Inside The Rise and Fall of Gemini’s Risky ‘Earn’ Accounts That Left $900 Million of Customer Money in Limbo — The Information: Gemini co-founders Cameron and Tyler Winklevoss started last year off with plans to go big with a risky type of crypto lending account. And they pushed ahead even as warning signs kept cropping up.
Hotels’ Distress Lays Groundwork For More Bankruptcies in 2023: Hotels across the US are in line for a potential uptick in bankruptcies and out-of-court restructurings in 2023 as distress mounts from rising interest rates, staffing costs, and expectations of a mild recession.
US Adds 223,000 Jobs in December - The New York Times: The labor market is cooling, with employers adding 223,000 jobs in December, down slightly from previous months. For the year, the economy added 4.5 million jobs, the second-most on record.
Winter Wears On: Celsius Court Rules That Certain Customer Deposits are Property of the Bankruptcy Estate - Weil Restructuring: On January 4, 2022, Judge Martin Glenn of the Bankruptcy Court for the Southern District of New York ruled that customer deposits in Celsius’s Earn Program constituted property of the bankruptcy estate and not customer property.
Party City Plans Bankruptcy Filing Within Weeks to Cut Debt: The retailer’s recent Halloween sales came in at the low end of expectations as inflation curbs customer spending.
Bed Bath & Beyond Prepares to File for Bankruptcy Within Weeks: The home-goods chain’s stock plunged after it expressed substantial doubt about its ability to stay in business.
FTX Debtors and FTX DM (Bahamas) Announce Cooperation Agreement: Under the cooperation agreement, the parties commence work together to share information, secure and return property to their estates, coordinate litigation against third parties and explore strategic alternatives for maximizing stakeholder recoveries.
ERCOT Bankruptcy Suit Belongs in State Court, Fifth Circuit Says: A Texas bankruptcy court went beyond its jurisdictional limits by weighing in on a dispute between Just Energy Group Inc. and Texas’ grid operator over the soaring electricity prices caused by Winter Storm Uri, an appeals court has found.
U.S. States Object to Binance’s Plan to Buy Voyager Accounts: U.S. state officials have raised objections to Binance’s deal to acquire user accounts from bankrupt crypto firm Voyager, saying the buyer’s opaque finances, foreign ownership and business practices put U.S. customers at risk.
Crypto Empire DCG Faces US Investigation Over Internal Transfers - Bloomberg: EDNY, SEC said to be reviewing money flows between companies
Subpoenas issued in ongoing federal probe of crypto exchange Binance - The Washington Post: Federal prosecutors are examining American hedge funds’ dealings with cryptocurrency exchange Binance as part of a long-running investigation into potential violations of money-laundering rules at one of the world’s leading crypto companies.
This Could Be a Rough Year for the Podcast Industry: We spoke to dozens of insiders and creators about 2023 trends, gripes, and potential pitfalls.
Celsius ruling “should be helpful” to FTX customers, ex-CEO faces fraud suit - Global Restructuring Review: After a New York court ruled this week that bankrupt crypto brokerage Celsius owns funds deposited by thousands of investors, lawyers in the US and Singapore tell GRR the decision provides important drafting lessons and may prove a useful precedent for FTX customers.
Vimeo Lays Off 11% of Employees: "Several things have changed since we reduced our workforce by 6% in July. We have seen a further deterioration in economic conditions, in the form of prolonged geopolitical conflict, rising interest rates, and global recession fears. We also have a better understanding of where post-pandemic demand is settling and how that might impact our self-serve growth in the near term."