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Bankrupt Crypto Companies 2022-2023:
âą Three Arrows Capital
âą Celsius Network
âą Terraform Labs
âą Voyager Digital
âą Core Scientific
âą Babel Finance
âą Hodlnaut
âą Genesis
âą BlockFI
âą Zipmex
âą FTX
#crypto2023 #bearorbull #bankrupt #cryptocompanies #cryptoonindia
âą Three Arrows Capital
âą Celsius Network
âą Terraform Labs
âą Voyager Digital
âą Core Scientific
âą Babel Finance
âą Hodlnaut
âą Genesis
âą BlockFI
âą Zipmex
âą FTX
#crypto2023 #bearorbull #bankrupt #cryptocompanies #cryptoonindia
Headline: Media: Co-Founder of #3AC Detained at Singapore Airport
According to The Business Times, on September 29th, co-founder of the #bankrupt hedge fund Three Arrows Capital (3AC), Su Zhu, was detained at Changi Airport in Singapore while attempting to leave the country. This incident occurred following demands from Teneo, the company handling the liquidation of 3AC, to take measures against Su Zhu for "willful refusal" to comply with a court order related to cooperation in an investigation.
The company stated that the court had sentenced Su Zhu to four months in prison. A similar decision, according to journalists, was made regarding another co-founder of the hedge fund, Kyle Davies, but his current whereabouts are unknown.
In July, Teneo expressed hope for the return of $1.2 billion through legal proceedings from Digital #Currency Group and BlockFi. Earlier, the liquidators of 3AC filed a lawsuit against Su Zhu and Kyle Davies, demanding the return of $1.3 billion. In May 2022, reports emerged about the possible insolvency of Three #Arrows Capital following the cryptocurrency market crash.
In June, the British Virgin Islands court ordered the liquidation of the hedge fund. In July, 3AC filed for bankruptcy in a New York court. According to #Nansen, the organization managed assets worth approximately $10 billion.
According to The Business Times, on September 29th, co-founder of the #bankrupt hedge fund Three Arrows Capital (3AC), Su Zhu, was detained at Changi Airport in Singapore while attempting to leave the country. This incident occurred following demands from Teneo, the company handling the liquidation of 3AC, to take measures against Su Zhu for "willful refusal" to comply with a court order related to cooperation in an investigation.
The company stated that the court had sentenced Su Zhu to four months in prison. A similar decision, according to journalists, was made regarding another co-founder of the hedge fund, Kyle Davies, but his current whereabouts are unknown.
In July, Teneo expressed hope for the return of $1.2 billion through legal proceedings from Digital #Currency Group and BlockFi. Earlier, the liquidators of 3AC filed a lawsuit against Su Zhu and Kyle Davies, demanding the return of $1.3 billion. In May 2022, reports emerged about the possible insolvency of Three #Arrows Capital following the cryptocurrency market crash.
In June, the British Virgin Islands court ordered the liquidation of the hedge fund. In July, 3AC filed for bankruptcy in a New York court. According to #Nansen, the organization managed assets worth approximately $10 billion.
Alex Mashinsky's Bail Set at $40M, Travel Restricted
The founder of the #bankrupt crypto lender has pleaded not guilty to charges including #fraud and manipulation of the $CEL token.
#crypto2023
The founder of the #bankrupt crypto lender has pleaded not guilty to charges including #fraud and manipulation of the $CEL token.
#crypto2023
CEO #Messari has shared data on the buyback of balances from well-known #bankrupt companies, which intermediaries offer to investors today (% per $). At the same time, he called for approaching the information "with a grain of skepticism."
The list includes #FTX, #Celsius, #BlockFi, Genesis, and 3AC. The rate varies depending on the volume of claims and risk score (for example, if the user withdrew funds the day before the platform closed - the term is 90 days).
The list includes #FTX, #Celsius, #BlockFi, Genesis, and 3AC. The rate varies depending on the volume of claims and risk score (for example, if the user withdrew funds the day before the platform closed - the term is 90 days).
