News & Analysis as of September 22, 2024

Virtual Currency › Bankruptcy Code

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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 -

Bankruptcy Courts' Role In Shaping Crypto's Legal Framework

Morris James LLP on 4/11/2024

Cryptocurrency is in the media's spotlight and the U.S. Securities and Exchange Commission's crosshairs. After the spectacular demise of FTX Trading Ltd. and other cryptocurrency companies, customers and creditors were left...more

How to Navigate the Post-FTX Crypto Bankruptcy Regulatory Landscape

Morgan Lewis on 6/16/2023

In the wake of several high-profile collapses of cryptocurrency exchanges, most notably FTX, Celsius, and Voyager, the state of the digital asset landscape is ever-changing, with more questions and landmines than clear paths...more

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

Morrison & Foerster LLP on 11/21/2022

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

Voyager, Celsius, and Possible Bidding Opportunities

Perkins Coie on 8/10/2022

The Voyager Digital Holdings bankruptcy cases, along with the Celsius Network cases, provide a unique opportunity for parties to acquire assets and/or operations of each company. The bankruptcy court approved bidding...more

Crypto Trading Platforms and Bankruptcy Law: Are Clients Protected?

Tonkon Torp LLP on 7/21/2022

Cryptocurrency investors, who were already in the icy clutches of the so-called “crypto winter,” now have another reason to shiver. Insolvency issues are cropping up with some frequency among crypto companies, which is...more

Crypto As Commodity, And The Bankruptcy Implications

Foley & Lardner LLP on 10/19/2018

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

Treatment of Bitcoin Under U.S. Property Law

Perkins Coie on 3/30/2017

In this white paper, we analyze the treatment of bitcoin under applicable U.S. property law. We conclude that property interests should exist in bitcoin under such law, and that multiple sources of persuasive authority...more

Orrick's Derivatives in Review - September 2015

Orrick, Herrington & Sutcliffe LLP on 9/21/2015

District Court Holds that Assignee is Not Entitled to Safe Harbor Protections - On May 28, 2015, the United States District Court for the Central District of California affirmed a bankruptcy court order finding that a...more

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Virtual Currency › Bankruptcy Code

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