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Company behind Terra crypto collapse files for US bankruptcy protection
Financial Express
·
1y ago
Medial
Terraform Labs, responsible for the notorious TerraUSD stablecoin crash, has filed for Chapter 11 bankruptcy protection in the US. This comes two years after the dramatic downfall of TerraUSD and its associated cryptocurrency, Luna, which caused a ripple effect in the global crypto market and erased billions of dollars in investor value. The bankruptcy filing aims to help Terraform Labs "navigate ongoing legal proceedings" while maintaining operations, fulfilling financial obligations to employees and vendors, and even expanding their Web3 offerings.
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Terraform Labs files for bankruptcy protection in US
Economic Times
·
1y ago
Medial
Terraform Labs, the firm behind the troubled stablecoin TerraUSD, has filed for Chapter 11 bankruptcy in the U.S., citing assets and liabilities in the range of $100-$500 million. The move comes amid a postponed SEC trial over an alleged $40 billion cryptocurrency fraud involving TerraUSD's collapse in 2022. Terraform Labs and co-founder Do Kwon face responsibility for the turmoil in crypto markets caused by the collapse of TerraUSD and its associated token, Luna. Both cryptocurrencies lost an estimated $40 billion when TerraUSD failed to maintain its $1 peg in May 2022.
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Global regulators seek to crack down on decentralised finance
Economic Times
·
1y ago
Medial
The collapse of crypto exchange FTX and of the Terra USD stablecoin during 2022 showed how shocks in one part of the crypto market can trigger billions of dollars in outflows from DeFI applications, said IOSCO, the global umbrella body for securities watchdogs from across the world.
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Thrasio, once king of e-commerce aggregation, files for Ch.11
TechCrunch
·
1y ago
Medial
Thrasio, the e-commerce aggregation start-up known for acquiring and restructuring smaller brands on marketplaces like Amazon, has filed for Chapter 11 bankruptcy protection. The company has secured $90 million in emergency financing and plans to eliminate around $495 million of existing debt. Thrasio has been experiencing financial difficulties for some time, including layoffs and exiting certain markets. The bankruptcy filing highlights the challenges faced by late-stage tech companies seeking funding during a downturn in the funding market. Thrasio's model of consolidating small e-commerce businesses faced difficulties due to changing consumer tastes and tightening economies. While Thrasio's collapse is significant, other roll-up companies that have raised substantial funds are likely to face similar challenges.
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Crypto lender BlockFi emerges from bankruptcy
Economic Times
·
1y ago
Medial
Crypto lender BlockFi has successfully emerged from bankruptcy after securing $61.5 million in a financing round led by VC firm Paradigm. The company, which offers crypto-backed loans and interest-earning accounts, faced a dispute with some clients who held controversial products, causing them to file for bankruptcy protection earlier this year. BlockFi's new funding will help ensure the continuity of its operations and strengthen its position in the crypto lending market.
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FTX files plan to end bankruptcy, pay crypto creditors billions
Economic Times
·
1y ago
Medial
FTX Trading Ltd. has revealed a new proposal for the distribution of billions of dollars to customers and creditors as part of its bankruptcy case. The plan, which lacks some crucial details, will be sent to creditors for a vote next year before final approval by the US Bankruptcy Judge John Dorsey. FTX founder Sam Bankman-Fried was convicted of orchestrating a massive fraud last month, leading to the collapse of the FTX exchange. The proposed payout plan involves distributing cash after liquidating much of the firm's cryptocurrencies, addressing complex debt owed to various creditors, including platform customers.
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Amazon aggregator Thrasio files for bankruptcy
Reuters
·
1y ago
Medial
Thrasio Holdings, an Amazon aggregator that acquires third-party sellers on the platform, has filed for Chapter 11 bankruptcy protection. The company has secured $90 million in new financing from existing shareholders and reached a restructuring agreement with some lenders to reduce its $495 million debt. Despite the bankruptcy filing, Thrasio plans to continue its business operations as usual. The company's estimated assets range from $1 billion to $10 billion, with liabilities between $500 million and $1 billion.
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Northvolt’s Collapse Countdown Started With BMW Pulling the Plug
Livemint
·
8m ago
Medial
Swedish startup Northvolt, once hailed as a leader in Europe's electric vehicle industry, has filed for bankruptcy protection in the US after losing significant orders, including a multi-billion deal with BMW. The company had struggled to secure financing and suffered from the ongoing crisis in Germany's car industry. Northvolt's collapse highlights the challenges faced by European industry in competing with cheaper and more agile Chinese and South Korean rivals. The company now requires up to $1.2 billion to finance its new business plan, and its future remains uncertain.
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FTX files amended reorganization plan, expects $14.5 billion-$16.3 billion for distribution
Economic Times
·
1y ago
Medial
FTX, a crypto exchange, plans to pay its creditors and customers between $14.5 billion and $16.3 billion, according to an amended reorganization plan filed in a US bankruptcy court. The amount includes assets from various sources, such as investments owned by Alameda Research and litigation claims. The plan also proposes a convenience class for creditors with claims of $50,000 or lower, ensuring they receive approximately 118% of their claims within two months. FTX made headlines in November 2022 when it filed for bankruptcy, leaving millions of customers and investors with significant losses.
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Why stablecoins are gaining popularity
Economic Times
·
1m ago
Medial
Stablecoins, a type of cryptocurrency backed by traditional assets, are increasingly popular due to their stability compared to other cryptocurrencies. The US Senate is voting on regulations for stablecoins to ensure issuers hold low-risk assets, following concerns about investor vulnerability after the 2022 Terra collapse. The stablecoin market's value has surged, prompting regulatory measures in the US and other countries like Europe and Brazil, with China and Russia exploring their own digital currencies.
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Electric-vehicle startup Fisker prepares for possible bankruptcy filing
Livemint
·
1y ago
Medial
Electric-vehicle startup Fisker has hired advisers to potentially assist with a bankruptcy filing, as the company faces a risk of running out of cash this year. Fisker has engaged FTI Consulting and Davis Polk to explore the possibility of a filing. The company revealed last month that it had $273m in sales in 2021 and over $1bn in debt. Fisker is struggling with manufacturing complexities and declining demand for electric vehicles in the US. If it files for bankruptcy, it would be the second collapse for a car company founded by Henrik Fisker.
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