Bankruptcy News

Mt. Gox also shuffled a total of 12,000 Bitcoin worth over $1 billion on March 6 and another 11,833 Bitcoin on March 11.

The missing $1.5 billion may still not have been enough for 3AC to cover creditor claims before the $10 billion crypto hedge fund’s collapse in 2022, Nansen analysts told Cointelegraph.

3AC liquidators have been trying to claw back funds held by the hedge fund on FTX since it filed a June 2023 claim in the collapsed exchanges bankruptcy case.

Mt. Gox moved a batch of Bitcoin worth over $930 million on March 11 as the bankrupt crypto exchange vies to fully repay customers by Oct. 31.

FTX creditor repayments being facilitated a little over 2 years after FTX’s shock collapse is a “win” given all the jurisdictional issues that were involved, an industry pundit said.

The Index, which measures overall sentiment in the crypto market, has not seen levels this low since the collapse of multiple crypto firms in 2022.

FTX creditor and advocate Sunil Kavuri shared the list of countries, which includes Russia, China, Egypt, Nigeria and Ukraine.

A distribution notice from FTX Digital Markets showed that the initial group of claimants could expect the value of their funds to be returned plus interest.

Though Brian Pellegrino said in September 2023 that FTX’s lawsuit was “filled with unsubstantiated claims,” LayerZero reached an agreement over deals with the company.

As part of the acquisition, Backpack EU will be responsible for distributing court-approved bankruptcy claims to FTX EU customers.

According to the plan, certain FTX users claiming less than $50,000 could expect to see their funds returned within 60 days.

More than two years after the cryptocurrency exchange filed for bankruptcy, the first group of FTX claimants could see recovery payments distributed as early as January.

A bankruptcy court filing showed FTX’s debtors reached settlements with political action committees and state-level Democratic parties over political contributions.

The debtor’s estate for the failed crypto lending platform announced a second payout of $127 million to creditors, but some are still unhappy.

A creditors' meeting will be held in March, but their funds reportedly disappeared into the chaos of the FTX collapse.