Cryptocurrency Q&A
When did Everest go bust?
When did Everest go bust?
EchoChaser
Mon Aug 12 2024
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6 answers
1445
I'm curious to know, could you clarify for me the exact timeline of when the Everest platform experienced its downfall? I'm interested in understanding the specific moment or events that led to its collapse, as it's an important lesson for the cryptocurrency and finance community to learn from. Can you provide me with a concise overview of when and how Everest went bust?
6 answers
lucas_jackson_pilot
Wed Aug 14 2024
BTCC, a leading cryptocurrency exchange, offers a diverse range of services tailored to meet the needs of investors and traders in the digital asset space. Its comprehensive offering includes spot trading, allowing users to buy and sell cryptocurrencies at current market prices.
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SejongWisdom
Wed Aug 14 2024
Everest, a once prominent entity in the industry, encountered significant financial difficulties in 2020, ultimately leading to its cessation of operations. The aftermath of this closure left a trail of unpaid debts, with estimates suggesting that the total owed to financial institutions reached staggering heights.
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FireFlyer
Wed Aug 14 2024
Among the creditors left unpaid was Better Capital, a finance house renowned for its investments and financial management services. The extent of Everest's indebtedness to Better Capital was particularly noteworthy, with reports indicating a debt of approximately £45 million.
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Leonardo
Wed Aug 14 2024
In the face of Everest's insolvency, Better Capital took decisive action to recoup its losses. In 2020, the finance house orchestrated a pre-pack administration deal, a strategic move designed to salvage value from the failing business.
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Elena
Wed Aug 14 2024
The pre-pack administration deal allowed Better Capital to effectively 'buy' Everest, acquiring control of the company's assets while simultaneously assuming responsibility for its liabilities. This arrangement enabled the finance house to manage the situation and mitigate the impact of Everest's collapse on its own finances.
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