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Virtual Currency › Chapter 11

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender... more +
Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency.    less -
Morris James LLP

Claw-Back Litigation in FTX Bankruptcy FAQs

Morris James LLP on

FTX Trading Ltd. and FTX.US, together generally known as FTX, operated a successful cryptocurrency exchange. FTX was established in 2018 by Sam Bankman-Fried and, by 2021, had become the third largest cryptocurrency exchange...more

Shipkevich PLLC

Michigan Suspends FTX Lend Money Transmitter License and Orders FTX US License as Expired

Shipkevich PLLC on

On January 10, 2023 by the Michigan Department of Insurance and Financial Services (DIFS), issued an order regarding two companies, West Realm Shires Services, Inc. dba FTX US (“FTX US”) and FTX Lend Inc. Both companies are...more

Tonkon Torp LLP

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

Tonkon Torp LLP on

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

Morrison & Foerster LLP

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

Morrison & Foerster LLP on

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

Husch Blackwell LLP

FTX Files for Bankruptcy: Industry Contagion Possible

Husch Blackwell LLP on

On Friday, November 11, 2022, FTX and approximately 130 of its affiliates filed, or will soon file, Chapter 11 bankruptcy petitions in the District of Delaware. FTX’s CEO, Sam Bankman-Fried, also known as SBF, who until...more

Greenberg Glusker LLP

Crypto Contagion

Greenberg Glusker LLP on

Cryptocurrency had a market cap of $10 million in early 2011; it rocketed to nearly $3 trillion in February 2022 and is now down to about $1.1 trillion today. Some of this year's more notable gyrations in crypto's fall from...more

McDermott Will & Emery

To Catch a (Bitcoin) Thief: Cross-Practice Team Recovers $6 Million in Short Order

McDermott Will & Emery on

THE CHALLENGE: In the emerging cryptocurrency space, most investors store their assets in digital wallets, where—unlike traditional bank accounts—they earn no interest. In the last few years, cryptocurrency investors have...more

Polsinelli

BitBlog Bi-Weekly Update - March 2020

Polsinelli on

Strikeout for Bitcoin ETF -   Another ETF bites the dust. On February 26th the SEC rejected the application of NYSE Acre for the approval of an exchange traded fund sponsored by the New York firm of Wilshire Phoenix to...more

Foley & Lardner LLP

Crypto As Commodity, And The Bankruptcy Implications

Foley & Lardner LLP on

On Aug. 23, 2018, Nobuaki Kobayashi, the trustee over the estate of the troubled Mt. Gox — the hacked Japanese cryptocurrency exchange — opened an online claims submission process that would allow creditors to recoup their...more

Pillsbury - Internet & Social Media Law Blog

Around the Virtual World: May 13-17, 2013

Pillsbury - Internet & Social Media Law Blog on

A weekly wrap up of interesting news about virtual worlds, virtual goods and other social media. In This Issue: - What's the Matter With Zynga? - Video game maker drops gun makers, not their guns -...more

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