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Celsius, the fraudulent company that advertised ultra-high interest rates on crypto deposits, has emerged from bankruptcy and is operating again. Under its new name, Ionic Digital, the Celsius 2.0 relaunch is going even worse than anyone could have imagined. Although founder Alex Mashinsky is out of the company and awaiting his prison sentence, a new team of directors has been installed and have paid themselves lavish compensation packages worth $420,000 annually to operate the only business that remains in the resuscitated Celsius: mining.  That compensation package speaks for itself. Indeed, only 12 other companies in the S&P 500 index pay their directors more than Ionic. However, even these incredible pay rates haven’t been enough to retain talent. Since Ionic revived Celsius’ mining business — its lending and interest-bearing businesses no longer operate — Ionic has lost two CEOs, two CFOs, a chief legal officer, and seven directors. Worse, the ...

FTX Trading Ltd. Introduced a new proposal to return billions of dollars to customers and creditors. FTX has filed an amended plan of reorganization that will value assets at the rate at the time of the bankruptcy filing—November 11, 2022. At that time, Bitcoin (BTC) was trading at around $17,000; the current price is above $41,100. Source: CoinMarketCap In addition, at the beginning of November 2022, the FTT token was valued at approximately $26. It is now trading at $3.70. FTX is currently discussing how best to end the bankruptcy case of the fraud-tainted cryptocurrency firm. The payout plan calls for billions of dollars in cash to be distributed once most of the company’s cryptocurrencies are liquidated. The plan says that certain classes of creditors can vote on the changes. The authors believe their proposed approach “reflects many trade-offs to create the best, fairest, and most cost-effective outcome.” You might also like: FTX’s bankruptcy es...

The single biggest claim involves unpaid partnership and income taxes of $20.4 billion assessed against Alameda Research. The United States Department of Treasury and Internal Revenue Service (IRS) have filed 45 claim s worth $44 billion against bankrupt cryptocurrency exchange FTX and its subsidiaries. In what appears to be a tax bill for FTX's sister company Alameda Research LLC that circulated online on May 10, the IRS assessed the firm $20.4 billion due in partnership taxes and payroll taxes. The assessment appears to match the IRS  claim found on the website of Kroll Restructuring Administration, FTX's claim s agent. A further $7.9 billion claim is made by the IRS against Alameda Research LLC, while two claim s, $7.5 billion and $2.0 billion, are made against Alameda Research Holdings. The IRS filed the claim s under Admin Priority, enabling its claim s to supersede that of lower-level creditors during bankrupt cy proceedings. While Alameda Research was headquartered ...

A federal judge has temporarily halted a proposed deal between Voyager and Binance.US in order to give the government more time to pursue appeals that challenge the deal. Voyager Digital’s $1 billion sale to Binance.US has been temporarily halted by a federal judge after a request by the United States government for an emergency stay. The request for an emergency stay was granted by Judge Jennifer Rearden of the U.S. District Court in New York on March 27, meaning the potential deal between Voyager and Binance.US will now need to wait until at least a decision is made on the Department of Justice’s appeal against the bankruptcy plan. District Court Judge Jennifer Rearden granted approval of the U.S. DOJ’s emergency motion. Source: Court Listener The DOJ filed the emergency application for a stay on March 17. This motion was promptly challenged by Voyager Digital and the Official Committee of Unsecured Creditors on March 20 and responded to again by the DOJ in a final “reply” motion on...

The Virunga National Park's Bitcoin mine in the Democratic Republic of the Congo monetizes surplus energy for conservation efforts. Virunga National Park in the Democratic Republic of the Congo has become the first national park in the world to run a Bitcoin (BTC) mine in an effort to protect its forests and wildlife. Cointelegraph spoke with Sébastien Gouspillou, CEO of Big Block Green Services, and the man who introduced Bitcoin mining to the park.  Speaking via video call, Gouspillou said with a smile: “Bitcoin mining saved the park from bankruptcy.” Virunga is Africa's oldest protected park and a symbol of the continent's biodiversity. A report by journalist Adam Popescu, published in MIT Technology Review, explained that the region was plagued by issues prior to Bitcoin mining. From local militias that waged violent attacks on its animals and employees to outbreaks of Ebola to kidnappings, the emblematic national park has struggled for revenue in recent years.  The...