Day: February 8, 2023

FTX debtors can issue subpoenas to company ‘insiders’, says court

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The judge overseeing crypto exchange FTX’s bankruptcy case has granted a motion allowing the firm’s debtors to request subpoenas for information and documents from former colleagues and family members of Sam Bankman-Fried. In a Feb. 8 filing, Judge John Dorsey said FTX debtors were authorized under bankruptcy court rules to issue subpoenas to certain individuals “for the production of documents, electronically stored information, or tangible things”. The original motion filed on Jan. 25 defined the target of the subpoenas as insiders not “currently cooperating with the Debtors to provide important…

Coin Cloud crypto ATM operator files for bankruptcy, owes over $100M to Genesis

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Cash Cloud, the operator of Coin Cloud digital currency automatic teller machines (ATMs) in the United States and Brazil, filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the District of Nevada on Feb. 7.  According to its filing, the company has liabilities between $100 million and $500 million, with between 5,001 and 10,000 creditors and assets between $50 million and $100 million. Cash Cloud’s biggest creditor is Genesis Global Trading, the brokerage subsidiary business of Digital Currency Group’s bankrupt lending arm. It has an unsecured claim of over…

YouTuber baits MMA fighter to promote fake NFTs: Nifty Newsletter, Feb. 1–7

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In this week’s newsletter, read about how Yuga Labs settled a lawsuit with one of the creators of a copycat nonfungible token (NFT) collection. Learn how the Bitcoin Ordinals creator fixed the first instance of porn uploaded to the protocol and how YouTuber Coffeezilla tricked MMA fighter Dillon Danis into promoting fake NFTs. In other news, Logan Paul and his team face a class-action lawsuit for allegedly executing a rug pull, and don’t forget this week’s Nifty News, featuring Mastercard’s former NFT lead minting his resignation letter as an NFT. …

Gemini Plans To Contribute $100,000,000 To Earn Users As Crypto Exchange Strikes Deal in Principle With Genesis

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A top executive of crypto exchange Gemini is announcing a deal that could see users of its Earn program get back their digital assets that were loaned to crypto broker Genesis. Gemini co-founder Cameron Winklevoss says that Gemini has signed an agreement with Genesis, its parent company Digital Currency Group, and other creditors that would allow users who had subscribed to the interest-generating Earn program to recover their lost funds. According to Winklevoss, the agreement was signed in bankruptcy court earlier this week and puts all Genesis creditors on a…

Indian Web3 Social App Chingari Partners with Aptos Blockchain; GARI Token Surges 48

The partnership, which will take the Solana-native platform multi-chain, is scheduled to launch in the second quarter this year. The version of the Chingari app that will launch in Aptos will boast a “more scalable experience with newer products,” according to the blog. Legacy support for Solana-based Chingari users will remain, however. Source AppAptosBlockchainChingariGARIIndianPartnerssocialSurgesTokenWeb3 CryptoX Portal

3AC founder has ‘chosen to ignore his duties’ by not responding to subpoena, say bankruptcy lawyers

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Three Arrows Capital founder Kyle Davies has not responded to a subpoena issued over Twitter aiming to gather information related to the firm’s assets. In a Feb. 7 filing with United States Bankruptcy Court in the Southern District of New York, lawyers with the Latham & Watkins firm representing 3AC liquidators said Davies had “chosen to ignore his duties to Three Arrows” by failing to comply with the online subpoena. Courts in Singapore and the U.S. previously authorized the use of Twitter to issue subpoenas due to the whereabouts of…