ChainCatcher news, WazirX tweeted that it plans to hold its first Townhall meeting on September 2 at 16:00 to discuss the restructuring and the Moratorium Application.Previous news, the Indian crypto exchange WazirX has submitted a Moratorium application to the Singapore High Court. WazirX expects that, according to the planned restructuring, the impact of the cyber attack will be proportionally allocated to users of the same class as unsecured creditors, and users will receive a share of the available token assets related to the platform, proportional to their share.

ChainCatcher news, according to the official announcement from Terra, the confirmation hearing for the Chapter 11 bankruptcy reorganization plan of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) is scheduled to be held on September 19, 2024, at 10 AM Eastern Time (10 PM Beijing Time).

ChainCatcher news, according to the latest email from FTX Digital, the deadline for FTX customers to submit claims will be extended to align with the voting deadline for creditor approval of the bankruptcy protection reorganization plan in the U.S. Although the new deadline has not yet been determined, FTX Digital's joint official liquidators expect the deadline to be at the end of July or early August.It is reported that FTX customers can choose to participate in either the Bahamian process or the U.S. process, but cannot participate in both processes simultaneously. Customers will receive disclosure documents in June, which will outline the implications of participating in either process, and they will make a final choice within 6-8 weeks from the date the disclosure documents are issued. Although there may be some differences between the Bahamian process and the U.S. process, it is expected that customers will receive the same allocation shares at the same time.

ChainCatcher news, cryptocurrency lending company BlockFi has announced the successful completion of its bankruptcy proceedings and the commencement of its bankruptcy plan. BlockFi will begin implementing the measures outlined in the plan, including repaying creditors according to the scheduled terms, working to recover assets from FTX, 3AC, and other companies, continuing to distribute digital assets to customers, and ensuring that customer rights are fairly and equitably distributed.For Wallet customers, they can now withdraw funds. Meanwhile, BlockFi Interest Account (BIA) and loan customers will start receiving their first distributions in early 2024.

ChainCatcher news, according to CoinDesk, an email sent by BlockFi to creditors shows that BlockFi's creditors have approved its bankruptcy reorganization plan. BlockFi stated that this reorganization plan has received approval from over 90% of creditors, which will allow BlockFi to recover assets lost due to the collapse of cryptocurrency exchange FTX and Three Arrows Capital. BlockFi also mentioned that the plan still requires approval from the bankruptcy court to be finalized.

ChainCatcher news, according to Walter Bloomberg, the U.S. Securities and Exchange Commission (SEC) has filed court documents opposing Celsius's plan to distribute crypto assets to customers through the Coinbase restructuring plan. The SEC stated that under the restructuring plan proposed by Celsius, Coinbase would provide brokerage and trading services, but Coinbase is involved in activities that have triggered litigation by regulators, and that litigation is still ongoing.

ChainCatcher news, the official committee of unsecured creditors of Celsius tweeted that a webinar related to the disclosure statement of the Celsius bankruptcy reorganization plan will be held on August 21, which will kick off several meetings on specific topics, including the voting that creditors can undertake under the plan and how to fill out the ballot.

ChainCatcher news, the official committee of unsecured creditors of Celsius tweeted that the debtor has submitted a disclosure statement for the Chapter 11 bankruptcy reorganization plan. A hearing to review the "disclosure statement" is scheduled for August 10, during which the court will determine whether the disclosure statement provides sufficient information for creditors to make an informed vote on the plan. The court will also decide whether the debtor is authorized to solicit votes on the plan and schedule a confirmation hearing. The debtor has requested to set the confirmation hearing for September 29.It is reported that on July 17, the debtor, the creditors' committee, the borrower ad hoc group, and certain Earn creditors will mediate with Judge Wiles regarding the relative treatment of Earn and loans in the plan. The committee hopes that the parties can reach an agreement on how to fairly distribute the property value among creditors. On July 19, the debtor, the committee, and the Fahrenheit consortium plan to discuss the plan via Twitter Space. (source link)

ChainCatcher news, the lawyers for the bankrupt Bitcoin mining company Core Scientific stated in a filing submitted to the Texas bankruptcy court on May 22 that its liquidity situation has significantly improved since filing for bankruptcy, and therefore, the company plans to submit a reorganization plan in the near future. The plan is currently being negotiated with key stakeholders, and according to the filed documents, the company is "seeking to establish as much consensus as possible" to understand how the new Core Scientific will handle its bankruptcy proceedings.Due to more favorable market conditions, Core Scientific estimates that it will secure an additional $46 million in funding once the reorganization plan is finalized. Additionally, Core Scientific expects to recover approximately $11 million in loans from Celsius Network. (CoinDesk)

