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Cryptocurrency › Chapter 11 › Cryptoassets

Falcon Rappaport & Berkman LLP

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

Falcon Rappaport & Berkman LLP on

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

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - January 2024 Updates

Akin Gump Strauss Hauer & Feld LLP on

Congress continues to plug along on crypto policy. The Senate’s attention – on a bipartisan basis – has been focused on extending Anti-Money Laundering (AML) regulatory authority to the digital assets space. This continues to...more

Fox Rothschild LLP

Cryptocurrency Deposits Do Not Belong to Account Holders: New York Bankruptcy Holding Severs Customers’ Right and Title to Crypto...

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In a recent decision by Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York presiding over cryptocurrency Chapter 11 megacase, In re Celsius Network, LLC, et al., Case No....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

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

Sullivan & Worcester

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

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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

Cole Schotz

FTX Trading Ltd.

Cole Schotz on

On November 11, 2022, the world’s second-largest cryptocurrency exchange FTX Trading Ltd. filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No....more

Lowenstein Sandler LLP

Part 2: Additional Implications for Cryptocurrency Companies in Bankruptcy

Lowenstein Sandler LLP on

In the second part of a discussion of crypto bankruptcies, Andrew Behlmann and Phillip Khezri examine crypto considerations in bankruptcy plans of reorganization, including classification of claims, impairment, and...more

Lowenstein Sandler LLP

Crypto Considerations in Bankruptcy Plans of Reorganization

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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

Proskauer Rose LLP

The Other Side of The Coin: Cryptocurrency Assets in Bankruptcy

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On July 5, 2022, cryptocurrency brokerage Voyager Digital filed for chapter 11 in the Southern District of New York Bankruptcy Court, citing a short-term “run on the bank” due to the “crypto winter” in the cryptocurrency...more

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