The latest price moves in crypto markets in context for July 28, 2022.
CoinDesk
Voyager Digital: FTX’s Offer Is A “Low Ball Bid,” Argues It Disrupts Bankruptcy Process
In response to FTX’s proposal to provide early liquidity to Voyager customers, the attorneys for insolvent cryptocurrency lender Voyager Digital called the proposal a “low-ball bid dressed up as a white knight rescue” that only benefited FTX.
Voyager Lawyers Call FTX’s Offer A ” Low Ball Bid”
In court documents filed late on Sunday, attorneys for Voyager said that Bankman-FTX Fried’s exchange and Alameda Research trading company’s proposal was self-serving and accused the businesses of undermining the bankruptcy process.
Celsius Bankruptcy Shows Reckless Behavior With A $1.2 Billion Hole In Its Balance Sheet
Celsius files for Chapter 11 bankruptcy. The company’s balance sheet shows a gap of $ 1.2 billion and reckless behavior with customer deposits.
The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.
Read previous Bitcoin Magazine Pro articles and updates about Celsius here:
Crypto Collapse Pulls Celsius Network Down Into Bankruptcy
Crypto lender Celsius Network, one of the biggest in the world, has filed for Chapter 11 bankruptcy protection, joining a string of crypto asset organizations that have restructured in response to a severe sell-off in cryptocurrencies this year.
The news is the latest high-profile crypto bankruptcy as crypto values collapse, making Celsius the latest victim of a $ 2 trillion meltdown that has crippled some of the sector’s most popular companies and left hundreds of thousands of individual investors losing significant amounts of money.
Suggested Reading | Bitcoin Will Reach ATH In Next 24 Months, Coinshares CSO Predicts
Voyager Digital Files For Bankruptcy
Voyager files for Chapter 11 bankruptcy due to their large exposure to Three Arrows Capital as the contagion continues to spread across the market.
The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.
In Case You Missed It: Bitcoin Magazine Pro Special Edition Contagion Report
Early on July 6, 2022, it was announced that Voyager has filed for Chapter 11 bankruptcy.
Voyager Digital Faces Delisting From Toronto Stock Exchange Following Bankruptcy Filing
Crypto broker Voyager Digital (VOYG) has been delisted from the Toronto Stock Exchange (TSX) following its filing for bankruptcy late Tuesday.
CoinDesk
GameStop’s Endgame Will Likely Be Buyout or Bankruptcy
GameStop was, at one time, one of the premier names in gaming. Some say it still is. Yet as gaming becomes more sophisticated, gaming systems continue to evolve, and streaming becomes a cornerstone of the gaming experience, GameStop is in trouble. A Crumbling Empire Perhaps best-known as the company that innovated the buy-sell-trade model in […]
The post GameStop’s Endgame Will Likely Be Buyout or Bankruptcy appeared first on CCN Markets
In Fourth Report, QuadrigaCX Court Monitor Recommends Bankruptcy Proceedings
QuadrigaCX monitor Ernst & Young suspects that the beleaguered exchange’s late CEO, Gerald Cotten, may have been financing personal expenditures with company funds, and it is now recommending that the assets in Cotten’s estate be placed under a preservation order.
In January, the exchange announced that it was insolvent, owing clients roughly $ 250 million CAD, after Cotten died of septic shock while honeymooning with his wife, Jennifer Robertson, in Jaipur, India. Since Cotten’s death, the exchange filed for creditor protections in the Nova Scotia court system and the court has appointed a dual counsel in Miller Thompson and Cox & Palmer to represent clients who lost money to the exchange.
Citing Executive Embezzlement, Korean Crypto Exchange Declares Bankruptcy
Coinbin, a South Korean crypto exchange, declared bankruptcy on February 22, 2019, citing foul play from inside the company.
Business Korea reported on Coinbin’s recent failure, claiming that the company had lost $ 26 million as a result of theft and the subsequent bankruptcy declaration. Coinbin’s CEO Park Chan-kyu claimed that the move was “due to a rise in debt following an employee’s embezzlement.”
After the exchange Youbit was hacked to the tune of several million dollars last year, Coinbin acquired it, and now Coinbin’s CEO claims that Youbit’s former CEO used his new position at Coinbin to carry out this theft.
Court Grants QuadrigaCX Bankruptcy Protection
Today, February 5, 2019, a court in Nova Scotia, Canada, granted bankruptcy protection under the Companies’ Creditors Arrangement Act (CCAA) to the embattled Vancouver-based cryptocurrency exchange QuadrigaCX. The court appointed Ernst & Young as monitors to help the exchange locate any funds it could use to reimburse users and ordered a 30-day stay of proceedings.
