FTX creditors are seeking damages against the law firm Sullivan & Cromwell for its prior involvement with the crypto exchange. FTX bankruptcy case has unfolded to a new chapter as the exchange’s creditors have filed a class-action lawsuit against the law firm overseeing the case. In a court filing on Feb. 16, FTX creditors alleged…
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Central issues: The board designs a conversation on rebuilding; counsels will answer inquiries. An adjudicator endorses Celsius’ exposure; deciding on a resource deal is underway. The crypto moneylender dispatches a leaser possessed firm for $2 billion in Bitcoin, Ethereum dispersion and countenances difficulties. The Official Committee of Celsius Unsecured Creditors has announced an upcoming staff meeting slated…
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Key Points: Due to the unstable financial situation and monetary policies, the cryptocurrency market shows signs of a slight decline. The concern that Deutsche Bank’s bankruptcy will spread to other banks receives feedback from investors. Shares fell 14% as a result of the financial services giant Deutsche Bank’s debt insurance costs skyrocketing to a four-year…
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Key Ideas Sam Bankman Fried’s crypto empire had a $6.8 billion deficit on its balance sheet when it filed for bankruptcy in November 2021, according to a recent filing with the bankruptcy court. It was believed that FTX was overextending itself because of its operations’ rapid expansion, which included sponsoring important sports teams and leagues.…
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