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Debtors Cryptocurrency Bankruptcy Court

Jones Day

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

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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

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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

Seward & Kissel LLP

Bad Intentions, Demanding a Refund, Leaving the Station, The Lord(stown) Giveth, and Poor Choice

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Celsius files intent to claw back certain pre-bankruptcy withdrawals| CoinTelegraph - On January 9, Celsius bankruptcy administrators notified creditors that account holders who took out more than $100,000 in the 90 days...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

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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

Troutman Pepper

Not Your Keys, Not Your Coin: Bankruptcy Court Looks to Contract Law to Determine Consumer Interest-Bearing Crypto Deposits Belong...

Troutman Pepper on

Throughout the latter half of 2022, filing for bankruptcy became a reality for many high-profile crypto firms. The resurgence of “crypto winter” has brought many crypto-related entities to their proverbial knees. Indeed, in...more

Husch Blackwell LLP

Celsius Bankruptcy Update: Who Owns the Crypto?

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On June 12, 2022, one of the largest crypto lenders in the nation, New Jersey-based Celsius Networks, froze all withdrawals and transfers between its various customer accounts, citing “extreme market conditions,” which in...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

Seward & Kissel LLP

Brief: BlockFi Bankruptcy Filing

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BlockFi Inc. and eight of its affiliates (collectively, the “Debtors”) filed the most recent crypto-related chapter 11 this past Monday, November 28, 2022, in the U.S. Bankruptcy Court for the District of New Jersey (the...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

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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

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

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

Carlton Fields

Recovery by ICO Token Investors May Be Challenged in Bankruptcy

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Bankruptcy courts may provide relief to debtors by discharging pre-petition obligations to repay existing debts owed to creditors, and claims by equity holders. Creditors who hold debt and investors who hold equity interests,...more

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