Crypto Bankruptcies Are Very Complicated.

The FTX, Voyager, Celsius and BlockFi bankruptcy proceedings are proving how complicated they really are.

CoinDesk’s fees for Public Access to Court Electronic Records (PACER) went up tenfold over the past few months. You can probably guess why. A lot of the major crypto bankruptcy cases we’re following are now in full swing. FTX, BlockFi and Voyager Digital are all deep in the process of trying to organize their resources.

You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.

The thing about Chapter 11 bankruptcy protection is that by filing for it you indicate your belief that your company can survive with a bit of assistance, that it just needs time to recover. A lot of these crypto companies are fighting for every penny just to refund their creditors.

FTX, Voyager, Celsius Network, BlockFi and countless others are all going through a very public bankruptcy system. It’s even giving crypto industry observers some behind the scenes insight into how these firms are operating now.

There were two 4+ hour hearings this week: One on Tuesday for Voyager Digital and one on Wednesday for FTX. Both discussed different issues. The main issue at the heart of Voyager’s hearing was whether its bid to sell assets to Binance US could proceed. Ultimately, the judge overseeing the case allowed the proposal to advance, though it’s still a ways off from actual approval.

FTX’s hearing was more focused on updates. Attorneys for FTX said they’d recovered around $5 billion in assets tied to the company composed of cash, liquid cryptocurrencies and other investments. The company also found a bunch of cryptos that the attorneys don’t think they can sell easily without tanking the market.

You can catch up on our coverage of this past week at the links below:

FTX Opposition to $1B Binance Deal Is 'Hypocrisy and Chutzpah,' Voyager Says

BlockFi Management Hasn't Withdrawn Any Crypto Since October, Lawyer Tells Court

Judge Allows Binance.US Bid to Buy Voyager Assets to Advance

BlockFi Creditors Battle to Keep Their Details Secret

FTX Has Recovered 'Over $5B' in Assets, Bankruptcy Attorney Says

FTX Creditor Names Can Remain Sealed for Now, Judge Rules

FTX Loan Wiped Out $800M in BlockFi Executives’ Equity, Court Filing Reveals

On a related note, CoinDesk is one of several news organizations, including The New York Times, The Washington Post, The Wall Street Journal and Inner City Press, to petition the court to unseal the names of the guarantors who signed Sam Bankman-Fried’s surety bonds.

During a Jan. 3 hearing, Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York granted Bankman-Fried’s petition to seal these names on an interim basis, allowing news organizations to motion for an unsealing.

Bankman-Fried, who is allowed to continue using the internet, now has a Substack, where he reiterated many of his existing explanations for just how the FTX-Alameda situation got so dire.

As my colleague Jack Schickler points out, though, some of what Bankman-Fried wrote in his newsletter doesn’t exactly square with what his legal team’s actually doing in court.

And Bankman-Fried does not address some of the more explosive allegations said in court, such as the alleged special treatment Alameda Research received from FTX, which could include extending a $65 billion line of...

[ Ссылка ]

#crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #regulations #regulationsnews #regulationsnewstoday #stateofcrypto #stateofcryptonews #stateofcryptonewstoday #newsletters #newslettersnews #newslettersnewstoday #policy #policynews #policynewstoday #bankruptcy #bankruptcynews #bankruptcynewstoday #southerndistrictofnewyork #southerndistrictofnewyorknews #southerndistrictofnewyorknewstoday #sambankmanfried #sambankmanfriednews #sambankmanfriednewstoday #ftx #ftxnews #ftxnewstoday #blockfi #blockfinews #blockfinewstoday #voyagerdigital #voyagerdigitalnews #voyagerdigitalnewstoday #davos #davosnews #crypto
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! USE ALTCOIN DAILY AS A STARTING OFF POINT!

This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.

bitcoin, blockchain, crypto,

свернуть