Bankruptcy & Restructuring News Headlines for Thursday Jan 19, 2023

Here's what we are reading this morning:

Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have Left — The Information: A senior Twitter manager told employees that the company’s daily revenue on Tuesday was 40% lower than the same day a year ago, underscoring the crisis facing its core ads business, according to a person with direct knowledge.

Coinbase Confirms It's Halting Operations in Japan: Cryptocurrency exchange Coinbase (COIN) said it is halting its operations in Japan, citing "market conditions" and confirming earlier reports that it would close shop in the country.

Justice Department Announces New Director of the U.S. Trustee Program: The Justice Department announced today that Attorney General Merrick B. Garland has selected Tara Twomey to serve as Director of the U.S. Trustee Program (USTP) at the Department of Justice.

The Block: Bitzlato founder arrested for allegedly processing $700 million in illicit funds: The Justice Department arrested the founder of crypto exchange Bitzlato, calling the China-based exchange a "high-tech axis of cryptocrime."

Retail group: Holiday sales up slower-than-expected 5.3% | AP News: Sales for the holiday 2022 season slowed more than expected from its blistering pace a year ago as higher borrowing costs and higher inflation made shoppers pull back, according to the nation's largest retail trade group.

Crypto Firm Genesis Bankruptcy Filing Is Expected This Week - Bloomberg: Genesis Global Capital is laying the groundwork for a bankruptcy filing as soon as this week, according to people with knowledge of the situation

Crypto Media Outlet CoinDesk Taps Bankers for Potential Sale - WSJ: The company has “received numerous inbound indications of interest,” CEO Kevin Worth says.

FTX Founder Sam Bankman-Fried Gamed Markets, Crypto Rivals Say - The New York Times: Sam Bankman-Fried found ways to control the prices of digital coins to benefit his companies, FTX and Alameda, according to cryptocurrency investors.

Older Post Newer Post