News & Analysis as of

Chapter 11 Digital Currency

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

Air Sickness, Token Appeal, and Cooling Down

Seward & Kissel LLP on

Editor’s Note: Hat tip to the Creditors Rights Coalition for reaching out after last week’s blog to inform yours truly that the “judge shopping” concerns of creditor advocates extend beyond just the S.D. of Texas, and that a...more

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

Dinsmore & Shohl LLP

Utility Companies Face Credit Risk from Bankruptcies of Crypto Miners

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From television commercials to naming rights for arenas, the topic of cryptocurrency has been hard to avoid.  While cryptocurrency may be virtual, its creation or ’mining’ occurs in the real world.  This mining poses a credit...more

Perkins Coie

FTX Finds Assets and Is Looking for More

Perkins Coie on

FTX filed its presentation to the Official Committee of Unsecured Creditors (UCC), reporting that FTX has located about $5.5 billion of cash and other liquid assets but less than $1.8 billion of digital assets identified with...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

Epiq

Cryptocurrency and Bankruptcy –The Unknown Frontier

Epiq on

Currencies have evolved since the introduction of global blockchain technology twenty years ago. Blockchain is a complex technology that powers the creation of cryptocurrencies like Bitcoin and facilitates other digital...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

Patterson Belknap Webb & Tyler LLP

It’s Getting Chilly: The “Cryptowinter” Marches On

It’s been a hard year for cryptocurrency. The values of most cryptocurrencies, including major coins such as Bitcoin and Ethereum, have continued to tumble. In fact, the price of one stablecoin, which is a form of...more

Law Matters

Crypto Turbulence Leaves Celsius Network Account Holders and Creditors Voyaging Through Uncharted Chapter 11 Bankruptcy Waters

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Crypto business and cryptocurrency market participants – even without a stake in this case – will be well served paying close attention to the Celsius bankruptcy to witness the crypto legal and regulatory framework continue...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

Perkins Coie

Blockchain Week in Review - November 2020

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U.S. Developments - DOJ Seizes More Than $1 Billion in Cryptocurrency from Silk Road Hacker - On November 5, the U.S. Department of Justice (the DOJ) announced that it seized more than 69,000 Bitcoin, now worth more than $1...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

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