ChainCatcher news, according to Lookonchain monitoring, Genesis Trading has transferred a total of 32,256 BTC (2.12 billion USD) and 256,775 ETH (838 million USD) to multiple addresses over the past 3 days, possibly undergoing bankruptcy proceedings to repay debts.ChainCatcher previously reported that, according to Solid Intel, the Genesis wallet transferred approximately 14,000 BTC (900 million USD) and 156,000 ETH (480 million USD) through intermediary addresses in the last hour, suspected to be executing bankruptcy liquidation procedures.According to Arkham data, the Genesis Trading address currently holds approximately 14 million USD in crypto assets, of which there are only 229 ETH (worth 720,000 USD) and BTC worth about 10 million USD.It is reported that the bankrupt crypto lending company Genesis received court approval in May this year to repay its creditors with billions of dollars in digital assets and cash.

ChainCatcher news, according to Solid Intel, the Genesis wallet transferred approximately 14,000 BTC (900 million USD) and 156,000 ETH (480 million USD) through a transit address in the last hour, suspected to be executing bankruptcy liquidation procedures.According to Arkham data, the Genesis Trading address currently holds approximately 14 million USD in crypto assets, of which only 229 ETH (worth 720,000 USD) and about 10 million USD in BTC.It is reported that the bankrupt crypto lending company Genesis received court approval in May this year to repay its creditors with billions of dollars in digital assets and cash.

According to ChainCatcher news, monitoring by Arkham shows that the address marked as "Genesis Trading" has transferred a total of 12,000 BTC to Coinbase in the past month, worth approximately $760 million, suspected to be undergoing bankruptcy liquidation. It currently still holds about 33,000 BTC, valued at $1.9 billion.

ChainCatcher news, according to CoinDesk, Three Arrows Capital co-founder Zhu Su stated that due to FTX fully paying customer claims in the bankruptcy liquidation, they have decided to shut down the crypto derivatives and claims trading platform Open Exchange. The OX community will now focus on the derivatives trading platform OX.FUN.ChainCatcher previously reported that the crypto derivatives and claims trading platform Open Exchange (OPNX) will close this month. In a message shared with users on the social media platform X, the OPNX team stated that the platform will officially cease operations and shut down in February 2024. We are committed to ensuring all users have an orderly closure.

ChainCatcher news, according to Twitter news blogger zoomer, FTX is expected to fully pay customers in cryptocurrency during the bankruptcy liquidation, and bankruptcy lawyers state that FTX will not restart.

ChainCatcher news, according to Crypto.news, the blockchain startup Lygon, funded by IBM, will undergo bankruptcy liquidation with debts of approximately $14.3 million. The company was jointly established by ANZ, CBA, Westpac, IBM, and Scentre Group, aiming to revolutionize digital banking guarantees through blockchain technology.According to data from the crypto data platform RootData, Lygon had previously completed a $5 million Pre-A round of financing, led by Aura Ventures.

ChainCatcher news, according to a report by Reuters, the bankruptcy liquidation plan of the cryptocurrency exchange Bittrex has been approved by the bankruptcy court, which will close its U.S. operations and allow the company to implement a liquidation plan that will fully pay the remaining creditors.Previous report, Bittrex filed for bankruptcy protection in May, chose to shut down its U.S. operations, and return assets to customers, and reached a $24 million settlement with the SEC in August.

ChainCatcher news, according to Blockworks, New Zealand's cryptocurrency exchange Dasset has entered bankruptcy liquidation, leaving hundreds of customers unable to withdraw funds.It is reported that the trading platform has not yet been able to secure alternative banking service providers. Although it has entered voluntary liquidation, a liquidator has not yet been appointed, and customers are still unable to access their funds. Despite the withdrawal freeze, new users can still register on the platform.

ChainCatcher news, BlockFi creditors have filed for the liquidation of BlockFi, stating that the management, including CEO Zac Prince, has consistently delayed the progression of bankruptcy and has engaged in fraudulent activities during the process. In the submitted documents, creditors indicated that BlockFi's monthly management fees are $16 million and that it is still paying salaries to over 100 people, many of whom "do almost nothing except play golf." (CoinDesk)

ChainCatcher news, 3AC founders Kyle Davies and Su Zhu have been ordered to appear in court on May 22 in the British Virgin Islands. If the 3AC founders fail to respond to the order, they will be held in contempt of court.Additionally, Kyle Davies and Su Zhu are required to provide all documents related to the company's bankruptcy to the liquidators by April 14. (source link)

ChainCatcher news, according to Bloomberg, the founder of the cryptocurrency lending platform Hodlnaut, Simon Lee, stated that for creditors, the proposal to sell the company's business is more suitable than bankruptcy liquidation, and Hodlnaut's user base can be directly taken over by the acquiring party's platform. Currently, Simon Lee and another co-founder of Hodlnaut, Zhu Juntao, are in discussions with potential acquirers regarding the acquisition.ChainCatcher previously reported that in January this year, the main creditors of the cryptocurrency lending platform Hodlnaut rejected a proposed restructuring plan and preferred to liquidate the company. In February, it was reported that potential investors had expressed interest in acquiring Hodlnaut and its claims against FTX, and had contacted Hodlnaut's interim judicial manager. (Source link)

