Tag: Court

US court gives Three Arrows nod to increase its FTX claim to $1.53B

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A US bankruptcy court has authorized liquidators of defunct crypto hedge fund Three Arrows Capital (3AC) to increase their claim against collapsed crypto exchange FTX from $120 million to $1.53 billion. Chief Judge John Dorsey rejected FTX’s debtors’ argument that the amended proof of claim (POC) from 3AC liquidators was untimely and an unjust attempt to slow the bankruptcy proceedings. In a March 13 ruling in the US Bankruptcy Court for the District of Delaware, Dorsey opined that 3AC liquidators had provided sufficient notice of their claim and the possibility…

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Supreme Court Decision Overturns Chevron: A Victory for Judicial Authority and Bitcoin

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In a landmark decision on June 28, 2024, the Supreme Court of the United States, by a 6-3 vote, overruled the longstanding Chevron doctrine, fundamentally reshaping the landscape of administrative law and judicial review. The case, Loper Bright Enterprises v. Raimondo, signals a significant shift in the balance of power between the judiciary and administrative agencies. This decision not only reinforces judicial independence but also presents substantial benefits for the Bitcoin industry, echoing the implications of last year’s West Virginia v. EPA decision. The Case The Chevron doctrine, established in…

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BlockFi opens crypto withdrawals for eligible US users following court order

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Many customers at defunct crypto lending firm BlockFi have reported being able to withdraw funds for the first time in months following an order from a United States bankruptcy court. In an Aug. 17 update on X, BlockFi said it had opened withdrawals for wallets of eligible users in the U.S. in accordance with a bankruptcy court order. The lending firm said the withdrawals did not extend to many wallets controlled by international users, but legal proceedings were ongoing. “As authorized by the Court in the Wallet Order, eligible clients…

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China’s risky Bitcoin court decision, is Huobi in trouble or not? Asia Express – Cointelegraph Magazine

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Our weekly roundup of news from East Asia curates the industry’s most important developments. Chinese man’s $10M loss as court says Bitcoin lending not protected by law A man in China’s Jiangsu province, identified as Mr. Xu, appears to be out of luck after a court ruled that his 341 Bitcoin loan ($9.9 million) to counterparty Mr. Lin is not protected by law according to local news reports on August 3. Some time ago, Mr. Xu lent 341 Bitcoins to Mr. Lin after the latter approached him for a peer-to-peer…

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Binance, Coinbase head to court; the SEC labels 67 crypto-securities

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Top Stories This Week U.S. SEC sues Binance and Coinbase amidst crypto crackdown Binance and Coinbase have been targeted in a new round of lawsuits by the U.S. Securities and Exchange Commission (SEC) against crypto businesses. The regulator pressed 13 charges against Binance on June 5, including those involving unregistered offerings and sales of tokens, and failing to register as an exchange or broker-dealer. The commission also went after Coinbase on similar grounds, alleging that popular cryptocurrencies offered by the exchange are securities. Trading volume across the major decentralized exchanges…

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SEC can’t find Binance CEO Changpeng Zhao, asks court for ‘alternative service’

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The United States Securities and Exchange Commission (SEC) is seeking “alternative service” from the U.S. district court in Washington, D.C. to issue a legal summons to Changpeng Zhao, the CEO of cryptocurrency exchange Binance. Zhao and Binance were recently sued by the SEC over alleged unregistered securities operations. Related: SEC sues Coinbase for breaking US securities rules In a case document filed with the district court on June 7, the SEC requested alternative service. It explained its evident stance that typical service (which requires the presence and signature of the person…

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Lawyer uses ChatGPT in court and now ‘greatly regrets’ it

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A New York attorney has been blasted for using ChatGPT for legal research as part of a lawsuit against a Columbian airline. Steven Schwartz, an attorney with the New York law firm Levidow, Levidow & Oberman, was hired by Robert Mata to pursue an injury claim against Avianca Airlines. Mata claims he sustained the injury from a serving cart during his flight with the airline in 2019, according to a May 28 report from CNN Business. However, after a judge noticed inconsistencies and factual errors in the case documentation, Schwartz…

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