Credit Agricole-backed blockchain-based settlement startup Setl has emerged from administration, financial news outlet Finextra reports on May 3. Per the report, the United Kingdom-based startup has returned following its insolvency filing after its management bought the operating assets, the staff and the intellectual property rights of the company. As Cointelegraph previously reported, Setl filed for insolvency on March 7 with U.K. authorities. Per the March announcement, the company also appointed business advisory firm Quantuma as their independent administrator. The announcement also pointed out that the company was “seeking to place its ID2S holding with a larger financial services firm, one …

Following months of financial and legal troubles, major Canadian cryptocurrency exchange QuadrigaCX has filed for creditor protection, according to an official announcement on Jan. 31. Per a statement on the exchange’s website, the firm filed an application for creditor protection in the Nova Scotia Supreme Court today in compliance with the Companies' Creditors Arrangement Act (CCAA). According to PwC Canada “the CCAA presents an opportunity for the company to avoid bankruptcy and allows the creditors to receive some form of payment for amounts owing to them by the company.” The announcement also states that on Feb. 5, the court will …

The board of directors of cryptocurrency and e-commerce startup Zwoop reportedly filed for administration at the end of November last year. The news was revealed in an exclusive article by major United Kingdom-based newspaper The Telegraph, Jan. 11. According to anonymous sources cited in a report by tech news outlet The Next Web, this move has left employees and suppliers of the company with unpaid wages and bills. Namely, the company allegedly owes one London-based marketing agency £42,000 (about $53,858) and a public relations firm £30,000 (about $38,470). Zwoop — reportedly founded by Italian entrepreneur Alessandro Gadotti and raised $13 …

Mining computer designer and cloud mining operation Cointerra files for bankruptcy, leaving debts up to 50 million USD and potentially 999 creditors unpaid. The Bitcoin mining sector is now in dire straits due to the raising operating costs of mining combined with the recent price drop. Cointerra, the manufacturer of the TerraMiner series of mining computers, has filed for Chapter 7 bankruptcy in the United States. The filing comes two weeks after the start-up was sued for US$1.5 million by C7 Data Centers Inc. over unpaid invoices. The bankruptcy process will see the company's assets liquidated to pay its creditors. …

By early November, Alydian was more than $3.6 million in debt, and on Nov. 4 the company filed for Chapter 11 bankruptcy protection in a Seattle court. The company closed with less than $50,000 in assets. Alydian’s goal had been to offer enterprise-scale Bitcoin mining by allowing customers, even those without technical expertise, to buy and host Bitcoin mining rigs. “The Alydian team has worked diligently over the past year and we are excited to be the first in this industry to offer multi-terahash-speed turnkey mining systems,” CoinLab CEO Peter Vessenes said in an August press release. According to the …