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Listed company NextGen Digital announced a strategic expansion, expanding into a third business line outside of AI and e-commerce, with the aim of diversifying its technology assets by exposing investors to the cryptocurrency space. According to NextGen Digital, the company will acquire and hold positions in SOL, XRP and DOGE.
BlockFi has confirmed the sale of its FTX claims as the bankruptcy process for the defunct centralized cryptocurrency lender nears completion. Mohsin Y. Meghji, BlockFi program administrator and managing partner of M3 Partners, reported the sale to the U.S. Bankruptcy Court of New Jersey on Monday, according to a statement. Meghji said the sale process began on June 24 and ended on July 10 after the "highest and best bid" was determined to be "substantially above par" and monetized through an un...
The Swiss financial marekt regulator (FINMA) has taken the decision to shut down FlowBank, a Swiss online bank that provides cryptocurrency services to clients, saying the bank no longer has enough capital to sustain its banking operations and there are good reasons to be concerned that the bank is currently over-indebted and has no prospect of restructuring. It is reported that Swiss law firm Walder Wyss has been appointed as the bank's insolvency liquidator by FINMA.
As bankruptcy costs continue to rise, FTX attorneys and advisors have approved more than $500 million in fees from the bankruptcy estate, and the agency tasked with overseeing the bankruptcy process is understood to have requested more than $700 million in fees and expenses, though many requests have been slashed by 20 percent and some have yet to be approved. Sullivan and Cromwell, special counsel for FTX bankruptcy cases, topped the list with an approval fee of $254 million (though its billing...
