Cryptocurrency News Today TheBitTimes.com

Barry Silbert’s Digital Currency Group (DCG) has object ed to the bankruptcy plan of its subsidiary Genesis Global Capital because it wants to pay back a group of controlling creditors more than required. In a motion filed on Monday, DCG has said Genesis’ bankruptcy plan is unlawful, inequitable, and violates its rights. Under bankruptcy law, payouts of digital assets are determined by price at the time the firm officially went under. Bitcoin , for example, was worth $21,000 when Genesis filed for bankruptcy on January 20, 2023. At press time, however, bitcoin has appreciated by a whopping 105%, to over $43,000. Genesis has proposed to give “hundreds of millions of dollars more” to its general unsecured creditors in order to reflect this price change. Bitcoin’s recent price gains have also caused FTX creditors to object to far lower payouts. Read more: Genesis eyeing tax benefits after blocking DCG sale According to DCG, paying extra to a small gro...

Embattled crypto lender Celsius has moved over $125 million in Ethereum to various cryptocurrency exchanges in the last week, signaling its plans to commence creditor repayments. Data from Arkham Intelligence shows that between Jan. 8 and 12, Celsius transferred Ethereum worth $95.5 million to Coinbase and $29.7 million to FalconX. Looks like Celsius took the opportunity to unload >$125M of ETH over ETF Week. In the past week, they’ve deposited $95.5M to Coinbase and sent $29.73M to FalconX. They still have $1.4 billion (540K ETH) remaining.https://t.co/jp1PJbN46r pic.twitter.com/xgfX6yU5Ye — Arkham (@ArkhamIntel) January 13, 2024 Despite these large transfers, the lender still holds substantial assets, including over 580,000 ETH, currently valued at approximately $1.47 billion, and 9,799 BTC worth around $417.67 million. On Jan. 5, Celsius Network unstaked an impressive 206,300 ETH, valued at $470 million, with the intention of using these funds for expenses related t...

Creditors of Mt. Gox, a Bitcoin exchange that ceased operations after losing 850,000 BTC in a 2014 hack, have reportedly received an email indicating forthcoming repayments. On Nov. 21, Nobuaki Kobayashi, the trustee in charge of the Mt. Gox Bitcoin exchange’s estate, began issuing emails to rehabilitation creditor s about the initiation of repayment s, as reported by numerous sources on social media. The email allegedly sent by Kobayashi indicates plans to begin the first round of cash repayment s to creditor s in 2023. The trustee is expected to extend these repayment s into 2024, yet the precise schedule for individual rehabilitation creditor s remains unspecified. The trustee’s email also highlighted the complexity and diversity of the repayment process, noting, “due to the large number of rehabilitation creditors, the varying types of repayments, and the different preparation and processing times required, repayments will continue into 2024.” Kobayashi...