There is a lot going on and trying to keep up with it all is challenging. Here is your weekly run-down of what you need to know from the past week across the crypto bankruptcy industry.
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Voyager: According to data from Dune Analytics, Voyager has experienced a net outflow of approximately $250 million since it reactivated its withdrawal function on June 23. As of July 10, Voyager's current balance of crypto holdings was $175.98 million.

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FTX: FTX's Customer Claims Portal, which customers have been waiting for, is now live at https://claims.ftx.com/welcome. Although there were some initial issues reported, the portal seems to be functioning at the time of writing. This portal allows FTX customers to access their account information, view historical data, and, if necessary, submit a proof of claim electronically in the FTX Chapter 11 proceedings.

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Genesis: Genesis recently submitted a Liquidation Analysis and Financial Projections to the bankruptcy court. The financial projections estimate that GGC will have between $2.28 and $2.63 billion available to distribute to creditors after wind-down costs of almost $70 million. Additionally, GAP is estimated to have between $1.2 and $29.5 million available for distribution, while GGH will have between $74.6 and $93.4 million available for distribution.

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BlockFi: BlockFi has filed a motion seeking approval from the bankruptcy court for a proposed settlement with insiders. In the motion, BlockFi claims that its business operations are different from other crypto companies that faced financial difficulties due to theft or intentional misconduct by insiders. The motion includes a report from a special committee of the company's board of directors, which is over 150 pages long.

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Celsius: Celsius has made a renewed request to pay certain fees and expenses to BRIC, its backup plan sponsor. The bankruptcy court previously rejected a similar request, but the parties involved have agreed to modifications in the renewed request. Additionally, Celsius has filed an amended and restated backup plan sponsor agreement with BRIC. They have also announced an opportunity for bidders to submit proposals for comprehensive backup transactions, standalone backup mining transactions, and/or the orderly wind down until July 31.

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Please note that the information provided here is general in nature and not a substitute for professional legal advice. The bankruptcy process can be complex, and it is recommended to consult with an attorney to understand how the specific facts of your case may impact your options as a creditor. Have a question about your claim in one of the crypto bankruptcies? Reach out to an Xclaim representative. To learn more about Xclaim and recovering value from locked crypto accounts, please visit: www.x-claim.com

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About Xclaim

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