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Crypto lender Celsius Network cleared to exit bankruptcy
Economic Times
·
1y ago
Medial
The U.S. bankruptcy court has approved a restructuring plan for crypto lender Celsius Network, allowing the return of cryptocurrency to customers and the creation of a new company owned by Celsius creditors. Managed by Fahrenheit LLC, including Arrington Capital, the reorganized business will focus on mining bitcoin and earning "staking" fees. Celsius, once valued at $3 billion, filed for Chapter 11 in July 2022. The plan, set to conclude in early 2024, involves Celsius customers receiving a partial repayment of deposited cryptocurrency and about $2 billion in cryptocurrency returned to account holders.
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Celsius Network wins court approval for shift to bitcoin mining
Economic Times
·
1y ago
Medial
Cryptocurrency lender Celsius Network has received a US bankruptcy judge's approval to pivot to bitcoin mining. The judge ruled that Celsius could deviate from its previous bankruptcy plan as creditors and customers would not be worse off. Celsius had filed for Chapter 11 protection in July 2022 and had to switch its plans after facing challenges with the US Securities and Exchange Commission. The move allows Celsius to part ways with some bidders and focus on its creditor-owned mining business. The company expects to emerge from bankruptcy in early 2024.
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Crypto lending firm Celsius Network and its former CEO sued by SEC, CFTC, FTC
TechCrunch
·
2y ago
Medial
Crypto lending firm Celsius Network and its former CEO Alex Mashinsky are facing lawsuits from the U.S. SEC, CFTC, and FTC. Mashinsky has reportedly been arrested and charged with fraud. The SEC alleges that Celsius and Mashinsky raised funds through fraudulent sales of crypto asset securities, promising high returns. The SEC also considers Celsius' token CEL and Earn Interest Program as securities. Celsius filed for bankruptcy in 2022.
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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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Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down
Economic Times
·
1y ago
Medial
Crypto lender Genesis Global has gained court approval to return approximately $3 billion in cash and cryptocurrency to its customers through a bankruptcy liquidation process. This decision leaves Digital Currency Group (DCG), Genesis' owner, with no recovery from the bankruptcy. The approval overruled an objection raised by DCG, which argued that the customers and creditors should be paid based on crypto asset values in January 2023. However, the judge ruled that Genesis must first pay other creditors, including financial regulators with $32 billion in claims, before providing any recovery to DCG.
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US regulators weigh penalising bankrupt crypto lender Voyager's ex-CEO Stephen Ehrlich: report
Economic Times
·
1y ago
Medial
According to Bloomberg, investigators at the US Commodity Futures Trading Commission (CFTC) have concluded that Stephen Ehrlich, the co-founder of Voyager Digital, broke derivatives regulations before the crypto lender filed for bankruptcy. The CFTC allegedly found that Ehrlich misled customers about the safety of their assets. Voyager filed for bankruptcy in July 2021 amidst a cryptocurrency market downturn. The CFTC is currently voting on whether to take enforcement action against Ehrlich.
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Crypto Groups Gemini, Genesis, and DCG Sued for $1.1 Billion ‘Fraud’
Wired
·
1y ago
Medial
The attorney general of New York has filed a civil lawsuit against cryptocurrency exchange Gemini, crypto lender Genesis, and its parent company Digital Currency Group (DCG), accusing them of causing $1.1 billion in losses for investors. The lawsuit alleges that Gemini marketed its program called Gemini Earn as a safe way to earn interest on crypto holdings but failed to disclose the associated risks. When Genesis filed for bankruptcy, Gemini Earn customers lost access to about $900 million. The lawsuit may have implications for the approval of a Bitcoin exchange-traded fund and could further enforcement actions against the crypto industry.
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Genesis gets court approval to sell $1.6 billion in crypto trust shares
Economic Times
·
1y ago
Medial
Genesis, the bankrupt crypto lender, has received permission from a U.S. court to sell around $1.6 billion worth of Grayscale cryptocurrency trust shares. This move is part of Genesis' effort to repay its creditors. The court approved the sale of shares in Grayscale Bitcoin Trust, Grayscale Ethereum Trust, and Grayscale Ethereum Classic Trust. Genesis aims to monetize its shares to repay customers and avoid monthly fees on its trust agreements. The decision overruled an objection from Digital Currency Group (DCG), Genesis' parent company. The court will further consider approving Genesis' bankruptcy plan on February 26.
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Crypto exchange Gemini to return $1.1 billion to customers, pay fine in regulatory settlement
Economic Times
·
1y ago
Medial
Cryptocurrency exchange Gemini has settled with the New York Department of Financial Services (NYDFS) over its defunct lending program. The exchange will pay a fine of $37 million and return at least $1.1 billion to customers affected by the program's halt during a market crash in November 2022. The resolution brings relief to Gemini's Earn customers who have been unable to access their funds since late 2022. Gemini will contribute $40 million to help conclude the bankruptcy of Genesis Global Capital, the crypto lender it partnered with for the program.
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BYJU’s Bankruptcy Case: US Court Pushes To Retrieve ‘Missing’ $533 Mn
Inc42
·
1y ago
Medial
US Bankruptcy Judge in Wilmington, Delaware, has lifted the arrest warrant for William C. Morton, founder of Camshaft Fund, after he transferred $533 million of loan proceeds from BYJU's to a UK lender and then to an unnamed non-US entity linked to BYJU's.
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Bankrupt crypto exchange FTX picks Galaxy to manage its digital assets
Economic Times
·
1y ago
Medial
FTX filed for bankruptcy in November 2022 in the wake of claims that the company misused and lost billions of dollars worth of customers' crypto deposits.
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