đïž Ethereum (ETH) co-creator Vitalik Buterin reportedly says that central bank digital currencies (CBDCs) are not developing in the way he had once hoped for.
In a new interview with CNBC, Buterin says that he was once more optimistic about CBDCs, but now he believes they have mostly become âfront endsâ for the traditional banking system.
#ETH #CBDC #bankrupt
In a new interview with CNBC, Buterin says that he was once more optimistic about CBDCs, but now he believes they have mostly become âfront endsâ for the traditional banking system.
#ETH #CBDC #bankrupt
#RichDadPoorDad author Robert #Kiyosaki says America is #bankrupt . #debtceiling #default
https://news.bitcoin.com/rich-dad-poor-dad-author-robert-kiyosaki-says-america-is-bankrupt-amid-us-debt-crisis/
https://news.bitcoin.com/rich-dad-poor-dad-author-robert-kiyosaki-says-america-is-bankrupt-amid-us-debt-crisis/
âïž Mt.Gox Begins Distributing Compensation to Clients on Kraken
Users of the cryptocurrency exchange Kraken report receiving $BTC and $BCH from the #bankrupt company.
đœ Bitcoin responded with a 1% drop, while Bitcoin Cash fell by approximately 3%.
Meanwhile, users of Bitstamp have not yet confirmed the receipt of assets.
Users of the cryptocurrency exchange Kraken report receiving $BTC and $BCH from the #bankrupt company.
đœ Bitcoin responded with a 1% drop, while Bitcoin Cash fell by approximately 3%.
Meanwhile, users of Bitstamp have not yet confirmed the receipt of assets.
Terraform Labs Declares Bankruptcy 20 Months After Terra LUNA Collapse
1. Terraform Labs Chapter 11 Bankruptcy Overview:
- Filed under Chapter 11 by CEO Chris Amani, with the approval of the Board of Directors.
2. Financial Snapshot:
- Assets valued at $100 million, while liabilities amount to $500 million.
3. Founder's Legal Situation:
- Founder Do Kwon remains incarcerated in Montenegro for alleged involvement with falsified documents.
4. USTC Stablecoin Status:
- Despite the company's financial challenges, USTC, Terraform Labs' stablecoin, still holds the 9th position in market cap among stablecoins.
After engaging in an intricate game of cat and mouse with various agencies for nearly 20 months, Do Kwon and Terraform Labs have, at last, sought refuge in Chapter 11 Bankruptcy, officially filing with Delaware authorities on January 21, 2024. This strategic move comes after the company's notorious USTC and LUNA projects collapsed in 2022, causing a global loss of over $64 billion in assets.
Terraform Labs, the orchestrator of this financial drama, has made its bankruptcy filings under the United States Chapter 11 Bankruptcy, attributing the decision to a significant disparity between its assets and liabilities. According to the filed documents, the company's assets total $100 million, while liabilities soar to nearly $500 million, with a creditor count ranging between 100 and 199.
Legal proceedings were executed under the guidance of Chris Amani, Terraform Labs' CEO, with the approval of the company's board of directors. In an unexpected twist, despite the financial turmoil, Terraform Labs recently acquired Pulsar Finance, a cross-chain portfolio management company.
Meanwhile, founder Do-Kwon finds himself in custody in Montenegro, facing charges of falsifying travel documents. The uncertainty looms over his extradition.
Adding to the legal tangle, a US court has deemed the MIR and LUNA cryptocurrencies issued by Terraform Labs as securities, intensifying regulatory scrutiny. Additionally, a class action lawsuit in Singapore, filed by Julius Moreno Beltran and Douglas Gan, seeks justice for a consortium claiming a $57 million loss, further complicating Terraform Labs' legal landscape.
This is not the first time Terraform Labs has been under investigation; South Korean authorities probed the company after the collapse of LUNA and USTC, but no conclusive evidence was found. In February 2023, the SEC charged Terraform Labs and former CEO Do Kwon with criminal charges, alleging a multi-billion dollar scam between April 2018 and May 2022, branded as "crypto schemes."
