Bankruptcy

On Monday, a US bankruptcy court officially approved the liquidation plan for cryptocurrency exchange FTX, allowing the company to repay its customers using approximately $16 billion in recovered assets.  This decision comes at a critical time for the crypto market, as creditors are poised to receive more than $12 billion through the court-sanctioned payout plan, raising the possibility that some of these funds could be reinvested into the digital asset ecosystem, potentially influencing market prices. Market Awaits FTX Liquidation Impact…

US Bankruptcy Judge John Dorsey has given the green light to FTX’s bankruptcy plan, which will see customers receive billions as the bankruptcy proceeding nears its conclusion.  The approved bankruptcy plan will give former FTX customers a full refund, along with interest, a rare outcome in bankruptcy cases where unsecured creditors usually receive a fraction of what they are owed.  FTX Bankruptcy Plan Receives Court Approval The judge approved the bankruptcy plan during a hearing in Wilmington, Delaware. The plan…

A US bankruptcy court has officially approved crypto exchange FTX liquidation plan, paving the way for it to repay customers using $16 billion in recovered assets, according to Reuters, which reports that the ruling was made by Judge John Dorsey during a court hearing in Wilmington, Delaware, on Monday. Court Approves FTX Settlements The approved plan includes a series of settlements with FTX customers, creditors, US government agencies, and liquidators tasked with managing the company’s operations outside the United States. …

Over $2.53 billion has been distributed to approximately 251,000 creditors by the Celsius Network bankruptcy administrator, signifying a key advancement in one of the largest crypto bankruptcy cases. Major Distribution Milestone Reached The Celsius Network bankruptcy administrator has reported the successful distribution of over $2.53 billion to approximately 251,000 creditors. This significant development is a crucial step in the ongoing resolution of one of the most prominent cryptocurrency bankruptcy cases in recent years. The payout, executed in liquid cryptocurrency and…

The post Terra Classic LUNC Gains 30% in a Week Amid Positive TFL Bankruptcy Updates appeared first on Coinpedia Fintech News Terra Classic is on a roll! Despite the Terra Classic community’s rejection of a proposal to create an independent community website, the LUNC token experienced a significant price rally. This unexpected increase is linked to positive developments from Terraform Labs (TFL) amid its Chapter 11 bankruptcy proceedings. Let’s delve into the details! Community Rejects Independent Website Proposal The Terra…

The post Terraform Labs Sets August Deadline for Bankruptcy Claims: Impact on LUNC and USTC Investors appeared first on Coinpedia Fintech News Terraform Labs announced on its official X account that the deadline for filing claims in TFL and TLL’s Chapter 11 bankruptcy lawsuits is August 10 at 09:00 UTC. The business advised Terraform Lab’s claimants to submit their paperwork by this date. Terraform Labs, which created TerraUSD, filed for Chapter 11 bankruptcy with the Delaware bankruptcy court on January…

The post Bitcoin Miners Could Face Bankruptcy, If Bitcoin Trade Below $80K Says Top Crypto Influencer appeared first on Coinpedia Fintech News As the Bitcoin halving is just 7 days away, the cryptocurrency’s price has stabilized at around $70,000, showing calmness before the upcoming event. But as mining difficulty reaches an all-time high, miners are worried about their profits after the halving.  In the meantime, Kenn Bosak, a seasoned crypto influencer, believes Bitcoin needs to stay above $80,000 post-halving to…

The post Breaking News: Sam Bankman-Fried Sentenced to 25 Years Over FTX Bankruptcy appeared first on Coinpedia Fintech News Nearly two years since the FTX cryptocurrency exchange filed for Chapter 11 bankruptcy protection in the United States, the world will finally get to know the punishment that former CEO Sam Bankman-Fried gets today, Thursday, March 28. During the mid-morning New York session, Judge Lewis Kaplan received 1,500 documents, out of which the defense submitted 450. Throughout his testimony, SBF demonstrated…

FTX’s lawyers have at last published a comprehensive, 116-page list of all creditors to the now defunct crypto exchange.  The document contains roughly 9.7 million customer names, showing that FTX’s connections spanned from airlines to universities, to media giants.  FTX’s Creditors The list, filed on Wednesday, shines a light on institutions invested in the company, per the request of Judge John Dorsey, who is overseeing the proceedings. During a meeting in early January, he allowed the names of individual creditors…