A U.S. bankruptcy judge ordered the founders of Singapore-based Three Arrows Capital Ltd. to turn over records related to the failed cryptocurrency hedge fund’s assets to its liquidators, WSJ Pro Bankruptcy reported. Judge Martin Glenn of the U.S. Bankruptcy Court in New York granted the liquidators’ request to subpoena Three Arrows founders Su Zhu and Kyle Davies as part of an effort to recover the hedge fund’s assets. Messrs.
Read more
Cineworld Group Plc said it intends to emerge from bankruptcy intact after senior lenders were said to be considering a sale process for its east European operations, Bloomberg News reported. The London-based company filed for chapter 11 bankruptcy in Texas in September to cut a near $9 billion pile of debt and leases. “Cineworld remains committed to working with its key stakeholders to develop a Chapter 11 reorganization plan that seeks to maximize value for the benefit of moviegoers and all other stakeholders,” a spokesperson said on Sunday.
Read more
Chinese hackers have stolen tens of millions of dollars worth of U.S. COVID relief benefits since 2020, the Secret Service said on Monday, Reuters reported. The Secret Service declined to provide any additional details but confirmed a report by NBC News that said that the Chinese hacking team that is reportedly responsible is known within the security research community as APT41 or Winnti. APT41 is a prolific cybercriminal group that had conducted a mix of government-backed cyber intrusions and financially motivated data breaches, according to experts.
Read more
The Japanese subsidiary of Sam Bankman-Fried’s failed crypto empire FTX has put together a draft plan for clients to withdraw funds, in what would be one of the rare cases of investors getting money back from the collapsed exchange, Bloomberg News reported. The proposal, which has yet to be finalized, centers on using a platform called Liquid to facilitate the return of assets starting in January. Bankman-Fried’s sprawling tangle of FTX group companies slid into a chaotic bankruptcy on Nov.
Read more
As French President Emmanuel Macron makes the rounds in Washington starting Wednesday for the first state visit of the Biden administration, high on his agenda are his plans for a nuclear energy “renaissance.” His entourage includes the major players from France’s nuclear energy industry, who will be looking to the French leader to help boost the development and export of their technology, including smaller and more versatile reactors, the Washington Post reported. But there could hardly be a more awkward time to promote French nuclear know-how.
Read more
Two Estonian citizens were arrested in Tallinn, Estonia, on an 18-count indictment for their alleged involvement in a $575 million cryptocurrency fraud and money laundering conspiracy, the U.S. Justice Department said on Monday, Reuters reported. Sergei Potapenko and Ivan Turõgin, both 37, allegedly defrauded hundreds of thousands of victims through a multi-faceted scheme, wherein they induced them to enter fraudulent equipment rental contracts with the defendants' cryptocurrency mining service called HashFlare, the department said in a statement.
Read more
FTX Digital Markets, the Bahamas-based unit of the recently collapsed cryptocurrency trading platform, has filed for bankruptcy protection in the U.S., CNN reported. The company filed Tuesday in New York court under chapter 15. The move comes after the crypto exchange’s U.S.-based arm, FTX Group, abruptly filed for bankruptcy Friday after facing a “severe liquidity crisis.” FTX founder Sam Bankman-Fried resigned as CEO the same day. FTX’s rapid collapse marked a stunning downfall for one of the biggest and most powerful players in the crypto industry.
Liquidators for FTX's Bahamas unit, FTX Digital Markets, have asked a New York City court to recognize its bankruptcy in the Bahamas, saying they "reject the validity" of the cryptocurrency exchange's U.S. bankruptcy proceedings, Saltwire reported. The Bahamas liquidators, who were appointed on Nov. 10 by the Securities Commission of the Bahamas, filed a chapter 15 petition late Tuesday in U.S. bankruptcy court in New York, asking the court to help them obtain records from FTX and block asset transfers to protect creditors of the Bahamas-based company.
On Friday, Oct. 7, 2022, the Russian government moved forward by presidential decree to disenfranchise the owners of the Sakhalin-1 energy project, including the foreign nationals of several countries that the Russian government designated as "unfriendly countries," Mondaq reported. Russia has applied the "unfriendly country" designation to any country, including the U.S., that has joined in international sanctions against Russia.
Garrett Motion Inc., a maker of turbochargers and other automotive equipment, is exploring strategic options including a sale, Bloomberg News reported. The Rolle, Switzerland-based company is working with an adviser on a possible sale. Garrett is expected to attract interest from companies looking to enhance their electric-vehicle operations. Garrett, originally known as Honeywell Transportation Systems, was spun off in 2018. It filed for chapter 11 bankruptcy protection in 2020 after struggling with loan repayments.
Read more