FTX Has Recovered $7.3B In Assets
Apr 13, 2023
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During an April 12 hearing in the US Bankruptcy Court for the District of Delaware, FTX's legal team from Sullivan & Cromwell stated that the crypto exchange had recovered around $7.3 billion in liquid assets. As per a March filing from the debtors, the four FTX company silos had nearly $4.8 billion in scheduled assets in November 2022, with ongoing investigations into the assets. The legal team mentioned that FTX may restart its crypto exchange operations by Q2 2024, with a possible reboot in April. FTX CEO John Ray had reportedly discussed the idea of reviving the bankrupt exchange in a January interview.
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Jan 19, 2023
Genesis will file for bankruptcy soon
According to Bloomberg, Genesis could be preparing to file for bankruptcy. Following the credit crisis that has plagued the crypto sector, the distressed crypto lender has been hanging in there for weeks. One of the biggest lenders in the industry, Genesis frequently served as a middleman for other lending companies that offered rates far higher than those found in the conventional financial markets. According to Bloomberg, sources familiar with the negotiations between Genesis, a division of the Digital Currency Group, and its creditors, believe that bankruptcy proceedings might start as soon as this week. The closest thing cryptocurrency has to a conglomerate is DCG, and in other news, DCG has temporarily stopped distributing its quarterly dividends.
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Mar 13, 2023
South Korea launches Metaverse Fund
The Ministry of Science and ICT in South Korea has declared its commitment to invest in a fund solely focused on driving the growth of metaverse initiatives in the country. As per the official announcement, the South Korean government has put in 24 billion Korean won (equivalent to $18.1 million) to establish a fund of over 40 billion Korean won ($30.2 million) for the development of metaverse technology. Through the Metaverse Fund, South Korea aims to support the consolidation of various companies in the metaverse ecosystem. The government has mentioned the increased interest of major technology firms in the metaverse as the primary reason for investing in the fund. Recognizing the investment risks and the difficulty local players face in raising funds through private investments, the government intends to support domestic metaverse-related companies to compete against global players.
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Mar 13, 2023
HSBC Acquires Silicon Valley Bank UK For £1
HSBC, a major international bank, has announced that its subsidiary, HSBC UK Bank, will acquire Silicon Valley Bank UK (SVB UK) for a nominal amount of one British pound ($1.21). SVB UK is the UK-based branch of the collapsed Silicon Valley Bank, and the acquisition is intended to rescue the bank. According to HSBC, SVB UK has loans worth approximately 5.5 billion pounds ($6.7 billion) and deposits worth approximately 6.7 billion pounds ($8.1 billion) as of March 10, 2023. For the financial year ending Dec. 31, 2022, SVB UK recorded a profit before tax of 88 million pounds ($107 million). HSBC estimates SVB UK's tangible equity to be approximately 1.4 billion pounds ($1.7 billion). HSBC's CEO, Noel Quinn, stated that the acquisition aligns with the bank's strategic goals for its operations in the United Kingdom, as it will bolster its commercial banking portfolio and improve its capacity to cater to dynamic and rapidly expanding businesses.
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