The exchange initially made the news on January 14, 2019, when the company announced its CEO Gerald Cotten had died in India on December 9, 2018, from complications from Crohn's disease. News website CoinDesk obtained what appears to be a copy from the Indian government of Gerald Cotten’s death certificate, although his name is misspelled.
NEM Foundation Faces Bankruptcy as Its Funding Runs Dry
The foundation attached to NEM (XEM), a cryptocurrency project building a network designed for better-performing smart assets, is reportedly on the verge of bankruptcy after a year of questionable marketing efforts. Dear #NEM Community, It’s been about one month since the new council started, and a lot has happened. We are committed to transparency, so we are […]
SludgeFeed
PG&E Stock Soars 50% as Investors Brush off Bankruptcy Concerns
By CCN.com: Pacific Gas and Electric (PG&E) recently floated the notion that it will probably be filing for bankruptcy. The Wall Street Journal calls this the first “climate change bankruptcy.” The company may be liable for billions in damages from recent wildfires in California. California’s fire agency found in June that PG&E’s equipment was to blame
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Giga Watt: Bitcoin Mining Company Finally Shutting Down Amid Unpaid Power Bills and Bankruptcy Hearings: Token To Be Worthless
A user contacted CCN with information related to Giga Watt, a Bitcoin mining company finally going out of business after declaring bankruptcy in November 2018. The firm lasted a little over a year, launching with an ICO model in September 2017. The business model of Giga Watt was slightly different than other hosted mining solutions.
The post Giga Watt: Bitcoin Mining Company Finally Shutting Down Amid Unpaid Power Bills and Bankruptcy Hearings: Token To Be Worthless appeared first on CCN
PG&E, US’ Largest Energy Utility Firm, to File for Bankruptcy as Potential Liabilities From California Wildfires Reaches Billions
U.S. utility Pacific Gas and Electric Company (PG&E) disclosed on Monday that it will file for bankruptcy. US’ largest energy utility firm with a market cap of $ 13+ billion said that the decision was forced by the wildfires which destroyed lives and property in California in 2017 and 2018. Per a BBC report, the utility
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Newsflash: Sears Strikes Last Minute Agreement Avoiding Bankruptcy
Proposed offer from Eddie Lampart (former CEO of Sears Holdings) was previously rejected. Eddie Lampart was given one last chance to make an offer on Tuesday January 8th. Sears Holdings accepted a last minute deal, avoiding bankruptcy. CCN previously reported that Sears had rejected a bailout offer and would be liquidating its business instead. Now,
The post Newsflash: Sears Strikes Last Minute Agreement Avoiding Bankruptcy appeared first on CCN
One More Chance: Judge Gives Eddie Lampert Time to Rescue Sears from Bankruptcy
Sears Chairman and ESL Investments founder Eddie Lampert will have one more chance to rescue the iconic retail chain from liquidation, a judge ruled on Tuesday. As CCN reported, The 126-year-old retailer had hoped to receive approval from a bankruptcy judge to proceed with liquidation after advisers rejected a $ 4.4 billion takeover bid from Lampert
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Bitcoin Mining Firm Giga Watt Declares Bankruptcy Owing Millions
U.S.-based bitcoin mining firm Giga Watt has declared bankruptcy with millions still owed to creditors.
CoinDesk
How SEC’s Paragon Ruling Could Send Many Crypto ICOs to Bankruptcy
The recent crackdown on two initial coin offerings (ICOs) Paragon and AirFox by the U.S. Securities and Exchange Commission (SEC) could lead to many blockchain and crypto projects declaring bankruptcy in the coming months. As CCN reported on November 16, Paragon and AirFox were ordered to pay a $ 350,000 fine to the U.S. SEC and
The post How SEC’s Paragon Ruling Could Send Many Crypto ICOs to Bankruptcy appeared first on CCN
MintPal Offline And Will Be Under New Management Due To Moolah Going Out Of Business
A major shocking announcement was made overnight by the owners of Moolah.io, as this platform/company will have to close its doors. Moolah recently took over management of the MintPal exchange, which has been relaunched as MintPal V2 just a few days ago. Let’s see what is going on.
Moopay LTD
Moolah has been existence for about 10 months now, which is quite impressive considering the high rate of failing Bitcoin/Digital currency startups over the past year. Unfortunately, even Moolah and Moopay LTD could not escape this fate.