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Cryptocurrency Creditors

Jones Day

Brazilian Superior Court Greenlights the Seizure of Cryptocurrency in Enforcement Proceedings

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In a recent decision, the Brazilian Superior Court of Justice ("STJ") held that cryptocurrency is a financial asset with "economic value" and subject to seizure in enforcement proceedings....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

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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

Dickinson Wright

Court of Appeal Decides Fate of “Crypto King” $500,000 Deposit

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In 2021, the self-proclaimed “Crypto King,” along with an associate, paid a $500,000 deposit to purchase a commercial real estate property to store their exotic car collection. The “Crypto King,” Aiden Pleterski, had...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

So Endeth the Shrimp, Confirmation Bias, and Evasive Maneuvers

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Red Lobster Files for Bankruptcy, but Restaurants Will Stay Open | NBC News - The largest seafood chain in the U.S. Red Lobster has filed for voluntary bankruptcy in Florida, but it plans to keep its restaurants open. The...more

Seward & Kissel LLP

Crypto Rally, Poor Stewardship, and Ash to Ash

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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

Nelson Mullins Riley & Scarborough LLP

Emerging Issues in Crypto Bankruptcies

The new frontier of crypto bankruptcies brings with it unique challenges. As more crypto platforms face financial distress and insolvency, investors find themselves navigating the intricacies of the Bankruptcy Code in a...more

Tonkon Torp LLP

Uncertainty in Oregon for Crypto Assets Under Commercial Law

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While some states have moved to adopt model Uniform Commercial Code (UCC) provisions to provide a clear legal framework for commercial and secured transactions involving crypto assets, Oregon has yet to take action. This is a...more

A&O Shearman

UK Jurisdiction Taskforce Publishes Consultation on Digital Assets and Insolvency Law

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The U.K. Jurisdiction Taskforce has published a consultation relating to its proposed Legal Statement offering guidance on the application of English insolvency law principles to digital assets. The proposed Legal Statement...more

White & Case LLP

Crypto Restructuring: Singapore Court Recognises Administrative Convenience Class

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In Re Zipmex Pte Ltd and other matters [2023] SGHC 88, the Singapore High Court imported into the Singapore restructuring regime the US concept of an "administrative convenience class" in a scheme voting exercise. This...more

Goodwin

Bankrupt in the Metaverse

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Companies are pouring capital into the metaverse, often on expectations of outsized future returns. Investment in the metaverse more than doubled in 2022, and industry experts have projected that the metaverse could generate...more

Tonkon Torp LLP

Who Owns Custodied Crypto Assets? A New Bankruptcy Court Ruling Amplifies Concerns

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As we first warned last summer, crypto property held in a custodian-controlled account could become the property of that custodian in the case of a bankruptcy filing. At the time, we recommended that crypto investors avoid...more

Polsinelli

Celsius Bankrupt Case Update: Bar Date Approaching

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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”), recent case updates relating to the approaching claims bar date...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden’s 2023 Insights – Five Critical Areas for the Year Ahead

The pandemic’s impact may be subsiding, but businesses are encountering new challenges across the globe, including the potential for an economic retrenchment, rising interest rates, shifting regulatory and litigation...more

Polsinelli

Celsius Bankruptcy Case Update: November 18, 2022

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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

Morrison & Foerster LLP

Crypto Exchange Bankruptcies: Are Prepetition Crypto Withdrawals and DeFi Loan Repayments Avoidable Preferences?

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Over the span of two weeks in July 2022, two of the largest retail-facing cryptocurrency platforms, Celsius and Voyager, filed for chapter 11 bankruptcy protection. Both cases were precipitated, at least in part, by a “run on...more

Davies Ward Phillips & Vineberg LLP

Financial Gloom and the Increase in Insolvency Filings - Davies Insolvency Now, Issue 7

In this issue of Davies Insolvency Now, we highlight the significant data points in rising insolvency filing rates and provide a Canadian lens on the digital asset marketplace. With recent drops in crypto prices severely...more

Lowenstein Sandler LLP

The Role of a Creditors’ Committee to Investigate, Preserve, and Pursue Causes of Action in Crypto Bankruptcies

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Lowenstein Sandler’s previous articles on crypto bankruptcies discussed the role of a creditors’ committee in protecting the rights of customers and confirmation issues arising in crypto cases. This article will delve deeper...more

Lowenstein Sandler LLP

Crypto Considerations in Bankruptcy Plans of Reorganization

Lowenstein Sandler’s previous article on crypto bankruptcies discussed some bankruptcy basics and the role of a creditors’ committee in protecting the rights of customers. This article will delve deeper into the...more

Lowenstein Sandler LLP

What Happens When a Cryptocurrency Platform Goes Bankrupt?

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The recent Chapter 11 filings of cryptocurrency platforms Voyager Digital and Celsius Network have abruptly introduced many investors and founders in this burgeoning industry to the bankruptcy process for the first time....more

Lowenstein Sandler LLP

Your Crypto Platform Filed for Bankruptcy. Now What?

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The recent bankruptcy filings of Voyager Digital Holdings, Inc. (Voyager) and Celsius Network LLC (Celsius) have abruptly introduced many customers to the bankruptcy process for the first time. ...more

Perkins Coie

Some Voyager Creditors May Get Cash Back that is Held at Bank

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The bankruptcy court in the Voyager case issued an order authorizing that funds held in two specific accounts (FBO accounts) at Metropolitan Commercial Bank, which are administered by Voyager, are held for the benefit of and...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights: Issue 4, August 2020

Welcome! Welcome to August’s issue of All Consuming. This month, we are taking a deep dive into discharges in bankruptcy and then reviewing several top news stories in the world of consumer finance. We hope you find value...more

Carlton Fields

Is Cryptocurrency Use an Automatic Badge of Fraud?

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Creditors and trustees may use state or federal fraudulent transfer law to attempt to recover assets transferred by a debtor. Fraudulent transfers are transfers made with the intent to hinder, delay, or defraud a creditor, or...more

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