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    Tracing and recovering cryptoassets for Cayman and BVI insolvency practitioners
    2024-09-09

    In many of the recent insolvencies of digital asset companies, liquidators have been appointed over companies in which digital assets have been fraudulently transferred from wallets controlled by an insolvent company into other unidentified wallets in foreign jurisdictions.

    The anonymity of cryptoassets causes serious difficulties for insolvency practitioners in identifying the third parties who received funds and the location of the digital wallets.

    Filed under:
    British Virgin Islands, Cayman Islands, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Ogier, Know your customer, Blockchain, Bitcoin, Cryptocurrency, Anti-money laundering, Non-fungible tokens, Insolvency
    Authors:
    Gemma Bellfield (nee Lardner) , Nicholas Brookes , Corey Byrne , Romauld Johnson
    Location:
    British Virgin Islands, Cayman Islands
    Firm:
    Ogier
    Cryptoasset recovery and restructuring: lessons from the crypto winter in Singapore
    2024-08-15

    Manoj Pillay Sandrasegara, Smitha Menon, Lionel Leo and Stephanie Yeo, WongPartnership LLP

    This is an extract from the 2025 edition of GRR's The Asia-Pacific Restructuring Review. The whole publication is available here.

    Filed under:
    Asia-Pacific, Singapore, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Global Restructuring Review, Bitcoin, Fintech, Cryptocurrency, Non-fungible tokens, FTX
    Location:
    Asia-Pacific, Singapore
    Firm:
    Global Restructuring Review
    Blockchain Bites: Celsius creditors feeling the heat over preference claims, A bridge too far? Cross-chain bridges under MiCA, US State Legislatures bizarrely seek to “ban” Central Bank Digital Currencies, Coinbase and SEC in legal stoush over Securities Law but agree Tokens aren’t themselves securities
    2024-01-18

    Celsius creditors feeling the heat over preference claims

    Filed under:
    European Union, USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Piper Alderman, Blockchain, Bitcoin, Mediation, Cryptocurrency, Central bank digital currency, Ethereum, US Securities and Exchange Commission, International Organization of Securities Commissions, European Securities and Markets Authority, Uniform Commercial Code (USA)
    Authors:
    Michael Bacina , Steven Pettigrove , Tim Masters , Jake Huang , Luke Higgins , Luke Misthos
    Location:
    European Union, USA
    Firm:
    Piper Alderman
    Bankruptcy court confirms that retail borrowers’ crypto belongs to Celsius
    2023-11-16

    Celsius’ retail borrowers finally have an answer on who owns the cryptocurrency they deposited into Celsius in exchange for a loan from Celsius – spoiler alert: on November 13, 2023 the bankruptcy court held that Celsius’ terms of service “clearly and unambiguously” gave Celsius ownership of retail borrowers’ cryptocurrency. The bankruptcy court’s decision follows its January 2023 decision which similarly held that the cryptocurrency of Celsius’ “Earn” customers also belonged to Celsius because the terms of service similarly unambiguously granted Celsius title ownership.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Ropes & Gray LLP, Bitcoin, Cryptocurrency
    Authors:
    Daniel Gwen , Melissa Bender
    Location:
    USA
    Firm:
    Ropes & Gray LLP
    Cryptocurrency Brings Disruption to Bankruptcy Courts—What Parties Can Expect and the Open Issues Still To Be Resolved (Part Two)
    2023-10-18

    In this second part of our blog exploring the various issues courts need to address in applying the Bankruptcy Code to cryptocurrency, we expand upon our roadmap.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Squire Patton Boggs, Bitcoin, Cryptocurrency, US Securities and Exchange Commission, Office of Foreign Assets Control (USA), Commodity Futures Trading Commission (USA), Financial Crimes Enforcement Network (USA), Chapter 11, US Bankruptcy Code
    Authors:
    Mark A. Salzberg , Justin Cloyd
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Cryptocurrency Brings Disruption to Bankruptcy Courts—What Parties Can Expect and the Open Issues Still To Be Resolved (Part One)
    2023-10-09

    Many authorities and commentators have considered cryptocurrencies, and the blockchains that undergird them, as a potentially disruptive force in the financial industry. Now, that disruption has made its way to a different side of finance—bankruptcy, and during the past year, the United States bankruptcy courts have had to confront many unexpected challenges involved in dealing with cryptocurrency.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Squire Patton Boggs, Blockchain, Bitcoin, Cryptocurrency
    Authors:
    Mark A. Salzberg , Justin Cloyd
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Distressed US M&A volumes are on the rise
    2024-05-28

    The US appears likely to enter a default cycle in the near future, according to senior fund managers and economists. A recent bout of M&A transactions involving chapter 11 cases point in the same direction. Taking deals involving bankruptcy cases as a proxy for distressed M&A, 16 such transactions were announced in the US in Q1, up 14.3 percent year on year, according to Dealogic. The aggregate value of those deals reached US$1.8 billion, a gain of 76 percent from the same period in 2023.

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, White & Case, Bitcoin, Cryptocurrency, Silicon Valley Bank
    Authors:
    Adam Cieply , Eugene J.M. Leone , Gregory F. Pesce
    Location:
    USA
    Firm:
    White & Case
    East Africa: Restructuring Quarterly Bulletin - April 2024
    2024-04-17

    KENYA

    Economic overview

    Filed under:
    Global, Kenya, Mauritius, Tanzania, Uganda, USA, Company & Commercial, Insolvency & Restructuring, Litigation, Bowmans, Corporate governance, Bitcoin, Electric vehicle, Cryptocurrency, Gaming, US Securities and Exchange Commission, European Commission, Commodity Futures Trading Commission (USA), NASDAQ, FTX, Companies Act 2006 (UK)
    Authors:
    Mohammedzameen Nazarali , Rajiv Gujadhur , Charles Mmasi , Joyce Mbui , Richard Harney
    Location:
    Global, Kenya, Mauritius, Tanzania, Uganda, USA
    Firm:
    Bowmans
    How to Use Blockchain Analytics to Investigate Insolvency in Crypto Lending Services
    2023-10-03

    Insolvency is a proliferating issue within the cryptocurrency ecosystem, specifically in the realm of crypto lending services. Many of the largest services have recently filed for bankruptcy, with Genesis, Voyager Digital, Celsius, and BlockFi falling in spectacular and contentious fashion [source: AP.news.com].

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Forensic Risk Alliance, Blockchain, Bitcoin, Cryptocurrency, Insolvency, Federal Trade Commission (USA)
    Authors:
    Meredith Fitzpatrick , Pete Bott
    Location:
    USA
    Firm:
    Forensic Risk Alliance
    The shifting definition of security in the cryptocurrency era and the impact of the Insolvency Act
    2023-09-18

    In the case of Bester N.O & Others v Mirror Trading International Proprietary Limited (in liquidation) t/a MTI, the Western Cape Division of the High Court considered whether cryptocurrencies fell within the definition of property under the context of the Insolvency Act and whether courts in South Africa had jurisdiction in respect of cryptocurrency.

    Filed under:
    South Africa, Banking, Insolvency & Restructuring, Litigation, ENS, Bitcoin, Cryptocurrency
    Authors:
    Ayesha Khan
    Location:
    South Africa
    Firm:
    ENS

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