Cryptocurrency

The Impact of Crypto Bankruptcies on Legal Fees

Friday. August 30 at 11:00 PM

1 min. read
The Impact of Crypto Bankruptcies on Legal Fees

Crypto bankruptcies not only result in significant losses for investors but also lead to substantial earnings for law firms handling high-profile cases. In 2022, law firms working on seven Chapter 11 crypto bankruptcies reportedly received fees amounting to $751 million. Among the top earners were Sullivan & Cromwell, Kirkland and Ellis, White & Case, and Cleary Gottlieb. These firms collectively earned $484 million, representing 64% of all fees from the bankruptcy cases. Sullivan & Cromwell, serving as debtor’s counsel for FTX, earned the highest at $215 million. Kirkland & Ellis followed with $120 million, primarily from clients like Voyager and Celsius. White & Case earned about $75 million, while Cleary Gottlieb billed nearly $73 million. Ongoing cases include FTX and Terraform Labs, with Genesis recently completing its restructuring plan and compensating injured parties with $4 billion.

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Dogecoin Price Surges Following US Government Efficiency Department Website Launch

Dogecoin Price Surges Following US Government Efficiency Department Website Launch

Tuesday. January 21 at 9:00 PM

Dogecoin's price surged by 13% in just 15 minutes after the US Government Efficiency Department (DOGE) officially launched its website. The department, led by Elon Musk, aims to reduce government spending and streamline regulations. President Trump announced the establishment of this department during his inauguration speech. The rise in Dogecoin's value is seen as a result of its association with this government initiative. The use of Dogecoin's logo on the official government website has further legitimized the cryptocurrency. Social media reactions have also contributed to the viral spread of this news. Analysts predict a significant upward movement in Dogecoin's price, with a potential target of $1.61, marking a 340% increase. This article does not provide investment advice, and readers are advised to conduct their own research before making any financial decisions.

Cryptocurrency

Navigating Bitcoin Investment in South Africa

Navigating Bitcoin Investment in South Africa

Tuesday. January 21 at 2:00 PM

Investing in Bitcoin for South Africans can be overwhelming due to various factors such as regulations, taxes, and security concerns. Despite Bitcoin not being legal tender in South Africa, the country has seen a significant rise in cryptocurrency adoption. With the government issuing operating licenses for crypto businesses and implementing regulatory frameworks, the environment for Bitcoin investment is favorable. However, investors need to be aware of tax implications, as profits from Bitcoin transactions are subject to capital gains or income tax. It is crucial to maintain detailed records of all crypto activities to comply with tax laws. Additionally, having a clear understanding of Bitcoin wallets and choosing reputable exchanges are essential for safe and successful Bitcoin trading in South Africa. By staying informed about regulations and risks, investors can confidently navigate the evolving landscape of Bitcoin in the country.

Cryptocurrency

Rumble Makes First Bitcoin Purchase as Part of Financial Strategy

Rumble Makes First Bitcoin Purchase as Part of Financial Strategy

Tuesday. January 21 at 9:00 AM

Rumble, Canada’s largest video-sharing platform with over 50 million users, has recently invested $20 million in Bitcoin as part of its financial reserve strategy. The company plans to further expand its Bitcoin holdings in the future, following a trend of public companies adopting Bitcoin as a reserve asset. This move led to a more than 5% surge in Rumble’s stock value. Rumble joins other firms like MicroStrategy, Semler Scientific, Marathon Digital, and Metaplanet in integrating Bitcoin into their financial strategies. The company's CEO, Chris Pavlovski, discussed the Bitcoin strategy with MicroStrategy’s Michael Saylor in November 2024. This purchase aligns with the broader trend of publicly listed companies adopting Bitcoin as a reserve asset, with firms like Marathon Digital adding significant amounts of Bitcoin to their reserves. Tether's substantial investment in Rumble and El Salvador's crypto-friendly environment further support Rumble's Bitcoin strategy.

Cryptocurrency

El Salvador Adds 11 Bitcoin to Reserves Despite IMF Pressure

El Salvador Adds 11 Bitcoin to Reserves Despite IMF Pressure

Tuesday. January 21 at 8:00 AM

El Salvador recently increased its Bitcoin reserves by 11 BTC, worth over $1 million, despite pressure from the IMF to reduce its adoption. The country's Bitcoin Office announced the addition to its Strategic Bitcoin Reserve, following a promise made to the IMF to scale back BTC adoption in exchange for a loan. El Salvador's National Bitcoin Office head, Stacy Herbert, stated that the country would accelerate its BTC accumulation after the IMF deal. The IMF has repeatedly advised El Salvador to limit its Bitcoin adoption, expressing concerns about potential risks. Despite criticism, El Salvador legalized Bitcoin as a tender alongside the U.S. dollar in 2021. The IMF acknowledged that some risks of the Bitcoin experiment had not yet materialized but emphasized the need for transparency and risk mitigation. IMF spokesperson Julie Kozack reiterated the recommendation to limit public sector exposure to Bitcoin in October 2024.

Cryptocurrency