FTX says creditors supported reorganization plan with 95% vote

FTX chief restructuring officer and CEO John Ray III said the plan promises 100% return plus interest for non-governmental creditors.

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Venezuela Shuts Down Crypto Mining Operations

Venezuela has closed down crypto mining facilities as part of a national crypto department reorganization and corruption investigation into the country's oil company, PDVSA. (Read More)

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Core Scientific moves for September bankruptcy exit, expects $46M boost

Core Scientific said favorable market conditions have increased its liquidity position and its bankruptcy restructuring plan has been revised.

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DCG Fails to Make $630M Payment to Creditors Amid Genesis Negotiations, Says Gemini

In the midst of the financial dispute between crypto exchange Gemini and Digital Currency Group (DCG), Gemini has alleged that DCG failed to make a payment of around $630 million that was due last week. In response, Gemini has stated that it may extend “forbearance” to DCG in order to prevent a default. DCG’s Alleged [...]

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Chain Reorg Explained: An Introduction to Chain Reorganisation in Blockchain Technology

A chain reorg typically occurs when two nodes independently mine a new block simultaneously, mostly due to a congested network.

Continue reading Chain Reorg Explained: An Introduction to Chain Reorganisation in Blockchain Technology at DailyCoin.com.

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What Happens If A Crypto Exchange Declares Bankruptcy?

Unlike traditional financial institutions, crypto firms have very few assets to fall back on in the event of a liquidation.

Continue reading What Happens If A Crypto Exchange Declares Bankruptcy? at DailyCoin.com.

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FTX Unveils Reorganization Strategy, Proposing ‘Offshore Crypto Exchange’ and New Trust

In the midst of the bankruptcy proceedings, FTX presented its primary reorganization strategy and term sheet to the U.S. bankruptcy court, detailing an ambitious plan to reinvent FTX as an “offshore crypto exchange” while also founding a new limited liability trust. At this time, the proposed FTX reorganization plan is targeting a comprehensive settlement between [...]

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