Bankruptcy | ForkLog

ForkLog 33 28.06.2024

Yield App Halts Operations Amid FTX Collapse Losses

The Yield App team has ceased all operations on the platform “after realizing the losses incurred by the portfolio of third-party hedge fund managers who held assets on FTX.” Suspension of platform activity ahead of liquidation proceedings 28 JUNE 2024, 04:15 UTC: Yield App Ltd, a Seychelles-incorporated limited liability company, is today, Friday 28 June […]

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ForkLog 10 24.06.2024

Bitcoin Dips Below $62,000 Amid Mt.Gox Payout News

The trustee of the defunct Mt.Gox exchange, which went bankrupt in 2014, announced plans to begin compensation payments in Bitcoin, Bitcoin Cash, and cash at the start of July. This decision follows the completion of preparatory processes, including technical support, compliance with regulations in each country, and coordination of transfers with each cryptocurrency exchange. Payments […]

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ForkLog 6 14.06.2024

Swiss Regulator Declares FlowBank, Linked to CoinShares, Bankrupt

The Swiss Financial Market Supervisory Authority (FINMA) has initiated bankruptcy proceedings against the local online bank FlowBank. #FINMA eröffnet Konkurs über die FlowBank SA: https://t.co/DGxN8mzde5Informationen zum Konkursverfahren stellt die FINMA auf ihrer Webseite zur Verfügung: https://t.co/S00N1ASeVo pic.twitter.com/NkCOi88mB3 — Eidgenössische Finanzmarktaufsicht FINMA (@FINMA_media) June 13, 2024 “This measure became necessary because the bank no longer has […]

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ForkLog 13 05.06.2024

FTX Settles $24 Billion IRS Claim for $885 Million

IRS will receive up to $885 million from the bankrupt FTX, a significant reduction from the initial $24 billion claim, according to a settlement agreement between the parties. The amount includes a priority payment of $200 million, which the exchange must pay within 60 days after the proposed restructuring plan takes effect. The remaining $685 […]

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ForkLog 22 31.05.2024

Legal and Advisory Fees in FTX Bankruptcy Surpass $500 Million

Approved payments for consultants and lawyers involved in the FTX bankruptcy proceedings have exceeded $500 million, reports The Block. In total, their requests amounted to over $700 million. However, some claims were reduced by 20%, and others were not approved. Leading the list is the law firm Sullivan & Cromwell, with approved fees of $254 […]

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ForkLog 23 28.05.2024

Former Mt.Gox Chief Comments on $9.8 Billion Bitcoin Movement

Mark Karpeles, the former owner and head of the Mt.Gox exchange, does not foresee a sell-off of bitcoins distributed among the platform’s clients. As far as I know everything is fine with MtGox. The trustee is moving coins to a different wallet in preparation of the distribution that will likely happen this year, there is […]

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ForkLog 14 28.05.2024

Binance Sells Gopax Claims Against Genesis at a Steep Discount

In 2023, Binance sold Gopax clients’ claims against Genesis Global for less than half their nominal value, according to Hankyung, citing its own sources. In February 2023, Binance acquired a controlling stake in the troubled South Korean exchange Gopax. A condition of the purchase was to cover the losses of GoFi product users, who suffered […]

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ForkLog 8 28.05.2024

Mt.Gox Transfers Over $9 Billion in Bitcoin

The bankrupt exchange Mt.Gox, which collapsed in 2014, has begun actively moving bitcoins for the first time in five years, according to Arkham. Within a few hours, the platform transferred over 128,000 BTC (~$8.7 billion) from a cold wallet to a new address through a series of transactions. May 28, 2024 | 19:29Update: According to […]

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ForkLog 7 24.05.2024

FTX Concludes SOL Token Sale Below Market Value, Reports Bloomberg

The bankrupt exchange FTX has concluded a series of auctions, selling Solana (SOL) tokens valued at $2.6 billion at significant discounts to market prices, according to Bloomberg. Sources indicate that Figure Markets participated in the auctions, acquiring a lot of 800,000 SOL at approximately $108 per token. Over the past day, the token has depreciated […]

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ForkLog 16 09.05.2024

FTX Creditors Criticise New Compensation Plan

Sunil Kavuri, a representative of the largest group of FTX creditors, has opposed the exchange’s compensation plan, arguing it limits recipients’ options and absolves certain accused parties of responsibility. FTX Plan Takeaways1) Sullivan and Cromwell included exculpation clause so they + no one involved sued for misconduct2) S&C puppet John Ray in charge with no […]

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ForkLog 14 08.05.2024

FTX Proposes 118% Return to Creditors

The collapsed exchange FTX has proposed a new compensation plan, under which 98% of creditors will receive at least 118% of their claims within 60 days of court approval. The remaining platform clients will receive 100% reimbursement of funds. “The plan will allow disputes with public and private stakeholders to be resolved without costly and […]

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ForkLog 12 30.04.2024

FTX Conducts Another Solana Sale Below Market Value

FTX administrators have completed the second phase of Solana (SOL) token sales at approximately $100, reports The Block.

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