ChainCatcher news, the U.S. bankruptcy court has ordered the crypto lending company BlockFi to issue a correction letter stating that a declaration related to a liquidation plan published on May 13 was unauthorized and that support for the reorganization plan is not permitted.The letter states: "Before any party lawfully encourages you to accept or reject any reorganization plan, the disclosure statement must be approved by the court." The letter also adds that creditors and other parties do not support the reorganization plan. (source link)

ChainCatcher news, Celsius Network has submitted a sale plan to the U.S. Bankruptcy Court for the Southern District of New York. This plan is part of the overall restructuring plan for Celsius's retail platform and mining business, centered around a principle agreement with digital asset investment firm NovaWulf Digital Management to sell the Celsius retail platform and mining operations to NovaWulf.It is reported that the plan was reached after negotiations with the official committee of unsecured creditors, after which a binding agreement will be finalized, designating NovaWulf as the winning bidder for the Celsius retail platform and mining business. NovaWulf will provide $45 million to $55 million in cash. (source link)

ChainCatcher news, Genesis attorney Sean O'Neal told a U.S. bankruptcy judge at a court hearing on Monday that the company is finalizing a restructuring agreement that will either sell Genesis or transfer its equity to creditors. The restructuring plan has received support from its parent company Digital Currency Group (DCG) and its main creditors, including Gemini.DCG will contribute its equity in Genesis to Genesis's holding entity, Genesis Global Holdco. After the transaction is completed, Genesis will seek to sell its then-owned entity, Genesis Global Trading. (Reuters)

ChainCatcher news, Celsius tweeted, "Celsius participated in two hearings today and continues to engage in dialogue with key stakeholders in our case on critical issues. This morning, we discussed the motion to approve the sale of stablecoins, aimed at providing liquidity for our ongoing operations as we are committed to maximizing value for all stakeholders. The judge indicated that he would announce his decision soon, likely next week. This afternoon, the court approved an extension of the exclusivity period for the reorganization plan until February 15, 2023. During this time, Celsius has the exclusive right to submit a Chapter 11 reorganization plan. We intend to use this time to continue developing plans for an independent business."In previous news, the Celsius bidding process plan has been approved by a U.S. federal judge, allowing for asset sales before the end of the year, with the final bid deadline set for December 12. (source link)

ChainCatcher news, according to sources cited by Decrypt, the crypto lending company BlockFi will file for bankruptcy restructuring today. (Source link)

ChainCatcher news, according to a report by Bloomberg, a mid-term report released by the examiner Shoba Pillay of the bankrupt crypto lending platform Celsius Network details the deficiencies in accounting controls and operations related to two products that the company used to hold digital assets for customers, raising questions about whether and how these users will be compensated.The report states that the "Withhold" and "Custody" products both allow users to retain ownership while entrusting their digital currencies to the lender for safekeeping. However, Celsius launched the "Custody" program without sufficient operational controls and technical infrastructure. As a result, the platform was overfunded by $50.5 million on June 10. On June 24, the product was underfunded by $24 million.Additionally, the "Withhold" product failed to separate various assets associated with accounts from liabilities. Due to the lack of separation between accounts and assets, users found it difficult to track their own assets. (Bloomberg)

ChainCatcher news, documents from the U.S. Bankruptcy Court in Delaware show that FTX's new CEO and Chief Restructuring Officer John J. Ray III has an hourly rate of $1,300.According to the documents, "John J. Ray III's services are retained under the agreement between Owl Hill Advisory, LLC and the debtor (the CEO Agreement). Under the terms of the CEO Agreement, Owl Hill will provide Ray as the debtor's CEO, but Mr. Ray will still be an employee of Owl Hill, and under the CEO Agreement, the debtor will pay a current hourly rate of $1,300." (source link)

ChainCatcher News. According to the bankruptcy reorganization documents submitted by Alameda Research to the court, it has over 100,000 creditors, with estimated assets and liabilities between $10 billion and $50 billion. (Source link)

ChainCatcher news, the crypto lending platform Celsius has incurred over $3 million in legal fees during its bankruptcy proceedings, with the law firm Kirkland and Ellis charging nearly $2.6 million from July 13 to July 31, and Akin Gump charging nearly $750,000 for its services from July 13 to August 31.It is reported that Celsius has $2.8 billion in crypto debt, and Kirkland & Ellis expects Celsius to face nearly $40 million in losses by the end of October. (The Block)