Category: bankruptcy

DCG borrowed $500,000 from its subsidiary last year, and DCG Investments borrowed over 18,000 BTC. Both have allegedly defaulted.

The company, an affiliate of Barry Silbert’s Digital Currency Group, has been providing crypto spot trading since 2013. Its closure is “for business reasons.”

The purchase of the 55 million Robinhood shares had been expected following approval from the company's board and a U.S. district court.

Prime Core Technologies said that “under prior management” it had lost $6 million in user funds and $2 million in treasury funds through investments in the algorithmic stablecoin.

The lending platform halted client withdrawals amid filing for bankruptcy in November 2022, but later petitioned the court for authorization to return user funds.

Months before Prime Trust filed for Chapter 11 bankruptcy, online sleuths in the crypto community were on the case and continue to follow the money.

The crypto custodian's bankruptcy comes as it's been unable to honor customer withdrawals for months.

The settlement was reached in July and, if the customers agree, it will go before the court for approval in October.

Lawyers for Kyle Davies filed evidence that his U.S. citizenship had been renounced in 2021, which, according to a bankruptcy judge, left him outside the court's jurisdiction.

If the plan is approved, Core Scientific could buy 27,000 Bitmain miners for roughly $23 million in cash and $54 million in company equity.