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Search resuls for: "Tom Hals Dietrich Knauth"


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☆ FTX teams in U.S., Bahamas to coordinate crypto recovery efforts
  + stars: | 2023-01-06 | by ( Tom Hals Dietrich Knauth | Tom Hals | Dietrich Knauth | ) www.reuters.com   time to read: +2 min
Jan 6 (Reuters) - FTX's U.S.-based bankruptcy team have agreed to coordinate with liquidators winding down the crypto exchange's operations in the Bahamas, resolving a dispute that threatened the recovery of what could be billions of dollars in lost funds. FTX’s U.S. bankruptcy team has been at odds with Bahamian officials since November, when competing bankruptcies were filed in the two countries. The Securities Commission of the Bahamas began liquidation proceedings on Nov. 10 against FTX Digital Markets Ltd., the company's Bahamas-based unit. The next day a U.S. Chapter 11 proceeding was filed in Delaware, which included more than 100 FTX entities including FTX Trading and crypto hedge fund Alameda Research. Bahamian regulators have seized FTX assets, which officials said was meant to safeguard assets that will ultimately be returned to creditors of FTX Digital Markets.
☆ U.S. DOJ in process of seizing Robinhood shares tied to Bankman-Fried
  + stars: | 2023-01-04 | by ( Tom Hals Dietrich Knauth | Tom Hals | Dietrich Knauth | ) www.reuters.com   time to read: +3 min
[1/3] The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew KellyJan 4 (Reuters) - U.S. prosecutors are in the process of seizing shares of Robinhood Markets Inc (HOOD.O) tied to Sam Bankman-Fried, who has been charged with fraud in the collapse of the FTX cryptocurrency exchange, a U.S. attorney told a judge on Wednesday. He said the Robinhood shares were subject to litigation and it was an "open question" about who owns them. The Robinhood stock, worth about $465 million at Wednesday's late afternoon price of $8.30 per share, is also being claimed by BlockFi Inc, another bankrupt crypto firm. BlockFi is suing Emergent in a bid to seize the Robinhood stock, which was pledged by Alameda as collateral to guarantee repayment of a loan made by BlockFi.
☆ U.S. DOJ to seize $465 million of Robinhood shares tied to Bankman-Fried
  + stars: | 2023-01-04 | by ( Tom Hals Dietrich Knauth | Tom Hals | Dietrich Knauth | ) www.reuters.com   time to read: +3 min
[1/3] The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. The Department of Justice did not believe the 56 million shares of Robinhood, worth about $465 million, were property of a bankruptcy estate, U.S. attorney Seth Shapiro told U.S. Bankruptcy Judge John Dorsey, who is overseeing the FTX bankruptcy. Bankrupt crypto firm BlockFi, FTX and liquidators in Antigua have all laid claim to the Robinhood stock, along with Bankman-Fried. He said the Robinhood shares were subject to litigation and it was an "open question" about who owns them. BlockFi is suing Emergent in a bid to seize the Robinhood stock, which was pledged by Alameda as collateral to guarantee repayment of a loan made by BlockFi.
☆ FTX customers file class action to lay claim to dwindling assets
  + stars: | 2022-12-28 | by ( Tom Hals Dietrich Knauth | Tom Hals | Dietrich Knauth | ) www.reuters.com   time to read: +3 min
Dec 27 (Reuters) - FTX customers filed a class action lawsuit against the failed crypto exchange and its former top executives including Sam Bankman-Fried on Tuesday, seeking a declaration that the company's holdings of digital assets belong to customers. The proposed class, which wants to represent more than 1 million FTX customers in the United States and abroad, seeks a declaration that traceable customer assets are not FTX property. The customer class also wants the court to find specifically that property held at Alameda that is traceable to customers is not Alameda property, according to the complaint. The lawsuit seeks a declaration from the court that funds held in FTX U.S. accounts for U.S. customers and in FTX Trading accounts for non-U.S. customers or other traceable customer assets are not FTX property. If the court determines it is FTX property, then the customers seek a ruling that they have a priority right to repayment over other creditors.
☆ U.S. court weighs novel issue of crypto ownership in bankruptcy
  + stars: | 2022-12-07 | by ( Tom Hals Dietrich Knauth | Tom Hals | Dietrich Knauth | ) www.reuters.com   time to read: +4 min
If Celsius deposits are determined to belong to customers, users are far more likely to get their assets returned. Crypto companies typically offer a variety of accounts and they will likely be treated differently in bankruptcy. BlockFi, which is at the beginning of its own bankruptcy case, also offers both interest-bearing and custody accounts. 'WORSE THAN BANKS'Courts will also have to look beyond the user agreements and examine how crypto companies actually handled the deposits, according to bankruptcy specialists. “This is going to have enormous influence on crypto companies and crypto customer behavior."
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