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Banq, a subsidiary of the Nevada-based crypto custodian Prime Trust, has filed for bankruptcy in a US bankruptcy court in Nevada, shortly after BitGo signed a letter of intent to purchase Prime Trust’s parent company.  Banq files for bankruptcy with $5 million in liabilities  Banq filed for Chapter 11 bankruptcy in the U.S. bankruptcy court in the district of Nevada, with the filing stating that the firm has around $17.72 million in assets and liabilities worth over $5.4 million.  The bankruptcy filing also noted that $17.5 million worth of assets were sent to Fortress NFT Group founded by three of Banq’s former top executives including the firm’s founder Scott Purcell, in an “unauthorized transfer.”  You might also like: Distressed Bittrex to borrow bitcoin to fuel bankruptcy proceedings Banq previously filed a lawsuit against Purcell, Prime Trust’s former chief legal officer George Georgiades, another ex-Prime Trus...

Understand how companies reorganize amid financial challenges to ensure business continuity via Chapter 11 bankruptcy. In the complex world of finance and business, bankruptcy serves as a crucial mechanism that allows struggling companies to reorganize and regain financial stability.  One of the most well-known forms of bankruptcy is Chapter 11, a legal process in the United States that grants businesses the opportunity to restructure their operations while protecting them from creditors’ immediate demands. This article delves into the intricacies of Chapter 11 bankruptcy , its objectives, procedures and notable examples within the realm of the cryptocurrency industry. Chapter 11 bankruptcy, explained Chapter 11 bankruptcy, often referred to as “reorganization bankruptcy,” provides companies, both large and small, with the chance to rehabilitate their financial health while keeping their operations intact. This chapter allows a debtor (the company) to propose a plan that outlines ho...

Druk Holding and Investments CEO Ujjwal Deep Dahal said in a Forbes statement that the issue is confidential and the matter with BlockFi has already been settled. The Kingdom of Bhutan’s sovereign investment arm, estimated to manage around $2.9 billion in assets, has placed millions of dollars in crypto currencies and was a customer of bankrupt crypto firms BlockFi and Celsius. Druk Holding and Investments (DHI), a commercial arm of the royal government of Bhutan, has grown a crypto portfolio without disclosing it to the public, according to a report released by Forbes. The funds were brought to light following the crypto contagion in 2022 when companies like Celsius and BlockFi filed for bankruptcy. User Deposit and Withdrawal - 90 Day - Source: Celsius SoFA Shout out to those who were able to Chapter 7 liquidate themselves at 100 cents on the dollar pic.twitter.com/nTdIVFrBXq — Celsius Loans (@CelsiusLoans) February 20, 2023 According to the report, a Celsius filing sh...