Crypto investors were dealt another blow on November 11 when FTX, the world’s second-largest cryptocurrency exchange, filed for chapter 11 bankruptcy relief in the District of Delaware, along with more than 130 related companies and affiliates. The bankruptcy was spawned by liquidity issues brought on by the sudden collapse in value of FTX’s crypto assets. Starting on November 6, customers simultaneously attempted to withdraw their funds and assets from the exchange, causing a situation akin to a classic bank run that led to an estimated $32 billion in value quickly evaporating.
USA, Banking, Insolvency & Restructuring, IT & Data Protection, Thompson Hine LLP, Bankruptcy, Cryptocurrency, US Securities and Exchange Commission
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USA, Insolvency & Restructuring, Real Estate, Thompson Hine LLP, Landlord, Coronavirus, Paycheck Protection Program, CARES Act 2020 (USA)
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USA, Company & Commercial, Insolvency & Restructuring, Thompson Hine LLP, Supply chain, Coronavirus, Title 11 of the US Code
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USA, Company & Commercial, Insolvency & Restructuring, Thompson Hine LLP, Coronavirus, Uniform Commercial Code (USA)
School specialty, Inc., files bankruptcy in Delaware seeking to sell substantially all of its assets
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USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Liquidation, United States bankruptcy court, US District Court for District of Delaware
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