Bankruptcy

Banking for the Tiktok generation - that's how the founders of Ruuky hoped to find a place next to N26. But now the fintech is facing bankruptcy despite its 250,000 users and more than 230.000 TitTok followers. Through the insolvency proceedings, the company now wants to preserve the jobs of the 20-member team and obtain further financing, the fintech says.

The New York Attorney General Letitia James filed charges against Celsius Network founder Alex Mashinsky, alleging that he defrauded investors out of billions of dollars in digital currency by hiding the weak health of his now-bankrupt cryptocurrency lending platform. Mashinsky continued to promote Celsius as a safe alternative to banks and paid up to 17% interest on deposits while hiding hundreds of millions of dollars in losses in risky investments, according to the lawsuit.

The most spectacular fraud in German economic history is the Wirecard bankruptcy. The main defendant is former CEO, Markus Braun. On the other hand, one of the prominent masterminds of the scandal, Jan Marsalek, is living comfortably in Russia.

Binance offers about one billion dollars for the assets of the insolvent crypto lender Voyager Ditigal. However, the deal still needs court approval. Voyager will seek to return crypto to its customers in tokens. The Binance deal values Voyager's crypto portfolio at just over $1 billion. The deal still needs court approval, with a discussion of the issue set for 5 January 2023.

Amid the bankruptcy proceedings, the Canadian celebrity entrepreneur and FTX investor star Kevin O'Leary sharply criticized crypto exchange Binance and its CEO Changpeng Zhao, a/k/a CZ, claiming they intentionally caused FTX's collapse. At a hearing of the Senate Banking, Housing and Urban Affairs Committee, the prominent businessman said Binance is now a "massive, unregulated monopoly."

For a long time, the Twitter community demanded the arrest of FTX founder Sam Bankman-Fried (SBF) after around a million customers had lost billions with the collapsed crypto exchange. Monday evening, he was now arrested by police in the Bahamas after U.S. prosecutors brought a still-sealed indictment. He is now apparently to be quickly extradited to the U.S. to answer questions from prosecutors there. The comprehensive investigation of the FTX Case is an important building stone to make the crypto world whole again.

Crypto lender BlockFi filed for Chapter 11 bankruptcy on Monday! In the first week of November, BlockFi paused withdrawals from customers. The crypto lending platform had drawn down a $400 million line of credit from FTX US over the summer and was one of the first victims of the crypto contagion following the FTX collapse. Stuart Alderoty, General Counsel at Ripple, pointed the finger to the U.S. SEC:

Following the collapse of the cryptocurrency exchange FTX, the U.S. bank BlockFi, which specializes in virtual currency, has now also filed for bankruptcy. More broadly,...

An 8-part series about the crashed crypto exchange FTX is being planned by Amazon.Avengers creators Anthony and Joseph Russo are to direct the series. Amazon...