Monday, 27 March 2023

Crypto News

FTX creditors list, BlockFi $1.2B exposure and new Celsius token…

FTX creditors list, BlockFi $1.2B exposure and new Celsius token...

Top Stories This Week

FTX creditor list shows airlines, charities and tech firms caught in collapse

The complete list of creditors owed money by the bankrupt cryptocurrency exchange FTX has been released, revealing a wide range of global companies. Among the potential creditors are airlines, hotels, charities, banks, venture capital companies, media outlets and crypto companies, along with United States and international government agencies. According to another headline regarding the FTX scandal, U.S. federal prosecutors allege that Sam Bankman-Fried invested $400 million in the venture capital firm Modulo Capital with money from the FTX’s customers. Investigators allege that Modulo was likely built with criminal proceeds or misappropriated funds. Lawyer costs in the case are estimated to reach hundreds of millions of dollars before the firm’s bankruptcy investigation is over.

BlockFi uncensored financials reportedly shows $1.2B FTX exposure

Bankrupt crypto lending firm BlockFi uploaded uncensored financials by mistake, revealing $1.2 billion in assets tied up with bankrupt exchange FTX and defunct trading firm Alameda Research. The unredacted filings show that, as of Jan. 14, BlockFi had $415.9 million worth of assets linked to FTX and a whopping $831.3 million in loans to Alameda. BlockFi filed for Chapter 11 bankruptcy on Nov. 28, citing the collapse of FTX just weeks earlier as the cause of its financial troubles.

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New ‘Celsius token’ may be used to repay creditors

Bankrupt crypto lending firm Celsius may issue its own token to repay creditors. In a court hearing, Celsius attorney Ross M. Kwasteniet said the firm is negotiating with its creditors on how to relaunch the platform and adequately pay them back. If approved by creditors and the court, the relaunched version would be “a publicly-traded company that is properly licensed,” which is expected to provide creditors with more money than by simply liquidating  the company.

Binance holds token…

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