News & Analysis as of

Chapter 11 Commercial Bankruptcy Cryptocurrency

Troutman Pepper Locke

GENIUS Act: A Game-Changer for Crypto Bankruptcy Priorities

Troutman Pepper Locke on

The GENIUS Act represents a significant shift in U.S. bankruptcy law, particularly affecting stablecoin holders. In recent bankruptcy cases, crypto holders have been treated as general unsecured creditors, but this new...more

Falcon Rappaport & Berkman LLP

Understanding the Celsius Settlement Matrix: A Guide for Defendants

The Celsius Network bankruptcy case has been a significant event in the cryptocurrency world, leading to numerous legal battles and adversary proceedings. One of the critical aspects of this case is the recently proposed...more

Seward & Kissel LLP

Forever 22, Powder Room, and Initial Here

Seward & Kissel LLP on

Forever 21 plans nearly 200 store closures in second bankruptcy, Bloomberg News reports | Reuters - The U.S.-based operator of clothing retail chain Forever 21 is planning to shut down at least 200 additional locations as...more

Falcon Rappaport & Berkman LLP

Understanding Celsius Network Adversary Proceedings: An Insight into the Complexities of Bankruptcy Claims

The Celsius Network bankruptcy case is a landmark event in the cryptocurrency world, not just because of the scale of financial failure but due to the complex legal battles it has ignited against tens of thousands of consumer...more

Seward & Kissel LLP

Grand Salame, Making a Statement, Many Happy Returns, and Going Yardi

Seward & Kissel LLP on

Ex-FTX Executive Salame Sentenced to 7.5 Years in Prison | Reuters - Former co-CEO of bankrupt cryptocurrency exchange FTX’s Bahamian subsidiary has been sentenced to 90 months in prison after pleading guilty in September...more

Seward & Kissel LLP

Crypto Rally, Poor Stewardship, and Ash to Ash

Seward & Kissel LLP on

Collapsed FTX says it can pay most creditors back in full | CNN Business - On Tuesday, collapsed cryptocurrency exchange FTX unveiled its reorganization plan and stated it has recovered adequate funds to pay the majority...more

Jones Day

Third Circuit: Bankruptcy Court Lacks Discretion to Deny Examiner Appointment Motion in Large Chapter 11 Cases

Jones Day on

The Bankruptcy Code provides that, in chapter 11 cases where the court does not find "cause" for the appointment of a trustee, the court "shall" appoint an examiner, upon a request from the Office of the U.S. Trustee (the...more

Jones Day

The Year In Bankruptcy: 2023

Jones Day on

One year ago, we wrote that 2022 would be remembered in the corporate bankruptcy world for the "crypto winter" that descended in November 2022 with the spectacular collapse of FTX Trading Ltd., Alameda Research, and...more

Patterson Belknap Webb & Tyler LLP

The Unique Case of Bittrex

On May 8, cryptocurrency platform Bittrex filed for chapter 11 in Delaware. Bittrex’s first day filings emphasize that, unlike many other crypto filings over the past year, this case is not a “free fall” bankruptcy. In...more

Seward & Kissel LLP

Not So Silver Lining, Weird Science, F is for Fraud, and Alex Jones Under the Microscope

Seward & Kissel LLP on

Below is our initial take on recent bankruptcy-related developments: Silvergate reported a $1 billion loss for the fourth quarter and said it is unable to meet an extended March 16 deadline for submitting its annual...more

Dinsmore & Shohl LLP

Utility Companies Face Credit Risk from Bankruptcies of Crypto Miners

Dinsmore & Shohl LLP on

From television commercials to naming rights for arenas, the topic of cryptocurrency has been hard to avoid.  While cryptocurrency may be virtual, its creation or ’mining’ occurs in the real world.  This mining poses a credit...more

Seward & Kissel LLP

Welcome to the Party, Pal, About to Take a Bath, Genesis of a Bankruptcy and Brazilian BK

Seward & Kissel LLP on

Party City Files for Chapter 11 Bankruptcy Protection | Reuters - Party City filed for Chapter 11 bankruptcy on Tuesday, signaling the latest retailer to seek bankruptcy protection as high inflation has affected consumer...more

