Multichain Foundation to pay $2.1M to Fantom for losses

The High Court of Singapore ordered Multichain to compensate the Fantom Foundation after a $210 million hack, awarding $2.18 million in damages.

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FTX Unveils Billions Repayment Plan to Compensate Creditors

FTX has announced a repayment plan to repay creditors and compensate for time value of investments, but valuation concerns remain over its effectiveness. (Read More)

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FTX addresses transferred $8.3M one day before amended proposal deadline

The transfer occurred a day before FTX debtors were set to release a new restructuring plan for the exchange.

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Gala Games to Officially Discontinue Popular NFT Game

Gala Games shuts down The Walking Dead: Empires NFT game by 2025, offering vault boxes as compensation.

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KiloEx DeFi Platform to Provide Compensation for Users Affected by $7.5M Hack

Kiloex Compensation Plan after $7 Million Hack in April Kiloex, a leading cryptocurrency exchange, announced a comprehensive compensation plan following a major hack in April that resulted in a loss of $7 million worth of funds. The platform has taken swift action to address the issue and ensure that users are adequately compensated for their [...]

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BitKeep Compensates Users After $8M Hack

BitKeep has fully compensated 11,090 users affected by the Dec. 26, 2022, hack that resulted in an estimated $8 million loss. BitKeep will rebrand to Bitget Wallet and have access to Bitget’s $300 million User Protection Fund for future security threats. (Read More)

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Former FTX CEO Seeks $10M Insurance Fund for Legal Defense, Request Opposed by FTX Debtors and Unsecured Creditors

Court filings reveal that the FTX co-founder is seeking access to a $10 million insurance plan to cover his attorney fees. FTX debtors and unsecured creditors have opposed Sam Bankman-Fried’s request, arguing that every dollar spent on his defense is “one less dollar” available to cover the losses of the debtors. FTX Debtors and Unsecured [...]

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Dragonfly Crypto Compensation Report Unveils Industry Salary and Token Trends

Dragonflys 2023 Crypto Compensation Report unveils key trends in salary, equity, and token packages across the crypto industry. (Read More)

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Bankrupt Crypto Exchange FTX Continues to Explore Potential Relaunch, Court Records Reveal

Recently submitted court records in the FTX insolvency case reveal that the exchange’s new CEO, John Ray III, has been exploring a revival plan for the now-disabled trading platform and the “preliminary formation of restructuring strategies.” FTX’s Revival Prospects Surface as New CEO Explores Reboot Plans and Bidder List The current CEO and main restructuring [...]

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Bank of England halts Silicon Valley Bank UK branch operations

The Bank of England has ordered the Silicon Valley Bank's UK branch to halt its operations as it has limited presence and no critical functions supporting the financial system. The bank will be placed into a Bank Insolvency Procedure, and eligible depositors will be paid out by the Financial Services Compensation Scheme up to the protected limit of £85,000, with the remaining assets and liabilities being managed by bank liquidators. UK venture capitalists and a nonprofit organization have expressed concern as several startups and investors have significant exposure to the SVB UK, including prominent blockchain VCs who have over $6 billion in assets at the bank. (Read More)

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Crypto Investors Should Expect No Compensation From Government: UK Regulator

The head of the United Kingdom Financial Conduct Authority (FCA) takes a harsh stance against victims of digital currency scams, opposing them to receive compensation from the government. (Read More)

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Animoca Brands to Cover Losses of Recent Scam Victims

Hong Kong-based Animoca Brands released a statement saying that the company will cover the losses of those who fell victim to an online scam on November 19. (Read More)

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Quadriga CX Customers to Finally Receive Payout: Creditors to Get 13% per Dollar

EY, the global accounting and professional services organization, released a long-awaited update on Friday for the creditors of Quadriga CX. The Canadian cryptocurrency exchange, which had sought bankruptcy protection in 2019 with liabilities of C$215.7 million and assets totaling around C$28 million, had left its creditors in a state of uncertainty. In the latest notice [...]

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Allbridge Provides Compensation Plan for Hacked Users

Allbridge has posted a recovery plan after being hacked for $573,000 on April 1, stating that users with funds stuck on the token bridge are first in line to receive compensation. Allbridge has already started the compensation process for users despite only recovering part of the funds. The protocol aims to fully compensate those affected by the exploit with funds available to them. (Read More)

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