Celsius Creditors Accuse Wintermute Of Manipulative Wash Trading Scheme
Creditors of the bankrupt crypto lending firm Celsius Network recently amended their lawsuit to accuse Wintermute, a major crypto market maker, of participating in a [...]
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Creditors of the bankrupt crypto lending firm Celsius Network recently amended their lawsuit to accuse Wintermute, a major crypto market maker, of participating in a [...]
Troubled crypto lender BlockFi got a major relief after the SEC agreed to spare the $30 million penalty it owed to the commission. The amount is the remainder of the $50 million fine that must be paid to the SEC for failing to register with the regulator for the offering and sale of its crypto […]
Bankrupt cryptocurrency firm Celsius has found a buyer after reaching a deal with investment firm NovaWulf Digital Management. What: Crypto lending company Celsius Network has [...]
Following Nexo’s settlement with US Securities and Exchange Commission (SEC), and the North American Securities Administrators Association (NASAA), the lending
Stablecoin issuer Tether has denied claims that it borrowed $2 billion from failed cryptocurrency lender Celsius, following a nearly 700-page report filed on Tuesday, January [...]
Celsius Network, co-founded by serial entrepreneur Alex Mashinsky, spent at least $558 million purchasing its own token, CEL. According to the latest filing, the cryptocurrency [...]
BlockFi, the cryptocurrency lender that declared bankruptcy following the FTX collapse, has been approved by the New Jersey bankruptcy court to auction its crypto mining [...]
A lawyer for Genesis is optimistic it can resolve creditor disputes before the week is out while the firm could exit bankruptcy proceedings in four months.
Cryptocurrency lender Nexo has suffered a myriad of challenges of late, but is managing to beat one of them. In the most recent development, the [...]
According to WSJ, Celsius Network has now acquired ownership of the $4.2 billion in cryptocurrencies that its users have deposited with it. With this action, the bankrupt platform is now free to utilize the money in any way it sees fit. Notably, around 600,00 users of the Earn program were the owners of this fund. […]
On November 11, BlockFi banned withdrawals and asked customers not to deposit to wallets or Interest Accounts due to FTX uncertainty. The lending platform intends to seek similar remedies from the Supreme Court of Bermuda. Jan 9 is the hearing date for the motion's approval. (Read More)
The self-custody platform was acquired by Celsius in 2021 for $115 million and is now set to change hands, pending approvals.
Celsius Network (CEL/USD) founder Alex Mashinsky, who recently resigned as the bankrupt crypto lender’s CEO, withdrew $10 million from the firm’s accounts just weeks before it announced a halt to all customer withdrawals, according to a Financial Times report.
This latest Celsius news report, which cites unnamed sources, claims the embattled Celsius ex-CEO pulled the money in May, just as the crypto market descended into a massive contagion. The period had seen the collapse of cryptocurrency Terra Luna and its stablecoin TerraUSD, with deleveraging and customer jitters mounting as crypto hedge fund Three Arrows Capital (3AC) hit the dust.
Celsius paused customer withdrawals on 12 June, with the company going on to file for Chaper 11 bankruptcy in July sporting a balance sheet with a $1.2 billion hole.
Money used to ‘pay taxes’According to a spokesperson of the ex-CEO, Mashinsky did disclose that $44 million belonging to him and his family are frozen together with other assets on Celsius. The disclosure was made to the unsecured creditors committee (UCC), with most of what the founder withdrew going into payment of state and federal taxes.
These revelations, the FT noted in its report, will more than likely see Mashinsky face a lot more scrutiny as Celsius submits details of his transactions to court.
The exercise, which is planned for the next few days, is part of the disclosures expected to shed more light on Celsius’ financial health.
The post Celsius founder withdrew $10M weeks to crypto lender’s bankruptcy: Report appeared first on Invezz.
Hodlnaut, a troubled Singapore-based crypto lender, says it has released 80% of its workforce as it looks to execute a recovery plan after its financial health took a major hit.
In a blog post Friday, Hodlnaut said that it has laid off 40 employees (constituting 80% of the staff) since halting withdrawals. Per the company, the layoffs are necessary as the team tries to execute a recovery plan, with a reduction in expenditure among the first steps towards that.
The distressed firm will also look to stabilise its liquidity further through a reduction of its burn rates. As such, “all open term interest rates” have been cut to 0% APR, with this set to take effect on 22 August, 5 pm Singapore time.
Hodlnaut’s financial healthHodlnaut is one of many crypto firms to suffer losses following the collapse of TerraUSD, and the broader market crash that engulfed the ecosystem and sent crypto prices plummeting.
Part of the recovery plans the firm has put in place since being forced to pause customer withdrawals is to seek judicial management. In Singapore, this is a process involving the courts in which a firm seeks protection (a moratorium) from liquidation as it embarks on a recovery effort.
If the judicial application is successful, the company’s crypto holdings – Bitcoin (BTC/USD) and Ethereum (ETH/USD) – will not be liquidated in a manner that might impact customers, the firm’s statement noted. The process of acquiring an interim Judicial Manager has started, with the Singapore Court expected to hear the application beginning Monday, 22 August 2022.
Meanwhile, the company’s efforts to navigate the turmoil are likely also to depend on an ongoing investigation involving the Singapore police.
Hodlnaut did not provide specific details about the pending police proceedings, only noting that the “actions are taken in what we believe to be in the best interests of our users.”
The post Singapore-based crypto lender Hodlnaut cuts 80% jobs appeared first on Invezz.
In a blog post published on Friday, Singaporean crypto lender Hodlnaut revealed significant layoffs and ongoing “police proceedings,” underscoring the precarious financial and legal predicament of the most recent company to suspend cryptocurrency withdrawals. Hodlnaut said in the blog that in an effort to “stabilize our liquidity” and reduce costs, it let go 40 employees […]
Crypto Lender Nexo became a target of an online expose after a series of allegations emerged accusing the firm of misappropriating charity donations. Denying the claims calling it ludicrous and defamatory, the lending platform shot out a cease and a desist notice to the anon accuser who goes by the name of Otteroooo. Nexo also […]
Crypto savings company Nexo Finance announces massive buyback program We are launching a record $100M Buyback program as part of #Nexonomics! $100M worth of $NEXO Tokens will be repurchased and dedicated to strategic investments and other activities to ensure the stability and growth potential of our native token.https://t.co/2Y08mxIow0 — Nexo (@NexoFinance) November 15, 2021 Nexo Finance […]
The post Nexo Finance Is Giving 100 Million Dollars Back To Its Community appeared first on CryptosRus.
Crypto savings accounts like Celsius are very unpopular with one particular group of people: politicians. Why? Who knows. Maybe it’s the cozy relationships they enjoy with traditional finance, or they just straight-up hate you and want to keep you poor. Ultimately it doesn’t matter why. What does matter is that if you believe that HODL’ing […]
The post How To Use Celsius appeared first on CryptosRus.
While crypto lenders are under fire from regulators, Celsius Network raises an impressive amount of cash. Big news for @CelsiusNetwork in the @FT https://t.co/Na1hhNY0YW — Alex Mashinsky ©? (@Mashinsky) October 12, 2021 Via press release, Celsius Network announced this morning that they’ve completed another successful funding round, raising over $400 million USD from Westcap […]
The post Celsius Network Just Got A Lot Of Money From Some Very Credible People appeared first on CryptosRus.
Embattled crypto lender Vauld has a major update for its creditors. In a Telegram message dated 20 June, the firm apprised its users of a vote that took place from May 31 to June 8, 2023, giving creditors the chance to choose whether or not to support the proposed scheme of funds payout [the “Scheme”]. […]
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