Bankruptcies | FinTelegram News

Category: Bankruptcies

February 8, 2023

Request 4 Information: Chapter 7 Bankruptcy Of Payvision Partner T1 Payments!

Donald Kasdon's U.S. high-risk payment processor T1 Payments has received several lawsuits in recent years from former merchants claiming that T1 Payments failed to pay them their money. Apparently, Donald Kasdon is trying to escape these many lawsuits via a Chapter 7 Bankruptcy deposition. T1 Payments was the U.S. partner of ING subsidiary Payvision, which is also desperately trying to settle lawsuits from merchants in the U.S. We would like to know more.

January 25, 2023

German EY Auditors Renounced Licenses And Escaped Potential Sanctions!

The Auditor Oversight Authority APAS, part of the German Federal Office of Economics and Export Control, has been exercising profession-independent oversight of auditors in Germany since 2016. According to a Financial Times report, APAS closed investigations against four current and former EY auditors involved in the audit procedures of collapsed Wirecard. They renounced their professional licenses and left the profession earlier this month.

January 20, 2023

Not A Good Investment! Wirecard Crown Witness Received €4.8 Mio For His Fraud Contribution!

The former executive for Wirecard in Dubai, Oliver Bellenhaus, continued to explain the Wirecard fraud to the court in Munich. He confessed that his involvement in the alleged Wirecard billion-euro fraud earned him €4.8 million. According to the indictment, Bellenhaus, who worked in Dubai from 2013 to 2020, received this sum as a one-off payment, diverted from company funds, and bypassed the payroll department. His monthly salary was €13,000 he said on Thursday.

January 18, 2023

Merchant Alert: New iPayTotal Joint Liquidators Report Missing Assets And Millions!

The Joint Liquidators of bankrupt iPayTotal, which belongs to the group of high-risk payment processors of the Indian group around the notorious Ruchi Rathor and the Pratap Singh family, submitted its second progress report on January 16, 2023. There is not much new information in it. The Joint Liquidators report no assets. Nine former customers (merchants) have filed claims of around $2.2 million. Millions vanished from the company into the pockets of the participating individuals.

January 12, 2023

A Crypto Miracle? Bankrupt Crypto Exchange FTX Found $5 Billion!

Hard to believe but evidently true. Collapsed cryptocurrency exchange FTX has located more than $5 billion of assets. "We have located over 5 billion dollars of cash, liquid cryptocurrency and liquid investment securities," Andy Dietderich, an attorney for FTX, told US Bankruptcy Judge John Dorsey in Delaware. However, a US bankruptcy court was told on Wednesday that the extent of customer losses is still unknown.

January 5, 2023

FTX Founder Sam Bankman-Fried Pleaded Not Guilty! Prosecutors Seized His Robinhood Shares!

FTX founder and former CEO Sam Bankman-Fried aka SBF pleaded not guilty to charges related to the “fraud of epic proportions.” The judge set an..

December 21, 2022

FTX Founder Sam Bankman-Fried Extradited To The U.S.

Sam Bankman-Fried aka SBF, founder and former CEO of the bankrupt crypto exchange FTX, was arrested in the Bahamas last week at the request of U.S. authorities. Since the court denied him the requested release on bail, he had to sit in the notorious Fox Hill prison. This is likely to have led him not to invoke extradition to the U.S. He is expected to be flown to the U.S. today where he will face trial on the charges, according to a CNBC report. A release on bail does not seem likely.

December 19, 2022

The Great FTX Disappointment & The Binance War On Twitter!

In December 2019, Binance announced a strategic partnership with FTX, allegedly acquired 20% in FTX, and took a long-term position in the FTX token, FTT. The initial investment allegedly was in the range of "tens of millions" at a valuation of $1.2 billion. In July 2022 Binance exited and received $2.1 billion. A huge profit for Binance. The break was reportedly over regulatory issues. Sam Bankman-Fried (SBF) accused Changpeng Zhao (CZ) of causing him problems with regulators.

December 13, 2022

The Arrest Of FTX Founder Sam Bankman-Fried May Set Stage For Next-Generation Crypto Scene!

That came as a surprise. For a long time, the Twitter community demanded the arrest of FTX founder Sam Bankman-Fried (SBF) after around a million customers had lost billions with the collapsed crypto exchange. Monday evening, he was now arrested by police in the Bahamas after U.S. prosecutors brought a still-sealed indictment. He is now apparently to be quickly extradited to the U.S. to answer questions from prosecutors there. It's time for a reboot of the crypto scene.

December 9, 2022

Really? Payomatix Founder Ruchi Rathor Launched The RaiseMoney Initiative!

High-risk processor Payomatix is one of the many payment ventures of the notorious British-Indian Ruchi Rathor, the mastermind behind the collapsed payment scheme iPayTotal scheme. Just recently, Rathor launched the RaiseMoney initiative, an online community assisting entrepreneurs and investors in their early-stage financing. The legal entity behind this new scheme is Payomatix Technologies Pvt Limited, a company black-rated on PayRate42. We advise merchants and investors to be super-cautious!

December 8, 2022

U.S. Prosecutors Investigate Sam Bankman-Fried’s Role in Terra/Luna Collapse!

According to the New York Times, federal prosecutors in the U.S. are investigating whether FTX’s founder, Sam Bankman-Fried (SBF), manipulated the market for TerraUSD and Luna this past spring, leading to their collapse and created a domino effect that eventually caused the implosion of his own cryptocurrency exchange last month. In a statement, SBF said he was “not aware of any market manipulation and certainly never intended to engage in market manipulation.”

November 29, 2022

Crypto Contagion: BlockFi Files For Chapter 11 Bankruptcy!

The next in line is giving up in the Crypto Contagion. The crypto lender BlockFi is the latest victim of contagion within the industry following the collapse of the crypto exchange FTX. The company and eight of its affiliates filed for Chapter 11 bankruptcy. According to the filing, BlockFi has over 100,000 estimated creditors and up to $10 billion in liabilities. The filing says that the firm has $256.9 million cash in hand.