Mazars to Pause All Work for Crypto Clients, Binance Says - Bloomberg: Mazars Group, the accounting firm used by crypto giant Binance Holdings Ltd. and other big players in the industry to vouch for their assets held in reserve, has halted all such work for crypto clients, dealing a blow to an industry seeking to shore up confidence in the wake of FTX’s collapse.
After FTX's catastrophic collapse, crypto investors wonder if Binance is next : NPR: Binance temporarily froze withdrawals after customers withdrew more than $1 billion worth of crypto on Tuesday, fueling fears more crypto companies could collapse.
Former Hess Refinery Workers Focus Asbestos Suits on Parent - Bloomberg: Hess Corp. put a subsidiary into bankruptcy to try to avoid litigating hundreds of asbestos lawsuits tied to an oil refinery it no longer owns. Now workers from that unit are focusing on suing Hess instead.
FTX bankruptcy judge allows media companies to argue for revealing customer names: A U.S. judge overseeing the bankruptcy of FTX said on Friday that he will allow media companies to make their case that the collapsed crypto exchange must publicly disclose the names of its customers. U.S. Bankruptcy Judge John Dorsey in Delaware said the New York Times, Dow Jones, Bloomberg and the Financial Times could present their arguments on requiring FTX to disclose customer names at a hearing on Jan. 11.
FTX Managers Explore Information-Sharing Deal With Bahamian Officials - WSJ: The failed crypto exchange’s U.S. managers held talks to cool fraught relations with Bahamian authorities.
A Traditional Exchange? FTX Was Anything But. - The New York Times: FTX called itself an exchange. But it was vastly different from stock exchanges, which are highly regulated and barred from engaging in many of the activities FTX pursued.
Great Panther Makes Voluntary Assignment into Bankruptcy Under the Bankruptcy and Insolvency Act (Canada): Great Panther Mining is a precious metals producer focused on the operation of the Tucano Gold Mine in Brazil where the Company controls a land package covering nearly 200,000 hectares in the prospective Vila Nova Greenstone belt.
Accounting Firm BDO 'Evaluating' Crypto Work: Accounting firm BDO, which recently signed off on reserves reports for Tether, on Friday said it is reconsidering its work for crypto companies. “In common with several other professional service firms, we are currently evaluating our approach to this sector and the work we undertake for our clients."
Restaurateur, Political Donor, Tipster: The Many Roles of FTX’s Ryan Salame - The New York Times: The co-chief executive of an FTX unit who told regulators about wrongdoing at the exchange was a big Republican donor. He also bought restaurants.
Gemini Earn Updates: Houlihan Lokey, the Financial Advisor of The Creditor Committee, has begun advocating for a plan to resolve the liquidity issues at Genesis and DCG and provide a path for the recovery of funds. It is still early stages, and discussions are ongoing, however, we'll update you as soon as more information is available.
The Block: Jefferies sees recovery rate of up to 40% for FTX creditors: Investment bank Jefferies estimates a recovery rate of between 20 and 40 cents on the dollar for FTX creditors, though that could fall to 10 to 35 cents after administrator fees are paid.
Customers Doubt Bankrupt Crypto Firms Have Any Business to Salvage: FTX, Celsius Network LLC and a handful of other crypto platforms didn’t just go bankrupt—they now face a growing risk they will disappear altogether in a liquidation, with no option but to close up shop and return to customers whatever assets they have left.