ChainCatcher news, according to CoinDesk, a judge in the U.S. Bankruptcy Court for Delaware has approved the removal of FTX's Turkish subsidiary, FTX Turkey, from the FTX bankruptcy case. After FTX filed for bankruptcy in November last year, Turkish law enforcement announced that the company's activities in the country were under investigation, subsequently ordering the seizure of most of FTX's assets in Turkey. The new management of FTX in the U.S. argued that including FTX Turkey and SNG Investments (whose assets and activities are primarily limited to Turkey) in the restructuring plan was futile.The court found that the request was in the best interest of FTX and its assets. The parent company, FTX Trading Ltd., owns 80% of FTX Turkey, while SNG Investments is wholly owned by Alameda Research. (CoinDesk)

ChainCatcher news, the impact of FTX's bankruptcy on Genesis is still ongoing. This crypto lending company is working with investment bank Moelis & Co to seek potential solutions to its financial troubles and is considering filing for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code.If Genesis ultimately decides to file for bankruptcy, they will join Celsius, Voyager Digital, FTX, and BlockFi, becoming one of the large crypto companies that have filed for bankruptcy in recent months. (source link)

ChainCatcher news, Three Arrows Capital founders Kyle Davies and Zhu Su received a court subpoena through their Twitter accounts, a peculiar action taken after the liquidators' unsuccessful attempts to contact the two.It is reported that Kyle Davies and Zhu Su have been on the run since the hedge fund's collapse last year. The liquidators stated that the two have been unwilling to participate in the bankruptcy proceedings, ultimately leading to the subpoena being issued via Twitter. The bankruptcy proceedings for Three Arrows Capital are ongoing in the United States, Singapore, and the British Virgin Islands, currently being handled by financial consulting firm Teneo. (Source link)

ChainCatcher news, according to blockchain analytics firm Nansen, some recent trading activities of Alameda Research affiliated wallets are likely being executed by the liquidators responsible for the bankruptcy of FTX.com.Reports indicate that Alameda Research's cryptocurrency wallet resumed trading activities on Wednesday, marking the first activity since December 1 of last year. Most of the assets involved in the first batch of transactions have been transferred to two new wallet addresses belonging to unidentified owners. Nansen data journalist Martin Lee told Forkast that these two wallets have received a total of over $1.6 million, with half coming from wallets associated with Alameda and the other half from unidentified accounts.Some members of the crypto community suggest that the FTX restructuring team may also own these two unidentified wallets. Additionally, according to Lee, one of the wallets has received 0.66 Ether (approximately $800) from an address marked by Nansen as belonging to SBF. (source link)

ChainCatcher news, Twitter user (@AP_ArchPublic) revealed that after communicating with some major creditors of Genesis, it was learned that Genesis owes creditors over $2 billion, and Genesis's bankruptcy triggered over $1.5 billion in redeemable loans from DCG. Furthermore, if DCG goes bankrupt, it will trigger a massive GBTC liquidation. (source link)

ChainCatcher news, Nasdaq-listed digital asset financial services company EQONEX stated in a filing with the U.S. Securities and Exchange Commission that its entity in Hong Kong, Diginex, has entered into a voluntary liquidation process, and it is expected that Eqonex Capital, located in Singapore, will also enter into voluntary liquidation.Previously, on November 15, 2022, EQONEX announced: "There is significant uncertainty regarding the Group's ability to continue as a going concern and whether the Group's working capital is sufficient to meet its short-term financial obligations. To address these liquidity issues, the EQONEX Group has been negotiating with potential investors to obtain equity financing through the issuance of new shares and has been in discussions with Bifinity seeking (among other things) waivers of defaults and modifications to loan agreements. Unfortunately, the financing plan has not been successful." (source link)

ChainCatcher news, Stephen Earel, a partner and bankruptcy lawyer at Co Cordis in Australia, stated that "liquidating" crypto assets during the liquidation process and then determining how to allocate the funds will be a massive undertaking. Additionally, this process will be complicated by cross-border bankruptcy issues and jurisdictional complexities, potentially taking years or even decades.It is reported that FTX owes nearly $3.1 billion to its 50 largest creditors, with approximately $1.45 billion owed to the top 10 creditors, although the names of the creditors have not been disclosed. (Cointelegraph)

ChainCatcher news, according to Bloomberg, due to the impact of the FTX bankruptcy, more than 130 FTX-related companies have sought court protection as of last weekend, but have not submitted any court motions or explanatory documents in the major U.S. bankruptcy case.In addition, Bloomberg revealed that although the new CEO of FTX told clients that details regarding the bankruptcy would be submitted to the court in the "coming days," the main court filings for both FTX and Alameda Research currently only contain a 23-page blank petition. (Bloomberg)

ChainCatcher news, SBF tweeted that today he submitted Chapter 11 bankruptcy proceedings for FTX, FTX US, and Alameda in the United States. This does not necessarily mean the end of these companies or their ability to provide value and funds primarily for customers, and he believes that the new CEO Ray is capable of doing the best. He will work to clarify the situation regarding user recovery as soon as possible. He will write a more complete article about this drama soon.Previously, ChainCatcher reported that the asset and liability valuation listed by Alameda Research is between $10 billion and $50 billion. Chapter 11 mainly applies to large enterprises, and its purpose is to formulate a reorganization plan that allows large enterprises to avoid liquidation and gradually repay creditors in the future. (Source link)