of Terra algorithmic stablecoin and its native token, LUNA, aided the devastating effect of the bearish trend. As a result, almost all the assets in the crypto space experienced a massive decline in their prices and values. The overall events brought billions of dollars on the part of investors. Though...

Aug 10 2022

Ripple Is Exploring a Buyout of Celsius’ Assets

Aug 10 2022 Published at Crypto Briefing under tags  bankruptcy celsius news ripple

Ripple Labs is considering a potential purchase of assets from Celsius amidst the latter company's bankruptcy process. Ripple Considers Celsius Buyout Ripple could purchase Celsius' assets. A Ripple spokesperson told...

Ripple shows interest in acquiring Celsius

Aug 10 2022 Published at CryptoSlate under tags  bankruptcy celsius investments ripple xrp

Ripple Labs could be interested in buying the assets of embattled crypto lender Celsius Network, Reuters reported Aug. 10. A Ripple spokesperson reportedly said the firm was interested in looking for M&A opportunities to scale its business. However, the San Fransico-based company refused to confirm if it would purchase...

Germany-based Nuri files for insolvency, CoinFlex kicks off restructuring process

Aug 10 2022 Published at CryptoSlate under tags  bankruptcy bear market

Unfavorable market conditions have forced German-based crypto bank Nuri to file for insolvency. Nuri announced on August 9 that it has become insolvent due to financial struggles due to the crypto winter and its exposure to the Luna and Celsius collapse. The filing became necessary to enable the digital bank safely return the customer's funds while it works on a viable restructuring...

Aug 09 2022

Celsius CEO under fire as Committee of Creditors, DFPI implicate him

Aug 09 2022 Published at CryptoSlate under tags  bankruptcy bear market

The Committee representing customers affected by Celsius' bankruptcy has issued a mission statement as it seeks further investigation into CEO Alex Mashinsky for allegedly misleading the public. Unsecured creditors of Celsius on July 27, formed...

Aug 08 2022

Hodlnaut Becomes Latest Crypto Lender to Freeze Withdrawals

Aug 08 2022 Published at Crypto Briefing under tags  bankruptcy business hodlnaut

Hodlnaut has said it is working on a recovery plan without disclosing any additional information concerning the current status of users' funds. Hodlnaut Suspends Services Singapore-based crypto lending platform Hodlnaut...

Celsius backtracks on hiring former CFO as consultant

Aug 08 2022 Published at CryptoSlate under tags  bankruptcy celsius

Celsius has withdrawn its motion to rehire former CFO Rod Bolger as a consultant, according to an August 5 court filing. Reports had emerged that the firm wanted to rehire Bolger for at least six weeks in an advisory capacity. However, the motion was opposed by Keith Suckno,...

Aug 05 2022

Voyager Plans to Reopen Withdrawals Next Week

Aug 05 2022 Published at Crypto Briefing under tags  bankruptcy news voyager

Voyager has gained court approval to begin providing customers with access to withdrawals. Voyager to Reopen Withdrawals Voyager Digital is planning to let customers withdraw their funds. The company initially...

Voyager users to have withdrawal access by Aug. 11

Aug 05 2022 Published at CryptoSlate under tags  bankruptcy voyager

Embattled crypto lender Voyager Digital has revealed that its users could have access to their funds from Aug. 11. According to the announcement, the Court's Aug. 4 ruling has approved its request to restore access to cash held for the...

Voyager secures court approval to refund $270M, says it received better offers than FTX bid

Aug 05 2022 Published at CryptoSlate under tags  alameda bankruptcy ftx voyager

Struggling crypto lender Voyager Digital has been allowed to return its customer's $270 million deposited with Metropolitan Commercial Bank, The Wall Street Journal reported on August 4. According to the report, Judge Michael Wiles ruled that Voyager had presented a "sufficient basis" to allow its customers access to their funds at the...

Aug 04 2022

Virginia pension funds invest in crypto yield farming despite recent turmoil

Aug 04 2022 Published at CryptoSlate under tags  bankruptcy bear market lending

Virginia's Fairfax County Retirement Systems is set to invest its $6.8 billion pension fund in cryptocurrency yield farming to boost returns, the Financial Times reported on Aug 4. The retirement systems fund recently gained approval from its board of trustees for the move, according to the news outlet. Katherine Molnar, chief investment officer of the Fairfax County...

Aug 03 2022

Celsius wants to rehire its ex-Chief Financial Officer

Aug 03 2022 Published at CryptoSlate under tags  bankruptcy celsius

Embattled crypto lender Celsius Network wants to rehire its ex-Chief Financial Officer Rod Bolger, according to a court filing made by the firm on July 25. According to the filing, Celsius wants to hire Bolger for at least six weeks in an advisory capacity because of his familiarity with the firm's business, pending court approval....

Voyager CEO reportedly made $30M from stock sales

Aug 03 2022 Published at CryptoSlate under tags  bankruptcy bitcoin celsius crypto ethereum

Voyager's CEO Stephen Ehrlich made over $30 million when he sold the company shares when it was trading at its peak in 2021, CNBC reported Aug. 3. According to CNBC's report, Ehrlich sold 1.9 million shares between Feb. 9, 2021, and March 31, 2021, in eleven...

Celsius facing legal action by aggrieved custody customers over $180M deposit

Aug 03 2022 Published at CryptoSlate under tags  bankruptcy legal

Celsius is facing legal action from a group of custody clients seeking a refund of their collective $180 million deposit. The growing group of 400 customers owns about 4% of the total assets locked in the Celsius network — equating to $180 million. To proceed with their legal action, the group has engaged the services of Kyle J. Ortiz, a partner at the...

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