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Dietrich Knauth
Reporter at Thomson Reuters
Dietrich Knauth is a seasoned journalist with a background in journalism from New York University.
Throughout his career, Dietrich Knauth has contributed his expertise to various reputable organizations in the field of journalism, covering a wide range of topics.
He has worked as a Reporter at Thomson Reuters, Debtwire, Private Equity Law Report, Buyouts Insider, and Money Management Report at Pageant Media.
Additionally, Dietrich Knauth has experience as a Freelance Writer and Managing Editor at PubKLaw, further showcasing his versatile skills in the industry.
His previous roles also include positions at Portfolio Media, Journal Register Company, and Longitude Books, where he honed his craft and gained valuable experience in editorial roles.
With his diverse background and extensive experience, Dietrich Knauth has established himself as a proficient journalist with a strong foundation in reporting and editorial work.
Highlights
Crypto lender Genesis Global had its bankruptcy plan confirmed Friday, and the court addressed an interesting question about when crypto customers are paid "in full" in bankruptcy.
In bankruptcy, claims are valued based on the date that a company files for Chapter 11 protection. Cryptocurrency prices have risen sharply since Genesis filed, potentially creating a situation in which Genesis could repay customers based on the lower prices, and have money left over to pay its owner, Digital Currency Group (DCG).
Genesis - unlike FTX - did not argue that customers should be paid back using old crypto prices, and its bankruptcy judge agreed that Genesis could return crypto and cash to its customers without paying anything to DCG.
FTX is no longer trying to re-start its crypto exchange as "FTX 2.0," after outside bidders were unwilling to offer enough money to rebuild the business.
FTX attorney Andy Dietderich said at in court that FTX was never the successful company that it appeared to be, and was instead "an irresponsible sham created by a convicted felon," referring to founder Sam Bankman-Fried. "The costs and risks of creating a viable exchange from what Mr. Bankman-Fried left in a dumpster were simply too high," Dietderich told a U.S. bankruptcy judge.
FTX now expects to that its liquidation will pay customers "in full" - with the big caveat that it will evaluate their claims using Nov. 2022 crypto prices. That's the correct legal standard, but it has angered a lot of customers who feel short-changed by missing out on crypto's recovery since then.
Story here:
