ChainCatcher news, according to The Block, the latest documents in the FTX bankruptcy case show that the U.S. trustee and some creditors have raised objections to the exchange's revised reorganization plan. U.S. trustee Andrew R. Vara pointed out ten major flaws in the plan, primarily concerning the overly broad scope of legal waivers, unequal compensation for creditors, and the refusal to bear costs related to data breaches.Vara specifically emphasized that "convenience" category customers will receive a lower compensation ratio solely due to their smaller claim amounts.At the same time, the largest group of FTX creditors, represented by Sunil Kavuri, has also submitted a complaint, questioning the plan's waiver provisions as too broad and calling for the establishment of a physical repayment mechanism to avoid triggering taxable events for creditors.Currently, the confirmation hearing is scheduled for October 7, Beijing time, and it is expected that no further objections will be submitted. These objections could have a significant impact on FTX's reorganization process.

ChainCatcher news, Mt.Gox announced that following the repayments on July 5, 16, and 24, 2024, on July 31, the trustee made repayments to some creditors in the form of BTC and BCH through partially designated cryptocurrency trading platforms according to the compensation plan. So far, repayments have been completed for over 17,000 creditors.

ChainCatcher news, Mt. Gox trustee Nobuaki Kobayashi issued a notice stating that after July 5, 2024, on July 16, 2024, the Mt. Gox trustee repaid Bitcoin and Bitcoin Cash to some creditors through certain designated cryptocurrency exchanges as planned. As of now, the trustee has repaid Bitcoin and Bitcoin Cash to over 13,000 rehabilitated creditors.Once the following conditions are met, repayments will be made to other creditors immediately:(i) Confirmation of the validity of registered accounts and other matters;(ii) Intention of designated cryptocurrency exchanges to accept subscription agency receipt agreements;(iii) Discussions between the trustee and designated cryptocurrency exchanges regarding repayments;(iv) Confirmation that repayments can be made safely and reliably. We ask eligible creditors to wait for a while.

ChainCatcher news, according to market news, Kraken has stated that it has successfully received creditor funds (BTC and BCH) from the Mt. Gox trustee. The platform will strive to distribute the funds as soon as possible, with deposits expected in the corresponding accounts within 7-14 days. The amounts received by users have been determined by the trustee, and the platform will distribute them according to their instructions.

According to ChainCatcher news, data from Dune shows that as of June 24, 2024, the Mt. Gox trustee holds approximately 141,686 BTC, accounting for 0.72% of the circulating supply of Bitcoin, valued at approximately $9,260,336,411. Since the fund consolidation on May 30, 2024, these addresses have only transferred out 0.00001638 BTC.Previous news indicates that Mt. Gox will begin repaying Bitcoin and BCH in early July 2024.

ChainCatcher news, according to Tree News, Mt. Gox will start repaying Bitcoin and BCH in early July 2024.

ChainCatcher news, former Mt. Gox CEO Mark Karpelès stated on X that, to the best of my knowledge, Mt. Gox is operating normally, and the trustee is transferring tokens to another wallet in preparation for a possible distribution this year, and there will be no immediate sale of Bitcoin.

ChainCatcher news, according to Cointelegraph, Mt. Gox creditors can now check the amount of Bitcoin and Bitcoin Cash expected to be repaid this year through the Mt. Gox rehabilitation claims system. The latest information indicates that some creditors have already received fiat repayment amounts, and the cryptocurrency repayment plan seems to be on the verge of implementation.According to a screenshot shared by a creditor, the Mt. Gox claims account now displays a table that includes repayment status and other entries, such as the amount of completed repayments and the amount of outstanding repayments.

ChainCatcher message, the dYdX community has voted to support the appointment of three new trustees for DOT. Due to the proposal and the resignation of Chaos Labs from the trustee position, the trustees of DOT are as follows: 1. Shaun Musuka---newly joined; 2. Areta (formerly web3 studio)---newly joined; 3. Valentin Prossliner---newly joined; 4. Joanna Pope; 5. Christoph Sonn.

ChainCatcher news, the Hong Kong Securities and Futures Commission pointed out in the "Circular on the SFC's Recognition of Fund Investment in Virtual Assets" that the trustee/custodian of virtual asset funds and any representatives responsible for holding the virtual assets of SFC-recognized virtual asset funds should ensure that the holdings of virtual assets are kept separate from their own assets and the assets held for other clients. They should also store the majority of virtual asset holdings in cold wallets, and minimize the amount and duration of virtual assets stored in hot wallets, unless necessary to meet subscription and redemption needs. Additionally, they must ensure that mnemonic phrases and private keys are securely stored locally in Hong Kong, strictly limit authorized personnel, adequately resist speculation (e.g., through non-deterministic generation) or collusion (through measures such as multi-signature and key sharding), and implement appropriate backups to reduce any single points of failure.

ChainCatcher news, according to The Block, Mt. Gox stated in an email that the Mt. Gox trustee plans to start repaying creditors in cash form soon in 2023. However, given the large number of restructuring creditors, repayments may "continue into 2024."ChainCatcher previously reported that on September 21, according to an official announcement, the cryptocurrency exchange platform Mt. Gox announced a change in the repayment deadline. The original deadline for the basic repayment, early lump-sum repayment, and mid-term repayment, which was set for October 31, 2023, has been extended to October 31, 2024.

According to ChainCatcher, as reported by Unchained, the U.S. Trustee, the department overseeing the bankruptcy process, opposed FTX's motion filed in August regarding "the desire to begin selling, staking, and hedging its large cryptocurrency assets to return funds to creditors in the form of fiat currency rather than Bitcoin or Ethereum" in a court document dated September 7. A hearing on FTX's motion is scheduled for September 13.Previously reported by ChainCatcher, FTX stated in late August that it hoped to begin selling, staking, and hedging its large cryptocurrency assets to return funds to creditors in the form of fiat currency rather than Bitcoin or Ethereum. These requests still require approval from the Delaware bankruptcy court.

