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Cryptocurrency Creditors Commercial Bankruptcy

Troutman Pepper Locke

GENIUS Act: A Game-Changer for Crypto Bankruptcy Priorities

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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

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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

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

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

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

Polsinelli

Celsius Bankrupt Case Update: Bar Date Approaching

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

Lowenstein Sandler LLP

What Happens When a Cryptocurrency Platform Goes Bankrupt?

Lowenstein Sandler LLP on

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

Carlton Fields

Is Cryptocurrency Use an Automatic Badge of Fraud?

Carlton Fields on

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

Jones Day

The Year in Bankruptcy: 2017

Jones Day on

The initial year of the Trump administration colored much of the political, business, and financial headlines of 2017, both in the U.S. and abroad. Key administration-related developments in 2017 included U.S. withdrawal from...more

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