Terraform Labs files for Chapter 11 bankruptcy
Despite the many legal cases against Terraform Labs and its founder Do Kwon having the company in dire straits, the bankruptcy petition does not mean the immediate end of the company.
Despite the many legal cases against Terraform Labs and its founder Do Kwon having the company in dire straits, the bankruptcy petition does not mean the immediate end of the company.
FTX's Sam Bankman-Fried won't face a second trial for bribing Chinese officials, while Binance's Changpeng Zhao's bid to return to Dubai has been rejected for the second time.
Owing to the unclaimed balances from users, with some voicing irritability over Bittrex's "super slow and disjointed" claims process, would help the firm emerge from bankruptcy with a healthy profit.
The court-appointed FTX Debtors has filed a complaint in the U.S. Bankruptcy Court for the District of Delaware against Allan Joseph Bankman and Barbara Fried.
U.S. Bankruptcy Court Judge John Dorsey has approved the plan by FTX Debtors to start selling roughly $3.4 billion worth of BTC, ETH, SOL and other tokens that were stranded on the digital asset exchange when it filed for bankruptcy protection.
Ripple's Brad Garlinghouse recently declared that Fortress Trust's Purcell had "built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers."
After being forced into receivership, Prime Trust has filed for bankruptcy and seeks protection covering its parent company Prime Core Technologies Inc, as well as Prime IRA LLC and Prime Digital LLC.
The Florida financial watchdog charged the exchange in April, but Bittrex wanted the charges dropped, and in return, it would surrender its Florida license.
Core Scientific filed for Chapter 11 bankruptcy protection in December, and in its new plan, it pledges to satisfy all debtor-in-possession (DIP) claims.
Nevada-based 'crypto-friendly' payment processor Banq Inc's Chapter 11 bankruptcy filing lists around $18 million worth of assets, nearly all of which consists of the allegedly stolen property.
Court-appointed bankruptcy trustee Ernst & Young announced its decision after consultation with estate inspectors, with details of the interim distribution to be released at a later date.
The move comes only a month after the company announced it was winding down its U.S. operations, a few weeks after the SEC accused it of operating an unregistered securities exchange.