ChainCatcher news, the crypto bank Banq previously filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for Nevada, but its application has been dismissed.The judge presiding over the case, Natalie M. Cox, stated that the bank's bankruptcy filing was a "malicious" strategy aimed at "gaining an advantage in pending litigation" rather than restructuring.Judge Cox wrote in her ruling that the bankruptcy proceedings were a tactic to protect Banq and its founder Jon Jiles from an investor lawsuit initiated by N9 (the company's primary creditor holding a $3 million stake). N9 accused Jiles of failing to fulfill his fiduciary duties by prioritizing the interests of Prime Trust (of which he is a founder and managing member) over those of Banq.Previous news, the crypto custody company Prime Trust's subsidiary Banq has filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Nevada.

ChainCatcher news, according to HODL15Capital monitoring, at the time of the Chapter 11 bankruptcy filing, FTX was severely lacking in spot Bitcoin, holding only 0.1% of the Bitcoin that customers believed the exchange held. At the time of the bankruptcy filing, FTX had only 1 million dollars in Bitcoin, while customer balances amounted to 1.6 billion dollars.

ChainCatcher news, Terraform Labs stated on social media that the Chapter 11 voluntary bankruptcy filing is a strategic step that allows it to continue operating and supporting the Terra community and ecosystem.It is reported that TFL plans to meet all financial obligations to employees and vendors during the Chapter 11 proceedings without the need for additional financing. It still plans to continue expanding its Web3 products, complete the acquisition of Pulsar Finance, launch the cross-chain wallet Station v3, and upgrade the Enterprise Protocol cross-chain staking.

ChainCatcher news, Prime Trust's parent company Prime Core Technologies reported that the company lost $6 million of client funds and $2 million of financial funds due to its investment in TerraUSD. This investment, along with increased expenditures in October and November 2022, is one of the reasons for its bankruptcy filing.Previous report, Prime Trust has filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code in the Delaware bankruptcy court and appointed John Guedry as the company's custodian, who will continue to manage its business as a debtor in possession under the supervision and guidance of a special committee.

According to ChainCatcher news, as reported by CoinDesk, the joint provisional liquidators appointed by the Bahamian court stated that FTX transferred $7.7 billion in assets from the Bahamas to the United States before filing for bankruptcy last year.Of this, $5.6 billion was transferred from the Bahamian subsidiary FTX Digital's custodial accounts to the U.S. entity FTX Trading, and another $2.1 billion was transferred to FTX Alameda Research. "The Bahamas also has about $3 million in other tangible assets, mainly related to office furniture, equipment, and a fleet owned by employees in the Bahamas." FTX representatives stated that there is still no conclusion on whether the remaining assets belong to the Bahamas or the United States. (source link)

ChainCatcher news, according to a report by The Wall Street Journal citing documents from the U.S. Department of Justice, SBF attempted to delay bankruptcy proceedings in the U.S. in November 2022 in order to transfer assets from FTX to foreign regulatory control, seeking leniency from foreign regulators and ultimately allowing him to regain control of FTX.It is reported that after FTX froze customer accounts, SBF allowed Bahamian customers to withdraw millions of dollars. SBF wrote to the Attorney General of the Bahamas, stating that FTX would make an exception for the country's customers. (The Wall Street Journal)

ChainCatcher news, the encrypted mining company Argo Blockchain may file for bankruptcy soon. The news was first disclosed by Compass Mining's content director Will Foxley, and leaked document screenshots show that Argo Blockchain plans to release a special announcement on December 12 (next Monday) to announce the bankruptcy filing.It is reported that Argo Blockchain, a company listed on the London Stock Exchange, has had its stock temporarily suspended by the UK's Financial Conduct Authority (FCA). (source link)

ChainCatcher news, according to documents submitted to the bankruptcy court in Delaware, USA, on Thursday, the internal organization of FTX Ventures is chaotic and complex, with some financial data missing and its authenticity in doubt. The document shows that FTX Ventures both invests and receives investments, spreading its funds across Clifton Bay Investments LLC, FTX Ventures Ltd, Island Bay Ventures Inc, and several potential subsidiaries.Among these entities, Clifton Bay Investments and FTX Ventures are the only ones that prepare quarterly financial statements, which indicate that Clifton Bay has $1.5 billion in liabilities, most of which come from "payables to related parties," meaning amounts owed to other FTX-owned entities, including $1.4 billion to Alameda Research and $68.6 million, $38.5 million to Alameda Ventures, and $2.25 million to West Realm Shires Services (FTX US).FTX's legal team has warned that they doubt the authenticity of the financial statements and pointed out that the balance sheet was unaudited and unprepared during SBF's tenure. Previously reported, last Friday, Amy Wu, a former partner at Lightspeed Ventures responsible for FTX Ventures, announced her resignation. (CoinDesk)

ChainCatcher message, FTX's official Twitter account released "Clarification on Entities Not Included in Chapter 11 Filing." "FTX announced that FTX US, Alameda Research, and approximately 135 additional affiliates have voluntarily and orderly commenced the relevant process under Chapter 11 of the U.S. Bankruptcy Code to review and monetize all stakeholder interests. In a press release issued earlier today, it was noted that certain subsidiaries are not included in the Chapter 11 proceedings, including Ledger X, FTX Digital Markets, FTX Australia Pty, and FTX Express Pay. Additionally, the following entities are also not included in the Chapter 11 filing process: FTX Capital Markets, Embed Financial Technologies, and Embed Clearing. Furthermore, the FTX Group does not include companies that are not owned or controlled by the FTX Group, such as Bitvo Inc. and BTC Africa SA, along with their respective subsidiaries." (source link)