Bankruptcy in the United States

Former crypto golden boy Sam Bankman-Fried’s calamitous time at his former exchange FTX was even more haphazard and ludicrous than previously stated. FTX’s latest bankruptcy report filed Sunday adds additional fuel to the still-smoldering questions regarding just how greedy and corrupt its former executives were before the crypto exchange eventually collapsed. Lower Drought Conditions In California | Extreme EarthThe 43-page document shares that there’s a lot of problems trying to get millions of former FTX customers and…

FTX, the defunct cryptocurrency exchange, is finally being forced to publicly detail its spending habits in the company’s ongoing Chapter 11 bankruptcy proceedings. And the resulting documents are illuminating.The crypto exchange, founded and formerly owned by fallen blockchain golden boy, Sam Bankman-Fried, spent hundreds of thousands of dollars on extraneous food and fun purchases over the course of just a couple of months—presumably for employees. Previously unsealed court filings have shown that the debtors owed by…

The entity that once owned the poor, beleaguered Silicon Valley Bank, the main banking house for numerous tech-focused firms and venture capitalists, is officially holding up a white flag as it suddenly declared bankruptcy.On Friday, SVB Financial Group declared Chapter 11 bankruptcy in Manhattan bankruptcy court. According to the bankruptcy filings, the bank’s parent entity marked it had between 1,000 and 5,000 creditors. Chapter 11 is often called “reorganizational” bankruptcy, as the company is supposed to use the…

Photo: Alex Wong (Getty Images)Once upon a time, the cryptocurrency exchange FTX was a jewel of the web3 world. Now, in the span of a week, its reputation has transformed from shooting star to sinking ship. After admitting to mismanaging large amounts of customer money, the exchange’s founder and CEO, Sam Bankman-Fried (also known by his initials “SBF”) ignominiously stepped down, and the company filed for bankruptcy. Now, as the dust settles and the air clears, the adults in the room are trying to pick up the pieces and…

The ongoing crypto winter has created quite a few “cold crypto” puns, but we hadn’t encountered any company actually saying they wanted to hit “absolute zero” until now.Image: Mike_O (Shutterstock)Kelvin, as a temperature scale, uses “absolute zero” as its baseline. That lowest conceived temperature would effectively stop all particle activity due to a lack of any semblance of energy. That point of temperature has never been achieved, but failed crypto firm Celsius seems to want to get as close as it can to “absolute…