The Terra LUNA fiasco, triggered by a fatal design flaw, saw both LUNA and USTC crumble in May 2022. Panic ensued as holders withdrew en masse, leading to a cascading collapse of the entire ecosystem. Despite this, USTC still holds the 9th position among stablecoins, boasting a market cap of approximately $220 million, though its value plummeted by 98%.
It is crucial to note that while this narrative aims to provide accurate and timely information, readers are advised to conduct their research due to the volatile nature of cryptocurrencies. Voice of Crypto disclaims responsibility for any missing facts or inaccuracies, emphasizing the need for independent financial decision-making in the realm of highly volatile crypto assets.
#terraformlabs #Crypto2024 #cryptocurrency #bankrupt #BinanceSquare
- Filed under Chapter 11 by CEO Chris Amani, with the approval of the Board of Directors.
2. Financial Snapshot:
- Assets valued at $100 million, while liabilities amount to $500 million.
3. Founder's Legal Situation:
- Founder Do Kwon remains incarcerated in Montenegro for alleged involvement with falsified documents.
4. USTC Stablecoin Status:
- Despite the company's financial challenges, USTC, Terraform Labs' stablecoin, still holds the 9th position in market cap among stablecoins.
After engaging in an intricate game of cat and mouse with various agencies for nearly 20 months, Do Kwon and Terraform Labs have, at last, sought refuge in Chapter 11 Bankruptcy, officially filing with Delaware authorities on January 21, 2024. This strategic move comes after the company's notorious USTC and LUNA projects collapsed in 2022, causing a global loss of over $64 billion in assets.
Terraform Labs, the orchestrator of this financial drama, has made its bankruptcy filings under the United States Chapter 11 Bankruptcy, attributing the decision to a significant disparity between its assets and liabilities. According to the filed documents, the company's assets total $100 million, while liabilities soar to nearly $500 million, with a creditor count ranging between 100 and 199.
Legal proceedings were executed under the guidance of Chris Amani, Terraform Labs' CEO, with the approval of the company's board of directors. In an unexpected twist, despite the financial turmoil, Terraform Labs recently acquired Pulsar Finance, a cross-chain portfolio management company.
Meanwhile, founder Do-Kwon finds himself in custody in Montenegro, facing charges of falsifying travel documents. The uncertainty looms over his extradition.
Adding to the legal tangle, a US court has deemed the MIR and LUNA cryptocurrencies issued by Terraform Labs as securities, intensifying regulatory scrutiny. Additionally, a class action lawsuit in Singapore, filed by Julius Moreno Beltran and Douglas Gan, seeks justice for a consortium claiming a $57 million loss, further complicating Terraform Labs' legal landscape.
This is not the first time Terraform Labs has been under investigation; South Korean authorities probed the company after the collapse of LUNA and USTC, but no conclusive evidence was found. In February 2023, the SEC charged Terraform Labs and former CEO Do Kwon with criminal charges, alleging a multi-billion dollar scam between April 2018 and May 2022, branded as "crypto schemes."
The Terra LUNA fiasco, triggered by a fatal design flaw, saw both LUNA and USTC crumble in May 2022. Panic ensued as holders withdrew en masse, leading to a cascading collapse of the entire ecosystem. Despite this, USTC still holds the 9th position among stablecoins, boasting a market cap of approximately $220 million, though its value plummeted by 98%.
It is crucial to note that while this narrative aims to provide accurate and timely information, readers are advised to conduct their research due to the volatile nature of cryptocurrencies. Voice of Crypto disclaims responsibility for any missing facts or inaccuracies, emphasizing the need for independent financial decision-making in the realm of highly volatile crypto assets.
#terraformlabs #Crypto2024 #cryptocurrency #bankrupt #BinanceSquare
đđđ Celsius Loan Creditors Consider Appeal Against Restructuring Plan Over Alleged Unfair Treatment
Creditors who lent funds through Celsius, a #bankrupt #cryptocurrency lender, are expressing dissatisfaction with the proposed restructuring plan, citing concerns about its fairness and treatment of their claims.
Reports indicate that these creditors believe the current plan favors certain creditors over others, potentially resulting in lower recoveries for users of Celsius loan services.
