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Judge Michael Kaplan plans to approve BlockFi’s liquidation plan. Therein, some clients will receive partial compensation in Bitcoin (BTC) or Ethereum (ETH). Depending on the outcome of BlockFi’s legal battle with FTX exchange and Three Arrows Capital (3AC) hedge fund, unsecured creditors may receive between 35% and 63% of their funds by the end of 2023. The exact amount of compensation is uncertain and could potentially be affected by up to $1 billion. According to reports on Sep. 26, Michael Kaplan also said he will reject the objections raised by the U.S. Department of Justice’s bankruptcy watchdog regarding the termination of BlockFi’s senior management in the liquidation plan. You might also like: BlockFi battles FTX, 3AC in court over repayment claims On Nov. 11, 2022, BlockFi suspended withdrawals following the turmoil in FTX and Alameda Research.  A few days prior, Flory Marques, the platform’s founder, had reassured clients t...

DCG and its subsidiary, Genesis, reach ed a pivotal legal agreement that may reimburse creditors up to 90% and stabilize the volatile cryptocurrency market. In a pivotal development, Digital Currency Group (DCG) and its subsidiary, Genesis, have reach ed a legal agreement with far- reach ing implications for the cryptocurrency market. The deal addresses the bankruptcy issues facing Genesis, a crypto lending firm that filed for bankruptcy earlier this year amid market instability worsened by the collapse of FTX in November 2022. You might also like: FTX and Genesis reach settlement in bankruptcy case Genesis has proposed a revised recovery plan to reimburse creditors up to 90% of their initial investments. Specifically, the plan outlines a recovery range for unsecured creditors between 70% and 90%, and a potential for in-kind recovery between 65% and 90%, depending on the current value of digital assets. The agreement also offers solutions to DCG’s pressing financia...

The Shark Tank star said all unregulated exchanges are seeing “massive outflows” right now, and rightly so. Unregulated crypto exchanges will continue to fall like dominoes post-FTX, with plenty more “meltdowns” to come, warns Shark Tank star and investor Kevin O’Leary. O’Leary, a former spokesperson and proponent for the now-bankrupt FTX exchange, told Kitco anchor David Lin in a Jan. 17 interview that the collapse was just one in a long line of “unregulated exchanges” likely to fail: “If you’re asking me if there’s going to be another meltdown to zero? Absolutely. 100% it’ll happen, and it’ll keep happening over, and over and over again.” Unregulated exchanges are those that aren't subject to regular auditing, aren’t registered and regulated by a securities commission, and don’t operate under rules similar to traditional stock exchanges and brokerages. “Well, all of these exchanges, all the unregulated exchanges are having massive outflows right now. Smart money has got the joke...