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In its ongoing attempts to reimburse creditors, bankrupt crypto exchange FTX seeks a judicial green light to offload its roughly 8% stake in AI firm Anthropic. On Feb. 3, FTX filed a motion in the U.S. Bankruptcy Court for the District of Delaware, asking the court to approve the sale of the failed exchange’s 8% equity stake in Anthropic. Looks like FTX is looking to sell their Anthropic equity and should get around $1.5B for it. If there was any questions on creditor being made whole (at petition date prices) before, this should clear all doubts. pic.twitter.com/dyyohrSOkZ — G3 (@g3_capital) February 3, 2024 Underscoring the urgency of the matter, the company also filed a second motion seeking to expedite the deliberation period for the first motion with the hope that it can get a hearing by Feb. 22. Anthropic is a Delaware public benefit corporation working on large language models similar to GPT-3. Its $18 billion valuation in December 2023 means that FTX’s 8% stake ...

Amidst legal turmoil and Terraform Labs’ collapse , Do Kwon’s Serbian venture Codokoj22 remains active. Terraform Labs, the company behind the $60 billion collapse in the crypto market, filed for Chapter 11 bankruptcy in the U.S. on January 21, nearly two years after its dramatic failure. However, Codokoj22 d.o.o. Beograd, another venture by Terraform’s founder Do Kwon, remains active. Established in Serbia in 2022, while Kwon was evading an Interpol red notice, the company’s purpose remains unclear. This Serbian enterprise called Codokoj22, co-founded with Han Chang Joon, is legally operational despite Kwon’s current legal predicaments. With a minimal investment of less than one dollar, the company is headquartered in Belgrade’s old town. Screenshot of Do Kwon’s Serbian firm registration | Source: bisnode.rs Interestingly, despite Kwon and Chang-Joon’s arrest and conviction for using false documents, Serbian law doesn’t ...

The FTX Bankruptcy is seeking to recover assets worth about $1 billion. The lawsuit will be heard by a Delaware Court. The funds in question were allegedly withdrawn from FTX. FTX’s bankruptcy advisers have recently initiated legal action against Bybit Fintech and its affiliated companies, including Bybit’s investment arm, Mirana Corp. The lawsuit, filed in a Delaware court, aims to recover approximately $953 million in cash and digital assets that were allegedly withdrawn from FTX just before its Chapter 11 bankruptcy filing a year ago. Charges against Mirana Corp. The lawsuit alleges that Mirana Corp. enjoyed special “VIP” benefits not available to regular FTX customers, exploiting these privileges to withdraw a substantial portion of assets from FTX . Mirana is accused of exerting pressure on FTX employees to fulfil its withdrawal requests while other customers faced delays accessing their funds as the exchange approached coll...

Advisers hired by FTX are looking to recoup some of the money the exchange paid to several sports stars for partnerships and endorsements. Alvarez & Marsal, financial advisers for Sam Bankman-Fried’s failed crypto exchange FTX, are reportedly probing whether millions of dollars paid to celebrity athletes, including tennis star Naomi Osaka and four-time NBA champion Shaquille O’Neal, can be recovered. FTX Group advisers have analyzed if certain payments dished out to athletes before the company unraveled last November can be recovered in Chapter 11 https://t.co/uvmFJG5jXR — Bloomberg Crypto (@crypto) September 8, 2023 In a recent court filing, the company disclosed that it had reviewed several payments made to individual athletes, Major League Baseball (MLB), and Formula 1 racing teams to determine if they were subject to Chapter 11 rules that would allow FTX to reverse them. The advisers hope the funds may be used to offset claims made by the bankrupt exchange’s ...

Join Our Telegram channel to stay up to date on breaking news coverage Bittrex, a crypto exchange, has filed for bankruptcy a few weeks after the US Securities Exchange Commission (SEC) sued it for running an unregistered exchange. The company filed for Chapter 11 bankruptcy protection for its US arm only, hence users outside the country will continue to receive services from the exchange.  Bittrex CEO Assures Customers Funds Are Safe After Bankruptcy Filing The decision was made just a few days after the exchange declared its intention to leave the US market. Bittrex announced that it was winding down operations citing regulatory scrutiny. As such, the exchange instructed its users to withdraw their funds by 30 April 2023. In the filing that was made to the United States Bankruptcy Court for the District of Delaware on May 8, Bittrex noted that it has over 100,000 creditors, assets worth between $500 million and $1 billion, and liabilities worth between $500 million an...

Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices. Just days after creditors offered to help Core Scientific — a Bitcoin (BTC) Mining company — avoid possible bankruptcy , report s emerged confirming the business’ inevitable fate. Core Scientific reported ly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices. On Dec. 14, Financial services platform B. Riley offered to finance Core Scientific with $72 million — $42 million with zero contingencies and $32 million with conditions — to retain the value for stakeholders. The decision was made after Core’s valuation fell from $4.3 billion in July 2021 to $78 million at the time of reporting. As a direct result of an extended bear market, Core Scientific had to sell 9,618 BTC in April to stay operational. A CNBC report citing a person familiar with the company’s finances said that the Bitcoin mining company would file for Chapter 11...