#1 Source For Bitcoin And Altcoin News
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
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.
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.
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.
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
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
The post PG&E Stock Soars 50% as Investors Brush off Bankruptcy Concerns appeared first on CCN
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
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
The post PG&E, US’ Largest Energy Utility Firm, to File for Bankruptcy as Potential Liabilities From California Wildfires Reaches Billions appeared first on CCN
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
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
The post One More Chance: Judge Gives Eddie Lampert Time to Rescue Sears from Bankruptcy appeared first on CCN
U.S.-based bitcoin mining firm Giga Watt has declared bankruptcy with millions still owed to creditors.
CoinDesk
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
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.
