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On-chain data shows that a crypto wallet linked to the bankrupt Terraform Labs moved 1,075 BTC, valued at approximately $62.81 million, to a new address (bc1q5) on Sept. 2. While the firm has yet to comment publicly on the transfer, market analysts note that it aligns with Terraform Labs’ plan to wind down operations following […]
The post Terraform Labs moves $62.81M in BTC amid final wind-down steps appeared first on CryptoSlate.
According to the FTX bankruptcy estate, total claims from injured parties top $11 billion, as a court hearing to confirm the plan looms.
Following the collapse of the FTX exchange, the FTT token collapsed by more than 80% and wiped away over $2 billion in customer value.
Following the collapse of the FTX exchange, the FTT token collapsed by more than 80% and wiped away over $2 billion in customer value.
Get it before Oct. 30, Terraform Labs tells the third parties it is discussion its wind-down with.
The Celsius token skyrocketed 300% a month after the firm paid $2.5 billion to creditors, marking a strong rebound in the aftermath of its bankruptcy settlement.
After collapsing in 2022, facing an SEC lawsuit in 2023, and filing for bankruptcy in 2024, many of Terraforms legal cases in the US are beginning to wind down.
The parent company of Silvergate Bank has listed assets ranging from $100 million to $500 million and liabilities between $10 million and $50 million.
The company was authorized to choose between receiving a $30 million or a 500 Bitcoin loan from Galaxy Digital.
Rhodium Encore LLC, a Bitcoin mining firm based in Texas, has received court approval to pursue a financing plan during its Chapter 11 bankruptcy proceedings. The firm faces a debt of $100M. On Friday, the company was granted permission to choose between receiving $30 million in U.S. dollars or 500
This weeks Crypto Biz explores Pavel Durovs arrest and consequences for Telegram, Nvidias earnings results, OpenSeas Wells notice, Rhodiums bankruptcy, BlackRocks new crypto ETF and SxT Labs fundraising.
The Solana price has been rocked by the latest bombshell revelations surrounding the collapse of crypto exchange FTX. According to a whistleblower claiming inside knowledge of FTX’s operations, the now-bankrupt company is secretly holding a massive stash of Solana tokens – up to 8% of the entire SOL supply. Triggering Fears Of Massive Sell-Off By the numbers, if these allegations are true, this would equate to approximately 46.5 million SOL tokens worth about $7 billion at the current market price, which is $155 at the time of this writing. Related Reading: Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA “I’m not saying Solana will go to zero, but if this news is true and FTX starts to sell the tokens in the open market, then it could dump the price of Solana significantly,” warned a crypto user who spread the news on social media site X, known only as Wise Advice. In the wake of the news, Solana’s price plummeted below the critical $160 support level, dropping over 9% in the past two weeks and nearly 4% in the past 24 hours as rumors of FTX’s secret SOL holdings circulated. Solana Price Risks Freefall The revelations come on the heels of the FTX estate’s previous sell-off of discounted SOL tokens to repay creditors affected by the exchange’s collapse. Just two months ago, Bitcoinist reported that the estate offloaded a $2.6 billion trove of SOL at around $102 per token. Venture capital firms like Pantera Capital and Figure Markets scooped up large portions of this discounted SOL allocation. It is worth noting that these tokens remain subject to a multi-year vesting period, limiting their immediate impact on Solana’s market dynamics. On the other hand, the alleged hidden FTX stash, if true, could overshadow the impact of these sales and pose a formidable challenge to the Solana price in the near term. Related Reading: Bitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst With the potential for over $7 billion in Solana tokens to eventually hit the market, the cryptocurrency’s price may face intense selling pressure that could undermine its bullish prospects. Still, it is imperative to note that these are only rumors and have not been confirmed by the exchange’s bankruptcy state, and that no further information has been released on the matter, including whether the state overseeing the exchange’s repayment operations plans to sell these tokens to repay creditors, if true. Potential $140s Plunge In terms of immediate price action, crypto analyst Pratty Crypto has highlighted several technical factors that could signal further downside continuation for the cryptocurrency in the coming days. Pratty Crypto contends that Solana is facing a “lot of confluence” that points to a potential move towards the $140 zone. This includes Solana trading at a discount to the previous quarter’s mid-range, testing a key quarterly open level, and retracing 62% of its recent price run-up. In addition, Pratty Crypto warns that the deeper Solana’s price goes into the $130-$150 order block, the less likely it is to hold, potentially leading to more substantial losses. Featured image from DALL-E, chart from TradingView.com
Rhodiums debts range between $50 million and $100 million, while its total assets are estimated between $100 million and $500 million.
The objections raised by the US trustee and the creditor group are likely to play a significant role in the courts deliberations.
FTX chief restructuring officer and CEO John Ray III said the plan promises 100% return plus interest for non-governmental creditors.
In a January open letter, Gemini co-founder Cameron Winklevoss accused entities related to Genesis of inflating their assets.
Genesis has finalized its restructuring process and started distributing roughly $4 billion in digital assets and US dollars to creditors, according to an Aug. 2 statement. The company revealed that creditors will recover an average of 64% of their crypto claims, depending on the coins. Bitcoin holders will regain 51.28% of their holdings, Ethereum creditors […]
The post Genesis begins distributing $4 billion in assets to creditors, creates legal fund to sue DCG, others appeared first on CryptoSlate.
Blockchain analytical firm Arkham Intelligence reported that crypto custodial service provider BitGo moved $2 billion of Mt. Gox’s Bitcoin to a new wallet, “bc1qpn,” according to an Aug. 13 post on X. Currently, the wallet holds 33,023 Bitcoin, valued at $1.96 billion, following recent market fluctuations that have pushed BTC’s value to below $60,000 as […]
The post BitGo moves $2 billion in Bitcoin, marking progress in Mt. Gox repayments appeared first on CryptoSlate.
The assets in question were evidently given to Tether as collateral.
The assets in question were evidently given to Tether as collateral.
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