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OpenAI has announced its decision to remain a nonprofit organization, abandoning its previous plans to convert into a for-profit entity. The company, known for its groundbreaking work in artificial intelligence (AI) development, had initially considered transitioning to a commercial model. However, after careful consideration, OpenAI has opted to stay true to its core mission of [...]
Former CEO Changpeng Zhao cannot be Binance's beneficiary if it wants to keep its French license.
Following the recent resignations, OpenAI has opted to dissolve its Superalignment team and integrate its functions into other research projects within the organization.
Core Scientific said favorable market conditions have increased its liquidity position and its bankruptcy restructuring plan has been revised.
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 [...]
The post Bankrupt Crypto Exchange FTX Continues to Explore Potential Relaunch, Court Records Reveal appeared first on Crypto Breaking News.
Joselit Ramirez, head of the Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18, according to reports from local media. Ramirez, who led the institution from its creation in 2018, was arrested for being allegedly involved in corruption schemes, including the embezzlement of $3 billion related to unregistered oil sales. Sunacrip Boss Joselit Ramirez Arrested [...]
The post Head of Venezuelan Crypto Watchdog Sunacrip Arrested on Alleged Corruption Charges; Institution to Face Restructuring appeared first on Crypto Breaking News.
The price of FLEX (FLEX/USD), the native token of cryptocurrency exchange CoinFLEX, has soared to a daily high of $2.06. The sudden surge came against the backdrop of CoinFLEX getting approval for a restructuring plan it filed in August last year. The exchange suspended withdrawals in June last year citing a liquidity crunch. The approval ...
<p>The post CoinFLEX restructuring plan approved: FLEX price explodes | Invezz first appeared on CCNC.</p>
Babel Finance is considering a new restructuring opportunity that involves the creation of a new decentralized finance (DeFi) project called Hope. This project aims to generate revenue to repay debts owed to creditors, and will mint a new stablecoin using Bitcoin and Ether as collateral. (Read More)
An overwhelming majority of Voyager account holders want Binance.US to buy out the firm’s assets.
Genesis said it will take additional weeks to carve out a recovery path for its lending business.
CoinFlex may be getting headway with respect to its restructuring plans as the majority of its creditors are backing the idea as revealed in early voting. (Read More)
Zipmex said it has appointed restructuring specialist as its financial advisor. KordaMentha is expected to help Zipmex establish a restructuring process. (Read More)
Babel Finance has tapped restructuring specialist Houlihan Lokey to explore options for reworking its debt. The firm faces financial difficulties triggered by the current extreme market conditions. (Read More)
The Venezuelan cryptocurrency ecosystem remains on shaky ground four months after the intervention of national crypto watchdog Sunacrip, and the arrest of its head, Joselit Ramirez, due to alleged participation in a $20 billion corruption scandal involving the undeclared sale of crude oil for crypto. There have been no official updates from Sunacrip’s restructuring board, [...]
The post Venezuelan Crypto Ecosystem Still in Shambles 4 Months After Sunacrip Intervention appeared first on Crypto Breaking News.
The U.S. Securities and Exchange Commission has filed a lawsuit against the now-defunct cryptocurrency lender, Celsius. The suit, filed Thursday, also names former CEO Alexander “Alex” Mashinsky as a defendant. Both he and the company stand accused of falsely promising investors a safe investment with high returns. Bankrupt Crypto Lender Celsius Accused by SEC of [...]
The post SEC Sues Bankrupt Crypto Lender Celsius, Alleges Misrepresentation of Customer Count and Risky Practices appeared first on Crypto Breaking News.
Cryptocurrency regulation tests aiming to help shape crypto laws in Zambia that simulate the real-world use of crypto are on track to finish by June. In an April 12 Reuters interview, Zambia’s innovation, science and technology minister, Felix Mutati, said the purpose of conducting the tests was to help the government “see what would happen [...]
The post Zambia’s crypto regulation tests to be wrapped by June: Report appeared first on Crypto Breaking News.
Kraken hinted that its managerial structure would be reformed, without explaining the details.
Consensys CEO Joe Lubin confirmed that the firms restructuring plan will impact 162 permanent employees.
Crypto lender Celsius Network will file a disclosure statement on April 12 regarding its Chapter 11 restructuring plan. The statement is aimed at providing adequate information for claim holders to vote on the proposed plan, which would create a public platform fully owned by Earn creditors called NewCo. The committee of unsecured creditors will appoint the majority of the firm’s board members, with no Celsius founder involvement or relationship. (Read More)
A significant portion of FTX repayments will likely be reinvested into cryptocurrencies, thanks to the promising growth prospect of the crypto market for 2025, industry insiders told Cointelegraph.
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