Bankruptcy | ForkLog

ForkLog 26 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 22 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 21 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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ForkLog 17 08.04.2024

FTX Investors Outraged by Discounted $1.9 Billion SOL Sale

FTX creditors have expressed strong disapproval over the sale of Solana (SOL) tokens, valued at approximately $1.9 billion, by the bankrupt exchange at a 62% discount. According to Bloomberg, FTX administrators sold about two-thirds of the company’s SOL reserves, worth $2.6 billion. Sources revealed that 25-30 million tokens were sold at $64 each, while the […]

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ForkLog 16 26.03.2024

Surge in Cryptocurrency-Related Court Cases in Russia

In 2023, Russian courts examined 2,653 cases related to cryptocurrencies, a fivefold increase from the 510 cases in 2021. This information comes from a study by the educational platform Moscow Digital School and the law firm EBR, available to ForkLog. 62% of last year’s proceedings were related to bankruptcy disputes, marking a 91% rise from […]

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ForkLog 24 20.03.2024

Goldman Sachs Explores Investment in Crypto Bankruptcy Claims

Goldman Sachs is considering “the possibility of investing in claims against bankrupt companies in the cryptocurrency sector and other options,” according to Matthew McDermott, head of the bank’s digital assets department, as reported by The Block. The executive did not specify whether the institution has begun participating in such deals. Following the collapse of several […]

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ForkLog 26 07.03.2024

BlockFi Settles $874.5 Million Claims with FTX and Alameda Research

The lending platform BlockFi, currently undergoing bankruptcy proceedings, has reached a preliminary agreement to settle claims against FTX and Alameda Research for $874.5 million. If approved by the court, the firm will distribute funds to its clients. The amount is expected to fully satisfy creditor claims. FTX will contribute $185.2 million, while $689.3 million will […]

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ForkLog 43 21.02.2024

Experts Report Withdrawal of 24,000 ETH from Bankrupt AAX Exchange

Analysts at Cyvers Alerts have detected suspicious transactions, allegedly involving the laundering of 24,000 ETH (~$69.6 million) from the defunct bitcoin exchange AAX. ?INVESTIGATION? ?Our system has detected suspicious transactions involving @AAXExchange.It’s a Hong Kong-registered exchange where CEO Thor Chan resigned in May ’21.Just two days after @FTX_Official filed for bankruptcy, #AAX halted all withdrawals […]

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ForkLog 13 15.02.2024

Court Authorizes Genesis to Sell $1.3 Billion in GBTC Shares

The bankruptcy court has approved Genesis Global Holdco’s request to sell 35 million GBTC shares, valued at over $1.3 billion, to satisfy creditor claims, according to Bloomberg. The subsidiary of DCG also plans to sell “more than 11 million shares of two Grayscale Ethereum trusts worth over $200 million.” Digital Currency Group sought to delay […]

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ForkLog 45 01.02.2024

FTX to Fully Reimburse Clients but Abandons Relaunch Plans

FTX has promised full reimbursement to clients, though the plan has not satisfied everyone. No investors were found to revive the exchange, nor were there buyers for the platform itself. Liquidators criticized FTX’s business acquisitions. The bankrupt exchange FTX intends to fully settle its obligations to clients, but a platform relaunch is not being considered. […]

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ForkLog 20 01.02.2024

Celsius Network to Distribute $3 Billion in Restructuring Plan

The bankrupt lending platform Celsius will distribute $3 billion to creditors under an approved restructuring plan. This decision was supported by 98% of account holders and confirmed by the Southern District of New York court. Recipients can expect assets in cryptocurrencies, fiat, and common stock of the new Bitcoin mining company Ionic Digital. The latter […]

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ForkLog 18 22.01.2024

Terraform Labs Files for Chapter 11 Bankruptcy

The non-profit organization Terraform Labs (TFL), associated with UST and LUNA, has filed a bankruptcy petition under Chapter 11 of the U.S. Bankruptcy Code. In December, the Southern District of New York court sided with the U.S. Securities and Exchange Commission (SEC) in its lawsuit against TFL and its founder Do Kwon. In a summary […]

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