Key objections to the restructuring plan include perceived disparities in the allocation of funds. Critics argue that the court's decision to allocate $225 million for company capital rather than repaying bonds is unjust, highlighting discrepancies in recovery rates among different creditor groups.
Creditors who provided loans through Celsius are considering filing appeals against the plan, citing unfair treatment. The Bankruptcy Code imposes strict deadlines for appeals, typically requiring filing within 14 days of the judgment. However, extensions may be possible under certain circumstances.
One of the main grievances from loan creditors is the unequal treatment between users of Celsius Earn and Celsius Loan services. Earn creditors reportedly received higher recoveries compared to loan creditors, leading to dissatisfaction among the latter.
Another concern is the allocation of bankruptcy estate funds to capitalize a new #Mining entity instead of enhancing creditors' recoveries. Loan creditors feel their interests are not being adequately addressed in this decision.
The uncertainty around the restructuring plan and potential appeals raises questions about creditors' crypto holdings' true value and their return process. Creditors are seeking legal advice to challenge the plan's fairness, which could impact the bankruptcy case and the broader #CryptoCommunity .
#CryptoNewsđđ°đ«
Creditors who lent funds through Celsius, a #bankrupt #cryptocurrency lender, are expressing dissatisfaction with the proposed restructuring plan, citing concerns about its fairness and treatment of their claims.
Reports indicate that these creditors believe the current plan favors certain creditors over others, potentially resulting in lower recoveries for users of Celsius loan services.
Key objections to the restructuring plan include perceived disparities in the allocation of funds. Critics argue that the court's decision to allocate $225 million for company capital rather than repaying bonds is unjust, highlighting discrepancies in recovery rates among different creditor groups.
Creditors who provided loans through Celsius are considering filing appeals against the plan, citing unfair treatment. The Bankruptcy Code imposes strict deadlines for appeals, typically requiring filing within 14 days of the judgment. However, extensions may be possible under certain circumstances.
One of the main grievances from loan creditors is the unequal treatment between users of Celsius Earn and Celsius Loan services. Earn creditors reportedly received higher recoveries compared to loan creditors, leading to dissatisfaction among the latter.
Another concern is the allocation of bankruptcy estate funds to capitalize a new #Mining entity instead of enhancing creditors' recoveries. Loan creditors feel their interests are not being adequately addressed in this decision.
The uncertainty around the restructuring plan and potential appeals raises questions about creditors' crypto holdings' true value and their return process. Creditors are seeking legal advice to challenge the plan's fairness, which could impact the bankruptcy case and the broader #CryptoCommunity .
#CryptoNewsđđ°đ«
$FET Fet is at Support . But Fet #bankrupt News is Very Dangerous . So Get out From this Coin and Trade Wisely .
#Write2Earn
#TipAndGrow
#Write2Earn
#TipAndGrow
Is Solanaâs Price Plunge Due to Fears of FTXâs $1.5 Billion Asset Sell-off? đ
#Solana 's recent 6% price decline is tied to fears of a substantial asset sell-off by #bankrupt FTX, which holds $1.5 billion in assets on the Solana network, including $128 million in SOL tokens.
Concerns over a flood of assets led to mixed sentiments, with users on social media expressing both worry and optimism.
However, #FTX 's bankruptcy plan, awaiting court approval on September 13, includes safeguards, allowing only up to $100 million in token sales per week, with potential increases for individual tokens. Solana's current price sits at $18.38, down 11% for the week.
#Binance
#crypto2023
#Solana 's recent 6% price decline is tied to fears of a substantial asset sell-off by #bankrupt FTX, which holds $1.5 billion in assets on the Solana network, including $128 million in SOL tokens.
Concerns over a flood of assets led to mixed sentiments, with users on social media expressing both worry and optimism.
However, #FTX 's bankruptcy plan, awaiting court approval on September 13, includes safeguards, allowing only up to $100 million in token sales per week, with potential increases for individual tokens. Solana's current price sits at $18.38, down 11% for the week.
#Binance
#crypto2023
