Connect with us

Business

Bankruptcy judge approves FTX’s reorganization plan

Published

on

A judge has officially approved the liquidation plan for FTX, the cryptocurrency exchange that collapsed in late 2022. This decision marks a significant step in the ongoing bankruptcy process, allowing the company to begin the distribution of its assets to creditors.

The approved plan outlines the procedures for liquidating FTX’s remaining assets, which are estimated to be worth billions. The court’s ruling is expected to expedite the recovery process for affected customers and creditors who have been awaiting resolution since the exchange filed for bankruptcy.

FTX’s financial turmoil has drawn considerable attention from regulators and investors alike, leading to a complex legal landscape. The approved liquidation plan aims to ensure an orderly distribution of assets, prioritizing claims from customers and creditors impacted by the exchange’s abrupt failure.

As part of the process, the court will oversee the valuation and sale of FTX’s assets, including cryptocurrencies and other holdings. Legal experts believe that the approval of the liquidation plan could provide a framework for similar cases in the crypto industry, underscoring the need for clarity in the wake of financial failures.

The situation continues to evolve, with stakeholders closely monitoring the proceedings as they seek to recover their investments in the beleaguered exchange. The approval is seen as a crucial development in the broader effort to restore confidence in the cryptocurrency market.

Business

GameStop hints at future Bitcoin purchases following board approval

Published

on

GameStop is exploring the possibility of adding Bitcoin to its balance sheet, but any future purchases will require approval from the company’s board of directors. The move signals the gaming retailer’s continued interest in digital assets as it seeks to diversify its financial strategy.

The potential Bitcoin investment aligns with GameStop’s previous forays into the crypto space, including its NFT marketplace and blockchain gaming initiatives. However, the company has not yet committed to a specific timeline or amount for Bitcoin purchases.

Industry analysts suggest that if GameStop proceeds with Bitcoin acquisitions, it could follow in the footsteps of other publicly traded companies, such as MicroStrategy, that have adopted Bitcoin as a reserve asset. The decision could also serve as a signal to retail and institutional investors about GameStop’s long-term outlook on digital assets.

As the company awaits board approval, the broader market will be watching closely to see if GameStop makes a decisive move into Bitcoin, potentially influencing other corporations to consider similar strategies.

Continue Reading

Business

SEC nominee Atkins discloses at least $327M in assets ahead of confirmation hearing

Published

on

Paul Atkins, a former commissioner of the U.S. Securities and Exchange Commission (SEC), is under scrutiny over financial disclosures related to his wife. The concerns emerged during a recent hearing, raising questions about transparency and potential conflicts of interest.

Atkins, who served at the SEC from 2002 to 2008, has been a vocal advocate for regulatory clarity in financial markets, including the cryptocurrency sector. However, lawmakers and regulators are now examining whether proper disclosures were made regarding financial assets linked to his wife.

The inquiry reflects broader concerns about ethics and accountability among financial regulators and policymakers. While Atkins has not been formally accused of wrongdoing, the situation highlights ongoing debates over financial transparency in government and regulatory agencies.

As the hearing unfolds, industry observers are closely watching for potential implications on SEC policies and oversight practices. The outcome could influence future regulatory discussions, particularly in areas where financial disclosures intersect with policymaking in traditional and digital asset markets.

Continue Reading

Business

Brazil’s data watchdog upholds ban on World crypto payments

Published

on

Brazil’s data protection authority is ramping up its oversight of cryptocurrency payment platforms, reflecting growing concerns over data privacy and regulatory compliance in the digital asset sector. The move aligns with a broader global trend of increased scrutiny on crypto transactions.

The regulatory focus comes as crypto payments gain mainstream adoption in Brazil, with businesses and consumers increasingly using digital assets for everyday transactions. Authorities aim to ensure that companies handling crypto payments comply with data protection laws, safeguarding user information against misuse and security breaches.

This initiative follows global regulatory efforts to address concerns over illicit financial activities and privacy risks associated with digital currencies. While Brazil has been a leader in Latin America’s crypto adoption, regulators are working to balance innovation with consumer protection.

Industry experts believe that stricter oversight could enhance trust in the crypto sector, attracting institutional players while ensuring compliance with international standards. As regulations evolve, businesses operating in the crypto payments space will need to adapt to the changing legal landscape to maintain seamless operations.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk