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☆ One of the largest FTX creditors is trying to recoup millions for victims
▼ + stars: | 2024-04-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Bruch is one of the largest individual FTX creditors and has been tapped by the US Department of Justice to serve as one of nine on the FTX Creditors’ Committee, where he is working to recoup the funds lost by customers. DOJ-appointed creditor committees ordinarily consist of people and companies who hold the seven largest unsecured claims against the debtor (in this case, FTX), according to the agency. Before the Bell spoke with Bruch about Sam Bankman-Fried, FTX, MyPrize and the future of crypto. I feel for all of the creditors and am doing everything I can to help recoup what was taken from us. I’ve worked at some of the largest crypto trading desks in the world and then also started trading my own book of capital and grew to become one of the largest individual crypto traders.

Persons: Sam Bankman, Fried, Zach Bruch, Bruch, MyPrize, Bell, Sam Bankman Fried, —, ”, Sam Bankman Fried’s, Bitcoin, I’ve, Elisabeth Buchwald, Jerome Powell wasn’t, ” Powell, Powell, Christopher Waller, Evan Gershkovich, Evan Gershkovich’s, Radina Gigova, Anna Chernova, Antonina Favorskaya, Alexey Navalny, Favorskaya, Gershkovich Organizations: CNN Business, Bell, New York CNN, US Department of Justice, ’, DOJ, Arrington Capital, Department of Justice, Federal, Commerce Department, San Francisco Fed, ” Fed, CNN, Wall Street Locations: New York, Russia, Yekaterinburg

☆ Celsius Network faces roadblocks in pivot to bitcoin mining
▼ + stars: | 2023-11-30 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsNEW YORK, Nov 30 (Reuters) - Crypto lender Celsius Network may have to seek a new creditor vote on its proposed transformation into a bitcoin mining business, a U.S. bankruptcy judge said during a court hearing on Thursday. Celsius said last week that it had reduced its post-bankruptcy business plans to focus only on bitcoin mining, citing the skepticism of the U.S. Securities and Exchange Commission (SEC) about its other planned business lines. The SEC did not definitively object to Celsius' bankruptcy plan before it was approved, but Celsius said the agency was unwilling to approve crypto lending and staking activity that the agency has opposed in the past. Celsius attorney Chris Koenig argued at Thursday's hearing that Celsius's court-approved bankruptcy plan gave the company flexibility to pivot to a mining-only business. Celsius creditors can expect a 67% recovery under the new plan, an increase from 61.2% under the Fahrenheit deal, according to court documents filed on Thursday.

Persons: Dado Ruvic, Martin Glenn of, Glenn, Chris Koenig, Koenig, Arrington, BRIC, Dietrich Knauth, Alexia Garamfalvi, Grant McCool Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Bankruptcy, US Bitcoin Corp, Arrington Capital, Recovery Investment, US, Thomson Locations: U.S, Martin Glenn of New York

☆ Celsius Network pivots to bitcoin mining after bankruptcy
▼ + stars: | 2023-11-21 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

[1/2] Celsius Network logo and representations of cryptocurrencies are seen in this illustration taken, June 13, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Nov 21 (Reuters) - Crypto lender Celsius Network has scaled back its post-bankruptcy business plans to focus only on bitcoin mining, citing U.S. regulators' skepticism of its other planned business lines. A U.S. bankruptcy court in Manhattan had approved Celsius' Chapter 11 plan on Nov. 9, clearing the company to return cryptocurrency to customers and create a new company owned by Celsius creditors. The SEC did not definitively say during Celsius' bankruptcy case whether the new company's business plans would violate U.S. law, but it reserved the right to make that determination later. Bitcoin mining was always meant to be the "core business" of the new company, Celsius said.

Persons: Dado Ruvic, BlockFi, Dietrich Knauth, Alexia Garamfalvi, Richard Chang Organizations: REUTERS, U.S . Securities & Exchange Commission, SEC, Arrington Capital, Bitcoin Corp, Voyager, Thomson Locations: U.S, Manhattan, New Jersey

☆ Crypto lender Celsius Network cleared to exit bankruptcy
▼ + stars: | 2023-11-09 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Nov 9 (Reuters) - Crypto lender Celsius Network received U.S. bankruptcy court approval for a restructuring plan that will return cryptocurrency to customers and create a new company owned by Celsius creditors. Crypto lenders BlockFi and Voyager Digital were wiped out in bankruptcy, and cryptocurrency exchange FTX remains stuck in Chapter 11 proceedings. In addition to their stake in the new company, Celsius customers will receive a partial repayment of the cryptocurrency assets they deposited on the platform. Celsius had 600,000 customers who held about $4.4 billion in interest-bearing Celsius accounts when it filed for bankruptcy, according to court documents. The restructuring plan includes a settlement that values Celsius's proprietary crypto token, CEL, at 25 cents.

Persons: Dado Ruvic, Martin Glenn, Michael Arrington, BlockFi, Arrington, Alex Mashinsky, Mashinsky, Dietrich Knauth, Alexia Garamfalvi, Lisa Shumaker, Bill Berkrot Organizations: REUTERS, Bankruptcy, LLC, Arrington Capital, Voyager, Nasdaq, Thomson Locations: Manhattan, New Jersey, New York

Celsius Network logo and representations of cryptocurrencies are seen in this illustration taken, June 13, 2022. REUTERS/Dado Ruvic/Illustration/file photoCompanies Celsius Network Limited FollowNEW YORK, Aug 14 (Reuters) - Crypto lender Celsius Network on Monday received a U.S. bankruptcy judge's permission to seek creditor approval for its bankruptcy plan, advancing a proposal to exit Chapter 11 as a new entity owned by its creditors. Some creditors oppose the plan, but the official committee appointed to represent junior creditors supports it and will recommend that Celsius customers vote in favor. Celsius had 600,000 customers who held about $4.4 billion in interest-bearing Celsius accounts when it filed for bankruptcy, according to court documents. This will allow Celsius customers to sell equity shares that they will receive as part of their bankruptcy recovery, according to court documents.

Persons: Dado Ruvic, Martin Glenn, Alex Mashinsky, Mashinsky, Dietrich Knauth, Alexia Garamfalvi, David Gregorio Our Organizations: REUTERS, Monday, Arrington, Nasdaq, Thomson Locations: Manhattan, . New Jersey, New York

☆ 'It's a little frightening': Worldcoin surged 111% on its opening day. 2 experts explain why they would never scan their eyes in exchange for the crypto, and why they think the hype will fade.
▼ + stars: | 2023-08-01 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

On opening day, the WLD token surged from $1.70 to $3.58, up by about 110.6%, according to CoinMarketCap data compiled by Bloomberg. Isaac Patka, a former electrical engineer in the semiconductor industry turned crypto developer in 2017, believes the hype will soon fade. People could be exploited by signing up to get their irises scanned and then sell their accounts for a little bit of money in exchange for giving up their identity, Patka added. Now, what I mean by that is, if you're using a blockchain, it gets written to the blockchain," Arone said. You also run the risk of changes to the system, Arone added.

Persons: Isaac Patka, Geoffrey Arone, Sam Altman, aren't, it's, Patka, Worldcoin, Shield3, Arone, there's Organizations: Bloomberg, Arrington Capital, Experian, Clear

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