Brian Simms, the court-appointed provisional liquidator overseeing the bankruptcy proceedings of FTX Digital Markets in The Bahamas, has called into question the validity of a Chapter 11 bankruptcy filing by subsidiary FTX Trading and 134 other affiliates in a Delaware court on Nov. 14. In the Nov. 15 document, Simms filed for Chapter 15 Bankruptcy in the United States Bankruptcy Court in the Southern District of New York, which is used when a foreign representative of the debtor seeks recognition in the U.S. for a pending foreign insolvency proceeding. In the filing Simms notes FTX Digital is not part of …

A judicial authority established by the United Arab Emirates (UAE) Federal Decree has adopted blockchain technology to save time and costs related to the enforcement of commercial judgments. ADGM Courts, an authority that supports the financial regulator Abu Dhabi Global Markets (ADGM), has implemented blockchain technology to help save significant time for the parties in the judicial process. Commercial judgments involve assessing various financial risks and dealing with commercial issues in business. Digitization through blockchain technology will allow courts and parties to immediately access commercial judgments — a move aimed at easing judicial processes for international trade and commerce. Explaining …

The United States Security Commission (SEC) won its case against blockchain-based file-sharing and payment network LBRY in district court in New Hampshire on Nov. 7 when that court decided to grant an SEC request for summary judgment filed in May. The case garnered lots of commentary on its own and in relation to the ongoing Ripple case. LBRY operates a digital content network. The Odysee video sharing website is its best known app. The network uses LBRY Credit (LBC) to reward users for performing tasks, referring new users, contributing to projects and publishing content, according to the LBRY website. LBC …

Recent developments in the Ripple vs Securities and Exchange Commission (SEC) case appear to have bolstered investor confidence in XRP-tied investment products, according to investment data from CoinShares’ head of research James Butterfill. In its latest Digital Asset Fund Flows published on Nov. 7, Butterfill noted that XRP investment products have seen a third consecutive week of institutional inflows, clocking $1.1 million. Butterfill said the figures imply "improving investor confidence as the SEC case against Ripple looks increasingly fragile." The last few weeks have seen Ripple Labs gaining increasing support from heavy hitters in the crypto industry including Coinbase and …

The United States will go to the voting booths on Nov. 8 to decide the fate of all 435 members of the House of Representatives and 34 out of the 100 Senate seats. The outcome will decide the prevailing power balance in Washington and has the potential to affect the crypto industry. Perhaps that’s why 38% of eligible voters will consider candidates’ positions on crypto, according to a recent survey. Another survey suggests that crypto regulation is a bipartisan issue, with 87% of Democratic and 76% of Republican respondents saying they want clarity from the U.S. government on digital assets. …

Amid Twitter beginning mass layoffs, the company employees are launching a class-action lawsuit against the new Twitter CEO, Elon Musk. According to multiple sources, Musk started massive layoffs at Twitter on Nov. 4, reducing the company’s workforce of 7,500 people. The CEO was speculated to cut as much as 50% of Twitter’s staff, or about 3,500 people, just a few days after acquiring Twitter for $44 billion on Oct. 27. In response to the layoffs, Twitter employees filed a class-action lawsuit against Musk in San Francisco federal court, Bloomberg reported. The suit argues that Twitter is violating federal and California …

The judge overseeing the Celsius bankruptcy case has ordered the examiner and the official committee of Celsius creditors to determine who will head a probe into whether the firm was operating like a Ponzi scheme. The order during the Nov. 1 hearing comes in response to allegations from customers that Celsius had used assets of new users to pay yields and facilitate withdrawals to existing users, and as a result, fits the legal definition of a Ponzi scheme. The judge had approved the appointment of an independent examiner on Sep. 9 to look into aspects of Celsius’ business following calls …

United States-based crypto exchange Coinbase has become the latest organization to stand behind Ripple Labs n its legal battle against the Securities and Exchange Commission (SEC), which could wrap up as soon as the first half of 2023. Paul Grewal, Coinbase’s chief legal officer in a series of tweets on Oct. 31 said the exchange had asked the presiding judge for permission to file an amicus brief, saying the case was a “textbook” definition of “just how critical fair notice is.” Earlier today, @coinbase asked Judge Torres for permission to file an amicus brief in the SEC case over XRP. …

The U.S. Trustee overseeing the Celsius chapter 11 bankruptcy case, William Harrington, has objected to a Celsius motion that would see 62 of its 275 employees paid a retention bonus totaling $2.96 million. The Trustee has blasted Celsius in its supporting statement for the objection filed on Oct. 27, noting: “It defies logic, not to mention the Bankruptcy Code, that a company where the majority of its functions are no longer providing services, would now propose a multi-million dollar bonus scheme.” For the “bonus motion”, as it is aptly named, to receive approval, the Trustee claims that Celsius must show …

The former chairman of the South Korean cryptocurrency exchange Bithumb, Lee Jung-hoon, could face a possible maximum sentence of eight years in prison if found guilty on charges related to an alleged fraud worth $70 million. Local prosecutors asked the Seoul District Court for the sentence on Oct. 25, with the sentencing hearing will be held on Dec. 20 according to a report from Yonhap News Agency. It’s alleged that Jung-hoon defrauded $100 billion won or $70 million from Kim Byung Gun, chairman of the cosmetic surgery company BK Group in October 2018 during negotiations for Gun to purchase the …

Crypto lender Celsius Network's legal journey has gained another chapter as Bitcoin miner Core Scientific accused the company of refusing to pay its bills since filing for chapter 11 bankruptcy, according to court papers filed on Oct. 19. Core Scientific, which is one of the largest publicly-traded crypto companies, claims the default on payments is threatening its financial stability, already hurt by crypto winter and high energy costs. In the court filings, Celsius alleges that Core Scientific delayed mining rig deployment and supplied them with less power than required under their contract. Celsius is reportedly seeking a court order holding …

Customers of bankrupt crypto lender Voyager Digital may be able to recover 72% of the value of their accounts under a tentative deal with FTX US, according to court documents. However, United States bankruptcy judge Michael Wiles during a court hearing said the tentative sale would not be final until it receives the approval of Voyager’s creditors and he approves the bankruptcy payout plan, saying during the court hearing: “If the plan falls apart, there's no part of this agreement that survives.” There is also the inclusion of a clause called a “fiduciary out” that allows Voyager to cancel the …