ChainCatcher news, according to DL News, dYdX DAO member Sixela has been accused of abusing his power by providing a $20,000 grant to Cryptohondos last December without disclosing his ownership in the crypto project. Sixela denies any wrongdoing and states that there is nothing to hide in his relationship with Cryptohondos, but he resigned from his position as dYdX grant trustee in mid-August.The community has reacted differently to this, with some accusing Sixela of betraying the community's trust, while others believe it is just a minor issue that does not warrant an extreme reaction.This controversy has also led to changes in the dYdX DAO grant program, which has been included in a related proposal. The proposal suggests extending the dYdX grant program for six months, starting from September 1, 2023, until March 1, 2024; it also includes the appointment of a new group of Grantors and a new Operator.dYdX DAO is currently voting on this, with the vote ending on August 27, and the current support rate is at 100%.

ChainCatcher news, according to CoinDesk, FTX seeks to exclude its Dubai branch from the U.S. bankruptcy proceedings, as stated in court documents filed on Thursday. Previously, when FTX filed for bankruptcy in the U.S., it initiated Chapter 11 proceedings for its 102 affiliated entities, with FTX Dubai being one of them. However, FTX Dubai did not conduct any business prior to the bankruptcy filing in the UAE, and additionally, FTX Dubai's balance sheet is solvent.The clients believe that the relief procedure "is necessary" to protect the debtors and authorize them to pay pre-bankruptcy wages and salaries, as well as other compensation, benefits, and expenses paid to employees in Dubai. A hearing on this matter is scheduled for August 23.

ChainCatcher news, according to Glassnode data, the U.S. government and the Mt. Gox trustee hold 205,514 and 137,890 bitcoins, respectively. (Source link)

ChainCatcher news, according to The Block, in the Genesis Global bankruptcy case, the U.S. Department of Justice's U.S. Trustee has appointed William Harrington to establish a seven-member committee representing unsecured creditors, which will act as the spokesperson for Genesis creditors in court.Among them, Mirana and Digital Finance Group, two of the top 50 largest creditors of Genesis, are members of this seven-member committee. Additionally, SOF International, cryptocurrency exchange Bitvavo custody, and three individual creditors: Teddy Andre Amadeo Gorisse, Richard R. Weston, and Amelia Alvarez, are also members of the committee.Previously reported, according to CoinDesk, Genesis owes at least $3.5 billion to the top 50 creditors, including cryptocurrency exchange Gemini, trading firm Cumberland, cryptocurrency fund Mirana, Babel Finance's parent company MoonAlpha Finance, and VanEck's New Finance Income Fund.

ChainCatcher news, the lawyers for the FTX debtors and the Bahamian joint provisional liquidators have submitted court documents opposing the appointment of an examiner. The lawyers stated that appointing an examiner to investigate the FTX collapse could cost nearly $100 million and would provide no benefit to the creditors.It is reported that the U.S. trustee overseeing the FTX case has requested the Delaware bankruptcy court to allow the appointment of a third-party examiner to investigate the financial status of FTX and its subsidiaries. Judge John Dorsey will consider the motion at a hearing on February 6. (The Block)

ChainCatcher news, according to Cointelegraph, the cryptocurrency exchange Uphold filed a motion during a court hearing on January 11 to dismiss all allegations in the lawsuit brought against the company by the Cred liquidation trustee last June. The Cred liquidation trustee claims in the lawsuit that Uphold collaborated with Cred co-founders to promote the financial product CredEarn, alleging that Uphold owes CredEarn $783.9 million, and accuses Uphold of "aiding and abetting Cred co-founders Daniel Schatt and Lu Hua, as well as other executives associated with the CredEarn project, in breaching their fiduciary duties."In the motion to dismiss the case, Uphold stated that the allegations of the Cred trust are "incoherent, conclusory, and conspiratorial," urging the Delaware bankruptcy court to dismiss these claims. "Furthermore, Uphold denies the allegations of knowledge of Cred's risks, stating that Cred is fully independently owned and operated."It is reported that Cred is a cryptocurrency lending company that filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code in November 2020. In June 2022, Cred's liquidation trust filed a lawsuit against Uphold and two affiliated companies. (Cointelegraph)

ChainCatcher news, citing court documents reported by Reuters, U.S. trustee Andrew Vara raised objections on Saturday to the bankruptcy cryptocurrency exchange FTX's plan to sell its Bitcoin options trading platform LedgerX and its subsidiaries in Japan and Europe. The documents he submitted indicated that federal bankruptcy regulators are requesting an investigation before the sale of these units to determine whether they can obtain information related to the FTX bankruptcy proceedings.It is reported that U.S. trustees are federal officials appointed by the U.S. Department of Justice to oversee bankruptcy cases and the management of private trusts. Previously, it was reported that FTX requested federal court approval in December of last year to sell four subsidiaries, including the U.S.-based derivatives division LedgerX, stock trading service Embed, and FTX Japan and FTX Europe.Lawyers representing FTX have filed a motion to auction these four subsidiaries. If approved by the judge and with no objections from other stakeholders, the bidding process and sale will take place in the first quarter of 2023. (source link)

Chaincatcher news, the representative of Celsius unsecured creditors has reached an agreement with the U.S. trustee to appoint an examiner for Celsius. If the proposal is approved by the court, a neutral investigator will be appointed to investigate Celsius's cryptocurrency asset storage, customer account management, the status of its mining operations, and taxes. If the court orders the appointment of an examiner, the representative of Celsius unsecured creditors will cooperate with the examiner to ensure transparency and accountability for account holders. (source link)