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Author: Admin | 2025-04-28
Withdrawals may start by June 1. Future distributions depend on litigation outcomes. Celsius 1.2 billion USD Chapter 11 Bankrupt crypto lender, Celsius Network, has selected Fahrenheit's proposal to manage a new entity owned by its creditors, leading Celsius out of bankruptcy. Fahrenheit will establish and operate the new company (NewCo). Celsius previously filed for Chapter 11 protection after industry growth during 2020. Cryptopia $16 million USD Chapter 15 Cryptopia, a New Zealand crypto exchange, announced the third phase of its reimbursement plan following a 2019 hack costing users over $15 million. Verified customers will soon receive their outstanding balances. Meanwhile, FTX faces bankruptcy challenges. Compute North $400 million USD Chapter 11 Compute North's reorganization plan, settling $250 million in secured debt, was approved by a federal judge. The North American crypto mining company reached terms with 11 firms, including Marathon Digital Holdings, after filing for bankruptcy. Bittrex Global $500M - $1B Chapter 11 Bittrex filed for Chapter 11 bankruptcy a month after ceasing U.S. operations. This follows a $53 million fine by the U.S. Treasury and a lawsuit from the SEC. Despite struggles in the U.S., Bittrex's international operations remain unaffected. Blockchain Global $15B Voluntary administration Blockchain Global (BGL), the parent company of the defunct Australian crypto exchange ACX, owes $15 million after collapsing. The Victoria Supreme Court froze 117.33 Bitcoin linked to BGL and ACX Tech. BGL later entered voluntary administration. Former director Sam Lee distanced himself from BGL's operations. ACX's sudden shutdown in 2020 left many investors out of pocket. Babel Finance $800M Restructuring Hong Kong-based Babel Finance plans to launch a decentralized stablecoin, Babel Recovery Coins, to repay creditors. The DeFi project features stablecoin HOPE and Light Token, backed initially by Bitcoin and Ethereum. Babel faced significant losses after the Terra ecosystem meltdown. Hodlnaut $267M Judicial management Singapore-based crypto lender Hodlnaut seeks potential buyers after creditors rejected a restructuring plan, pushing for liquidation. Hodlnaut owes $160 million, with most assets on bankrupt exchange FTX. Hodlnaut faced challenges, and reduced workforce amid investigations. Zipmex $53M Debt Relief Crypto exchange Zipmex seeks a two-month moratorium extension in Singapore due
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