Tag Archives: bankruptcy

By Hannah Lang, Niket Nishant and Manya Saini (Reuters) -Major cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection along with eight affiliates, it said on Monday, the latest crypto casualty to follow the spectacular collapse of the FTX exchange earlier this month. The filing in a New Jersey court comes as crypto prices plummet, with bitcoin down more than 70% from a 2021 peak. New Jersey-based BlockFi had links with FTX, which filed for protection in the United States… Source link

Lawyers representing FTX in the firm’s Chapter 11 bankruptcy proceedings called the company’s swift demise earlier this month “the most abrupt and difficult collapse in the history of corporate America” in comments before a Delaware bankruptcy court Tuesday. “Your honor, what we have is a worldwide organization that was run effectively as the personal fiefdom of Sam Bankman-Fried,” James Bromley, newly appointed counsel to FTX’s new management, said. Substantial investments, according to… Source link

The bankruptcy filing of crypto exchange FTX on Friday did not stop the chaos surrounding the once prominent and trusted crypto trading venue. Since the filing that included 135 affiliated companies, millions of dollars in crypto have been stolen from the company, which is facing a shortfall between $6 billion and $10 billion. Bahamian officials are also probing the matter. “I don’t think it’s an understatement to predict that the FTX bankruptcy will be the most complex in U.S. history,”… Source link

Editor’s note: This story is developing. Check back for updates. Crypto exchange FTX and its affiliated companies have filed for Chapter 11 bankruptcy, the company announced on Friday, with FTX Founder Sam Bankman-Fried stepping down as CEO. John J. Ray III will take over as chief executive, while Bankman-Fried will assist during the transition. The filing for the affiliate, Alameda Research LLC, lists between $10 billion and $50 billion assets, between $10 billion and $50 billion in… Source link

Elon Musk’s tenure at Twitter got even bumpier on Thursday, as he reportedly told employees during an emergency all-hands meeting that he can’t rule out the company filing for bankruptcy in the next year. Musk made the announcement during the all-hands meeting after an employee asked about the company’s current run rate, according to both The Information and Platformer managing editor Zoë Schiffer. Musk also reportedly told employees that if they weren’t physically at the office 40… Source link

The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021. REUTERS/Andrew Kelly Register now for FREE unlimited access to Reuters.com Register MOSCOW, Sept 12 (Reuters) – A Moscow court on Monday accepted a bankruptcy application by Google’s Russian subsidiary and started initial bankruptcy proceedings, placing the company under supervision, Russian news agencies reported. Alphabet Inc.’s (GOOGL.O) Russian unit filed for bankruptcy this… Source link

(Reuters) -U.S. crypto lender Celsius Network said on Wednesday it has filed for bankruptcy, becoming the latest victim in the cryptocurrency sector to wilt under a dramatic plunge in prices. New Jersey-based Celsius listed estimated assets and liabilities on a consolidated basis in the range of $1 billion to $10 billion, according to a court filing in the U.S. Bankruptcy Court for Southern District of New York. Crypto lenders boomed during the COVID-19 pandemic, drawing depositors with high… Source link

Robert first came across Voyager Digital in March 2020. Like countless others, he decided to give the cryptocurrency broker a try. The platform was easy to navigate. It offered him an up to 9% annual percentage yield (APY)—much higher than a traditional savings account. It claimed to be FDIC (Federal Deposit Insurance Corporation) insured. And being a publicly traded company on the Toronto Stock Exchange, he thought, how bad could Voyager be? Robert, who asked to be identified by only his… Source link

The Google logo displayed on a smartphone screen. Kirill Kudryavtsev | AFP | Getty Images Google’s Russian subsidiary plans to file for bankruptcy after authorities seized its bank account, making it impossible to pay staff and vendors, but free services including search and YouTube will keep operating, a Google spokesperson said on Wednesday. The Alphabet unit has been under pressure in Russia for months for failing to delete content Moscow deems illegal and for restricting access to some… Source link

Google’s Russian subsidiary will file for bankruptcy, according to a report from Reuters, with the company stating it can no longer keep the branch. The Russian branch reported making 134.3 billion roubles (about $2.086 billion USD) in Russia in 2021 and employed over 100 workers. “The Russian authorities’ seizure of Google Russia’s bank account has made it untenable for our Russia office to function, including employing and paying Russia-based employees, paying suppliers and… Source link