Nelson Mullins Riley & Scarborough LLP

Read the Fine Print – Bankruptcy Court Holds Cryptocurrency in Interest Bearing 'Earn Accounts' to be Property of the Estate

When a company files for bankruptcy protection, Section 541 of the Bankruptcy Code creates an estate comprised of "all legal and equitable interest of the debtor in property." On July 15, 2022, Celsius Network LLC filed for...more

Goodwin

Who Owns Digital Assets When a Cryptocurrency Platform Files Bankruptcy? The Terms of Use Answer the Question

Goodwin on

In a decision of first impression regarding whether certain digital assets are property of a bankrupt debtor’s estate (attached here), Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District...more

UB Greensfelder LLP

Chasing the Crypto: Why a Ruling in the Madoff Case May Significantly Expand the Universe of FTX Clawback Defendants

UB Greensfelder LLP on

While there are still many unknowns in FTX’s bankruptcy including what, exactly, happened to billions of dollars of customer deposits on the former crypto trading platform, one thing is almost certain: there will be an...more

Sullivan & Worcester

Zero Degrees Celsius: The Effects of a "Crypto Winter" and Celsius’ Bankruptcy on Crypto Customers

Sullivan & Worcester on

Part 1 – Celsius Bankruptcy - The Celsius Network was conceptualized as an alternative to conventional banking, offering its customers return rates of up to 20% on deposits of digital assets, and providing digital...more

WilmerHale

FTX Bankruptcy - What Could Be Next for the Industry?

WilmerHale on

One of the world’s largest cryptocurrency exchanges - FTX Trading Ltd. - and many of its affiliates filed for bankruptcy earlier this month. While the full impact of the FTX bankruptcy is not yet clear, various responses from...more

Eversheds Sutherland (US) LLP

FTX files for Chapter 11 bankruptcy

On November 11, 2022, FTX, the world’s third-largest cryptocurrency exchange, filed for Chapter 11 bankruptcy protection in the United States. Reports suggest that the exchange might have a shortfall of as much as US$8...more

Troutman Pepper Locke

Defense Strategies for Depositors in Crypto Ch. 11 Litigation

Troutman Pepper Locke on

As multiple bankrupt cryptocurrency Chapter 11 cases begin to pick up steam, depositors of cryptocurrency on the bankrupt exchanges have many questions. Originally published in Law360 on August 22, 2022....more

Patterson Belknap Webb & Tyler LLP

Crypto Company FTX Files Massive Bankruptcy in Delaware

Another domino has fallen.  Earlier this year, we wrote about the challenges facing the crypto industry that resulted in the bankruptcy filings of Three Arrows Capital, Celsius Network, and Voyager Digital. We noted that...more

Polsinelli

Celsius Bankruptcy Case Update: November 18, 2022

Polsinelli on

As Celsius Network LLC, et al., Case Number: 22-10964 (MG), proceeds in the Bankruptcy Court for the Southern District of New York (the “Court”), the following summarizes two important case updates as of November 18, 2022: ...more

Akerman LLP

Crypto Customers Lose Anonymity in Celsius Chapter 11

Akerman LLP on

All crypto Celsius Network, LLC customers expecting and relying on anonymity should be concerned that their crypto transactions may become public. Recently, the Bankruptcy Court in the Celsius Network LLC chapter 11 case...more

Willcox & Savage

A Few Early Takeaways on Startup Investing in the Wake of FTX

Willcox & Savage on

The bankruptcy of FTX, the large, privately held cryptocurrency exchange that had raised hundreds of millions of dollars in venture capital funding, has been a top story in the financial press the past week. Although...more

Epiq

Cryptocurrency and Bankruptcy –The Unknown Frontier

Epiq on

Currencies have evolved since the introduction of global blockchain technology twenty years ago. Blockchain is a complex technology that powers the creation of cryptocurrencies like Bitcoin and facilitates other digital...more

Lowenstein Sandler LLP

The Obligations and Responsibilities of Creditors’ Committees in Crypto Bankruptcies

Lowenstein Sandler LLP on

In this episode of the Lowenstein Bankruptcy Lowdown, Andrew Behlmann and Phillip Khezri discuss the role of a creditors’ committee in Chapter 11 crypto bankruptcy cases in investigating, preserving, and pursuing causes of...more

38 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide