Tagged: bankruptcy

November 13, 2022 @ 5:26 pm By JD Alois  |  

As details of the FTX collapse continue to emerge, criticism has turned into a pile-on in regard to Sam Bankman-Fried’s mismanagement of the crypto exchange and affiliated entities, including his hedge fund Alameda Research. Bankman-Fried is said to be in the Bahamas, where authorities are… Read More

November 11, 2022 @ 10:09 am By JD Alois  |  

In an action that should come as no surprise, FTX (International), along with its affiliated firms, including FTX.us and Alamada Research, has filed for bankruptcy protection. The news was revealed via Twitter in FTX’s main account. What was once the 2nd largest crypto exchange in… Read More

September 27, 2022 @ 12:15 pm By JD Alois  |  

In a brief corporate statement, Alex Mashinsky, founder and CEO of Celsius Network, has resigned from the firm, effective immediately. Celsius is one of the crypto firms that grew rapidly providing incredible returns to investors via its crypto lending/yield platform, only to collapse in the… Read More

September 2, 2022 @ 3:32 pm By JD Alois  |  

Celsius Network has emerged as another emblematic platform reflecting the hubris of certain crypto firms in promising more than they can actually deliver. Celsius collapsed into Chapter 11 bankruptcy during a time of dramatic volatility, catalyzed by the collapse of TerraUSD, a stablecoin that ended… Read More

July 25, 2022 @ 9:44 am By JD Alois  |  

As was reported earlier, FTX has sent a proposal to Voyager Digital to effectively take over the company’s accounts while leaving the Three Arrows Capital (3AC) loans within the recovery process. FTX would open new accounts for remaining Voyager Digital account holders – potentially funding… Read More

July 24, 2022 @ 7:27 pm By Omar Faridi  |  

FTX Trading Ltd., owner and operator of FTX.com, a global cryptocurrency exchange, recently announced a joint offer with West Realm Shires Inc., the owner and operator of FTX US, and Alameda Ventures Ltd, “to provide early liquidity to customers of Voyager Digital, LLC, which filed… Read More

July 19, 2022 @ 9:06 am By JD Alois  |  

Three Arrows Capital (3AC) is shouldering part of the blame for the crypto contagion that has wreaked havoc on digital asset markets. The crypto hedge fund stumbled, and then imploded when crypto valuations rapidly declined – most dramatically represented by the collapse of TerraUSD/LUNA, an… Read More

July 18, 2022 @ 10:27 pm By JD Alois  |  

Celsuis held its first hearing in bankruptcy court, publishing a presention that highlights the grim decline in value of its crypto holdings in just a few weeks. According to a presentation, as of March 30, 2022, Celsius helld over $22 billion in assets. That amount… Read More

July 15, 2022 @ 4:59 pm By JD Alois  |  

Following its bankruptcy filing, digital asset trading platform Voyager Digital (OTCPink: VYGVQ), has delisted its shares from the Toronto Stock Exchange (TSX). Voyager last traded at CDN $0.335 a share down from over $26/share in the past year. Voyager went bankrupt following a large loan… Read More

July 13, 2022 @ 9:42 pm By JD Alois  |  

Celsius Network, at one time one of the most popular crypto yield and lending platforms, has filed for bankruptcy protection under chapter 11, thus removing all speculation as to whether or not the platform could reanimate itself during a collapse in crypto valuations. Celsius effectively… Read More

July 6, 2022 @ 9:58 am By JD Alois  |  

Voyager Digital (TSX: VOYG) (OTCQX: VYGVF), a digital asset trading platform, has filed for bankruptcy following a difficult couple of weeks for the company. Voyager is emblematic of crypto contagion fears as counter-party risk has caused several firms to pause operations or, in this case,… Read More

December 17, 2020 @ 11:44 am By JD Alois  |  

The break up of the once high-flying Fintech Wirecard continues as the insolvency administrator has announced that Wirecard Solutions South Africa has been acquired by Adumo RF Pty Ltd,  subject to approval by the local regulatory authorities. Today’s announcement follows similar announcements of the various… Read More

November 19, 2020 @ 10:15 am By JD Alois  |  

Infamous Fintech Wirecard AG (WDI:DE) has seen its core European business sold to Banco Santander according to the insolvency administrator. Jaffe reports that the assets of Wirecard AG, Wirecard Technologies GmbH and other companies of the Wirecard Group, and the assets of the European core business were… Read More

November 9, 2020 @ 5:07 pm By JD Alois  |  

Cred, a crypto lending platform, has filed for Chapter 11 bankruptcy, according to a statement from the company. The news follows reports of “irregularities” at the company. In a tweet last month, Cred said it had approached law enforcement to investigate opaque events pertaining to… Read More

July 23, 2020 @ 5:46 pm By JD Alois  |  

Wirecard (WDI:DE), once a Fintech darling that fell through the regulatory cracks and now is one of the biggest financial debacles ever in Germany, is compelling public officials to revamp their approach to compliance and oversight. According to a report in Suddeutsche Zeitung, German Finance… Read More

July 22, 2020 @ 2:22 pm By JD Alois  |  

The odyssey of the collapse of Wirecard (WDI:DE) continues to generate headlines as investigators sort through the rubble of the once prominent Fintech. The news has been flowing at a steady pace as pieces of the puzzle are added to Wirecard’s saga as authorities seek… Read More

July 18, 2020 @ 12:54 pm By JD Alois  |  

A former Wirecard (WDI:DE) executive who was based in Dubai but returned to Germany and was quickly arrested wants to cooperate with investigators according to multiple reports. The unnamed individual was previously CEO of Cardsystems Middle East an entity that reportedly generated the bulk of… Read More

July 15, 2020 @ 9:08 am By Omar Faridi  |  

UK-based Lendy, a peer to peer (P2P) lender that shut down in 2019 and went into administration, was requiring previous investors to pass certain anti-money laundering (AML) checks again, before they qualify to get refunds. Administrators of the bankrupt P2P lender have revealed that the… Read More

July 7, 2020 @ 3:58 pm By JD Alois  |  

Last week it was announced that Dr. Michael Jaffé had been appointed to oversee the bankruptcy process of Wirecard AG (WDI:DE). The once prominent Fintech dove into ignominy following the revelation of €1.9 billion in missing funds. The financial scandal saw the CEO, Markus Braun,… Read More

June 30, 2020 @ 1:56 pm By JD Alois  |  

Wirecard AG (WDI:DE) has posted a notice today that it has officially terminated the employment contract of Dr. Markus Braun who resigned earlier this month following the revelation of £1.9 billion in missing funds. Braun has since been arrested on fraud charges. Currently, he is… Read More