Alex Mashinsky recently outlined a plan to employees to revive the company, which filed for bankruptcy in July. He proposed focusing on storing cryptocurrency and charging transaction fees, according to a recording of the event obtained by The New York Times. (The New York Times)

Talking point: Mashinsky’s turnaround plan faces some serious challenges. At least 40 U.S. state regulators are investigating the New Jersey-based company for potential mismanagement, securities fraud and market manipulation, according to a filing from a Vermont regulator, which alleged the beleaguered crypto lender was effectively insolvent as early as 2019, misled investors about the state of its finances, and “probably” used the assets of existing investors to pay yields to new investors. The Times reports Mashinsky faced some skepticism from employees, which he responded to by comparing the effort to other famous post-bankruptcy corporate turnarounds at Pepsi and Delta. Last month, the Caisse de dépôt et placement du Québec revealed it had written off the entire value of its US$150-million investment in the firm.