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Following the court’s decision, Genesis debtors have gained authorization to execute the settlement agreement, which entails the payment of $175 million to FTX. At the same time, the New York Bankruptcy Judge Sean Lane has also removed several claims made by FTX debtors against Genesis. Claim withdrawals  As per the filed documents, the court has granted the withdrawal of numerous claims, including three from FTX Trading, six from Alameda Research, and six from West Realm Shires Services, which acts on behalf of FTX US. The approved settlement signifies a reduction from the initial claims made by FTX debtors, who initially asserted claims totalling approximately $3.9 billion back in May 2023.  You might also like: Genesis went bankrupt months after Gemini reportedly withdrew $282M in crypto These claims from FTX encompassed approximately $1.8 billion in purported loan repayments from Alameda to GGC, $1.6 billion in assets supposedly withdrawn by the Genesis...

The trial of Sam Bankman-Fried, founder of collapsed crypto exchange FTX, will enter its fifth day on Oct. 10 when one of the most anticipated witness es takes the stand. Caroline Ellison was CEO at FTX’s sister firm, Alameda Research, as well as Bankman-Fried’s on-and-off-again girlfriend. The 28-year-old is expected to take the stand on Tuesday, picking up where another former Bankman-Fried confidant, Gary Wang, leaves off once his testimony concludes. Like Wang, Ellison was privy to most of the goings-on at Bankman-Fried’s once-thriving crypto conglomerate. The news of former Alameda Research CEO Caroline Ellison testifying in the trial of Sam Bankman-Fried is a significant development in the cryptocurrency industry. Trials involving prominent figures in the crypto space can attract widespread attention. Here are some key points to… https://t.co/JbzB4USxN7 — Michael J Burgess (@BeItMeNotYou) October 7, 2023 In July, the New York Times (NYT) reported that Elli...

Cryptocurrency custodian fintech Prime Trust has filed for bankruptcy under Chapter 11 in the US. The company filed a voluntary petition for bankruptcy in the Eighth Judicial District Court of Nevada. Prime Trust has chosen John Guedry, former president of the Bank of Nevada, as the receiver. He and other officials will be in charge of supervising the company’s operations during the bankruptcy process. In late June, Nevada’s regulators established that the company was insolvent and unable to work with its customers. It was placed into receivership. You might also like: Nevada regulator petitions for receivership of Prime Trust BitGo signed an LOI for acquiring the company, but later on, it decided not to move forward with the purchase. The State of Nevada Department of Business and Industry explained that the company had over $12 million in negative stock. Since June, its financial condition has deteriorated. Regulators added that Prime Trust had used cust...

BlockFi recently filed a motion requesting power from the US Bankruptcy Court to allow its users to withdraw digital assets locked up in wallet accounts on the platform. The bankrupt crypto lending platform also asked for permission to update its user interface to duly reflect transactions as of the platform’s halt. A host of users shared the e-mails they received from BlockFi on social media platforms like Twitter. Notably, the firm labeled the motion an “important step” towards its goal of returning assets to clients via its Chapter 11 cases. The mail further asserted, “ It is our belief that clients unambiguously own the digital assets in their BlockFi Wallet Accounts. “ Just got this email from #BlockFi, did you? #Blockchain #Celsius #FTXScam #FTX Bankruptcy pic.twitter.com/p5ijqnIckp — ⬡EMPΞROR⬡ (@freeglobetrekk) December 19, 2022 Also Read: BlockFi sues Sam Bankman-Fried over $575M Robinhood Shares Motion D...