Cetoex News – The Bittrex Crypto Exchange officially filed for bankruptcy in Deleware Monday. This comes just under a month after the Security Exchange Commission (SEC) accused Bittrex of disregarding security rules over the course of multiple years.

Bittrex has an estimated $500 million to $1 billion in assets and liabilities, according to a court filing. In addition, two other Bittrex companies: Bittrex Malta Ltd. and Bittrex Malta Holdings Ltd., also filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware Monday.

Last month’s lawsuit from the SEC alleges that Bittrex was operating an unregistered exchange, broker, and clearing agency. Once one of the larger crypto exchanges in the US with a market share of USD support of nearly 23% in 2018, Bittrex hasn’t eclipsed 1% since 2021.

Bittrex crypto exchange’s bankruptcy comes alongside other exchanges’ recent issues with lawsuits, most recently including bitFlyer. Bittrex has yet to publicly comment on the recent file for bankruptcy.

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Cetoex News – Leading American financial institutions’ demise has broad global repercussions. The failure of the Silicon Valley Bank had repercussions throughout Switzerland, prompting government action to protect Credit Suisse.

The latest report also highlighted that UBS has offered Credit Suisse up to $1 billion to purchase the bank. Amidst this, it has come to light that the Swiss authorities are considering the partial or full nationalization of the bank.

Swiss authorities considering nationalizing Credit Suisse

The information was shared by people familiar with the matter, as the only considerable option, apart from the offer by UBS. The individuals asked for anonymity according to Bloomberg, and stated that Switzerland is looking into the option of either taking over the bank fully or holding a significant equity stake.

The details also reveal that the decision can fluctuate and vary depending on the decision taken by the authorities. The takeover of a bank appears to be difficult as well due to the complexities of the government.

The downfall of the Credit Suisse bank is a follow-up to the collapse of three large banks, including Silvergate, Silicon Valley, and Signature. While the banks are exhibiting a struggle to survive, the cryptocurrency market is flourishing with assets in good shape.

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Cetoex News – Bloomberg has reported that collapsed crypto exchange FTX has issued bankruptcy filings that show the company held $1.4 billion in cash to conclude 2022. The number displayed the holding count at the end of the year, with an interim update also showing a 40% headcount drop.

The FTX bankruptcy proceedings have been an interesting narrative of the financial sector this year. Currently, the proceedings have shown where the balance of the current company stands and its employment figures. It also shows creditors’ request for certain Bankman-Fried family members to be subpoenaed.

FTX Bankruptcy Update

According to a Bloomberg report released today, FTX held $1.4 billion in cash at the end of last year. Specifically, the report notes the company’s cash balance on Dec. 31, 2022, at higher than the $1.24 billion mark shared on Nov. 20.

Moreover, the report states that the platforms trading house, Alameda Research, held 876.6 million versus the $401 million reported in November. Coinciding with the reports of the deteriorating workforce at the company. A development that is understandable considering the platform’s current status.

The report stated that the number of group employees at the firm plummeted to 195 by the end of the year. Conversely, that number was stated at 320 when the company first filed for bankruptcy in November of last year. Conclusively, the report states that administrators continue to observe what is left of the platform, amidst the top brass of the companies currently on trial, to see ” how much can be returned to creditors.”

Yet, credits have seemingly been calling for Sam Bankman-Fried’s “inner circle,” to be subpoenaed, according to Cointelegraph. The motion was filed for the bankruptcy court presiding over the case to issue subpoenas to Gabriel Bankman-Fried, and Barbara Bankman-Fried, the brother and mother of the FTX co-founder.

The issuance is reportedly seeking potentially “valuable information,” for the bankruptcy proceedings. Stating the FTX debtor’s desire in “pursuing estate assets belonging to the company and investors.” To this point, not all of the “inner circle,” has responded to the requests for information. Only the COO of FTX Trading Zhe “Constance” Wanf and Sam’s father, Joseph Bankman, have been cooperative.

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Cetoex News – Amidst an ongoing battle with the SEC, Bloomberg has reported that cryptocurrency firm Genesis is reportedly planning to file for Chapter 11 bankruptcy. The firm has been embroiled in conflict with the U.S. Securities and Exchange Commission and was charged by the regulation firm last week for the selling of unregistered securities.

The Genesis and Gemini battle has been a dominant headline thus far in 2023 and crescendoed with last week’s charges. Now, it appears as though Genesis is forced to seek Chapter 11 protection following the events of the past month.

The platform has been a constant story in the cryptocurrency sphere this past month. Following a layoff of 30% of its workforce in early January and its highly publicized battle against the SEC and Gemini. Now, the cryptocurrency lender, Genesis, has been forced to file for Chapter 11 bankruptcy.

Genesis, owned by Digital Currency Group and Barry Silbert, has been the subject of public attacks by Gemini. Publicly stating the accounting errors and misleading tactics taken by the cryptocurrency firm in regard to its former collaborator. All of this followed the two platforms’ partnership in February of 2021, leading to the charges issued by the SEC last week.

Both platforms were the subject of charges by Gary Gensler and the regulatory agency for the sale of unregistered securities. Subsequently also related to the collaboratively crafted Gemini Earn program.

Now, the cryptocurrency firm is allegedly set to file for Chapter 11 bankruptcy this week. Additionally, Bloomberg reports the firm has been in “confidential negotiations with various creditor groups amid liquidity crunch.”

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Cetoex News – The FTX event was one of the most devastating falls of 2022. It has been painful for the millions of investors who invested their funds in the exchange. When the exchange filed for bankruptcy, the little trust that they had in recovering their funds was also lost.

Now, almost every day, new updates regarding the FTX case are surfacing. From the US DOJ seizing $455 million worth of SBF’s Robinhood shares, ex-FTX director Nishad Singh facing investigation, and FTX’s recent recovery of over $5 billion in cash and cryptocurrencies, a lot of things are happening with the FTX drama.

In one of the most recent updates, a Delaware bankruptcy judge has allowed the names of FTX creditors to remain sealed for one to three months.

FTX bankruptcy judge said that he may change his mind in a future hearing

Judge John Dorsey, who made the judgment regarding the privacy of the creditor names, also mentioned that he may change his mind in a future hearing.

“I’m reluctant at this point to say I’m going to require the disclosure. I’m going to overrule the objections and allow them [creditor lists] to remain sealed at this point.” “We’re talking about individuals here who are not present – individuals who may be at risk if their name and information is disclosed,” Dorsey said at a hearing Wednesday.

An attorney at Sullivan & Cromwell representing FTX, Brian Glueckstein, said to the court that he wanted to protect the value in the debtor’s customer list as an asset.

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