Crypto company deathwatch thread

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Blockfi Update
BlockFi said:
Last week, we took another important step in our chapter 11 proceedings. At the January 30th hearing, the Court approved our motion setting forth the procedures for the claims process. To protect our clients’ personal information, BlockFi received interim Court approval to redact clients’ names and other personal information from the Schedule of Assets and Liabilities.

In the coming days, clients will receive information from our claims agent, Kroll, which will include information on how to view account balances, details regarding the client’s individual claim(s), deadlines for the proof of claim process, and instructions on how to file a proof of claim. Communications from Kroll will be sent via mail and/or by email to the address associated with your BlockFi account.

BlockFi provided its claims agent, Kroll, with clients’ addresses and emails as of the Petition Date, November 28, 2022. If your address or email has since changed, or if you would like to confirm that your account details are accurate, please contact Kroll directly to update your information. Clients may contact Kroll at (888) 773-0375 (Toll Free) or (646) 440-4371 (International), or email blockfiinfo@ra.kroll.com.

The general bar date, which is the deadline to submit proof of claims and applies to all clients, has been set for 5:00 P.M. (prevailing Eastern Time) on March 31, 2023. Clients will not need to submit a claim if they agree with the amounts that BlockFi filed for them in the Schedules of Assets and Liabilities.

We understand that you may have questions during this process. Additional information regarding our chapter 11 proceedings, including the proof of claim process, can be found by visiting the website for BlockFi’s claims agent Kroll at https://restructuring.ra.kroll.com/blockfi.

We will continue to communicate with our clients throughout this process as we work to maximize value for all clients and stakeholders.

BlockFi​
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Clients will not need to submit a claim if they agree with the amounts that BlockFi filed for them in the Schedules of Assets and Liabilities.
 
Kendall Motor Oil said:
Clients will not need to submit a claim if they agree with the amounts that BlockFi filed for them in the Schedules of Assets and Liabilities.
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That seems like the sort of thing you say when you are trying to get out of obligations at a later date when the money is gone.

As far as the binance stuff goes, could just be an issue with the new regulatory burden placed on them by the IRS around the whole $600 transfers need to be reported.
 
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cointelegraph.com

Circle blew the whistle on Binance reserves to NYDFS: Report

Stablecoin issuer Circle reportedly uncovered blockchain data suggesting Binance’s reserves were insufficient to support its token and sent the information to the NYDFS.
cointelegraph.com cointelegraph.com
paxos.com

Paxos Issues Statement - Paxos

Paxos, the leading regulated blockchain and tokenization infrastructure platform, today issued the following statement:
paxos.com paxos.com
Paxos Issues Statement
NEW YORK – February 13, 2023 – Paxos, the leading regulated blockchain and tokenization infrastructure platform, received a Wells notice from the SEC on February 3, 2023. The Wells notice states that the staff of the SEC is considering recommending an action alleging that BUSD is a security and that Paxos should have registered the offering of BUSD under the federal securities laws. Paxos has issued the following statement:

Paxos categorically disagrees with the SEC staff because BUSD is not a security under the federal securities laws. This SEC Wells notice pertains only to BUSD. To be clear, there are unequivocally no other allegations against Paxos. Paxos has always prioritized the safety of its customers’ assets. BUSD issued by Paxos is always backed 1:1 with US dollar-denominated reserves, fully segregated and held in bankruptcy remote accounts. We will engage with the SEC staff on this issue and are prepared to vigorously litigate if necessary.
To learn more about Paxos’ commitment to transparency and regulation, visit our website.

About Paxos
Paxos is the leading regulated blockchain infrastructure platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.

Paxos uses technology to tokenize, custody, trade and settle assets. It builds enterprise blockchain solutions for institutions like PayPal, Interactive Brokers, Mastercard, MercadoLibre, Nubank, Bank of America, Credit Suisse and Societe Generale. Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.
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SCC going ham on Crypto till its dead or controlled which includes dollar pegs. ( all of them are securities)
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The part that kills me is that they are trying to label stable coins as a security. A large part of the whole "unlicensed security" is an expectation of profit. There are a lot of shady and tokens in the crypto sphere that you can throw the unlicensed security label on, but targeting the one set of coins that are explicitly made to not increase in profit? Shits retarded.
 
I was checking the mail the other day when I saw a very intimidating envelope from a law office that said LEGAL CORRESPONDENCE in big black bold letters on it. Is somebody suing me? Am I in trouble? Fuck. My heart starts racing and I feel sick as I open it. Relief washes over me as I get it opened and see it's a form related to BlockFi's bankruptcy for me to report how much I lost. They can have the 15 cents I left in there because I'd rather not take the time to fill out the form.
 
Nol 2 said:
The part that kills me is that they are trying to label stable coins as a security. A large part of the whole "unlicensed security" is an expectation of profit. There are a lot of shady and tokens in the crypto sphere that you can throw the unlicensed security label on, but targeting the one set of coins that are explicitly made to not increase in profit? Shits retarded.
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Lets be real tho, a ton of these stablecoins are advertised as high yield products, like UST and their "20% yields". Stuff like that is the real issue i think.
 
Akashic Retard said:
I was checking the mail the other day when I saw a very intimidating envelope from a law office that said LEGAL CORRESPONDENCE in big black bold letters on it. Is somebody suing me? Am I in trouble? Fuck. My heart starts racing and I feel sick as I open it. Relief washes over me as I get it opened and see it's a form related to BlockFi's bankruptcy for me to report how much I lost. They can have the 15 cents I left in there because I'd rather not take the time to fill out the form.
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If it was a unique situation, I would say to go with it just to get whatever they sent. But that shit is going to be plastered all over the internet

Lets be real tho, a ton of these stablecoins are advertised as high yield products, like UST and their "20% yields". Stuff like that is the real issue i think.
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Circle (USDC), Tether, and Paxos (BUSD) sure as shit didn't. If you are making a stablecoin, you very much know what sort of things you can and can not say to stay on the good side of the SEC, unless you're a retarded Korean.

If they start charging people for making a thing, then holding them responsible for what other people do with that thing, well that has far reaching implications.
 
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Found this YouTuber that does reviews of all the those NFT games that get endlessly shilled on Twitter.
tl;dw none of them are any good
 
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