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New York Department of Financial Services Issues Guidance on Cryptoasset Custody in Wake of Recent High-Profile Bankruptcies
2023-02-07

Demand for virtual currency services, including custody services, has soared in the past several years. Like their counterparts in traditional finance, these custodians are stewards of retail and institutional customer funds and serve an important and valuable function. However, as evidenced by a number of headline-grabbing failures during the lingering crypto winter, inadequate disclosures and poor custodial practices can seriously harm retail and institutional customers alike.

Filed under:
USA, New York, Banking, Insolvency & Restructuring, IT & Data Protection, Proskauer Rose LLP, Blockchain, Cryptocurrency, Virtual currency, Insolvency, US Securities and Exchange Commission, FTX
Location:
USA
Firm:
Proskauer Rose LLP
View Original Article
CFIUS Takes Notice of Crypto Company Bankruptcy Sale, Signaling Heightened CFIUS Attention to Bankruptcy-Related Transactions
2023-01-30

In a provocative demonstration that it scrutinizes all types of transactions, no matter their origin, the Committee on Foreign Investment in the United States (“CFIUS”) has reportedly been vetting the proposed $1 billion sale of bankrupt crypto lender Voyager Digital’s assets to Binance.US. Voyager Digital filed for Chapter 11 bankruptcy in July 2022, and, after an initial agreement to sell its assets to FTX crumbled, Binance.US provided Voyager Digital with the winning offer for its assets in December 2022. But, after the sale’s announcement on December 30, 2022, the U.S.

Filed under:
USA, Banking, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, Vinson & Elkins LLP, Bankruptcy, Cryptocurrency, Anti-money laundering, US Department of Justice, Committee on Foreign Investment in the United States, FTX
Authors:
George R. Howard
Location:
USA
Firm:
Vinson & Elkins LLP
View Original Article
Customer Rights and Protections when Japanese Crypto Assets Exchange files for U.S. Chapter 11 (In the wake of the bankruptcy of FTX Trading)
2023-01-19

Background

The bankruptcy of FTX Trading, a major U.S. crypto assets exchange, is bringing to light the pitfalls of global bankruptcy. The reason for this is that FTX Japan, a Japanese subsidiary of FTX Trading, also filed for Chapter 11 bankruptcy protection in the U.S. This differs from the bankruptcy of Lehman Brothers Group given the Japanese subsidiary of FTX Trading did not file for bankruptcy in Japan due to a significant excess of assets.

Filed under:
Japan, USA, Insolvency & Restructuring, Litigation, Due diligence, Insolvency, FTX
Location:
Japan, USA
View Original Article
Who Owns the Crypto, the Customer or the Debtor?
2023-01-09

Whose crytpo is it? With the multiple cryptocurrency companies that have recently filed for bankruptcy (FTX, Voyager Digital, BlockFi), and more likely on the way, that simple sounding question is taking on huge significance. Last week, the Bankruptcy Court for the Southern District of New York (Chief Judge Martin Glenn) attempted to answer that question in the Celsius Network LLC bankruptcy case.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Cryptocurrency, FTX
Authors:
Mark A. Salzberg
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Winter Wears On: Celsius Court Rules That Certain Customer Deposits are Property of the Bankruptcy Estate
2023-01-06

Introduction

Filed under:
USA, Banking, Insolvency & Restructuring, IT & Data Protection, Real Estate, Weil Gotshal & Manges LLP, Cryptocurrency, FTX
Authors:
Ronit J. Berkovich , Jessica Liou
Location:
USA
Firm:
Weil Gotshal & Manges LLP
View Original Article
Insurers Beware of “Silent Crypto” Exposure
2023-01-04

The recent implosion of crypto firm FTX and its affiliates provides a case study for potential crypto exposure under traditional insurance policies. The FTX debacle is described herein is an introduction to a series of four articles on the potential liability exposure and coverage: Silent Crypto for D&O and Corporate Liability Insurance (Part I), Silent Crypto Exposure for Accountants (Part II), Silent Crypto Exposure for Lawyers (Part III), and Crime and Custody Coverage for Crypto Assets (Part IV).

Filed under:
USA, Capital Markets, Insolvency & Restructuring, Insurance, Litigation, Due diligence, Cryptocurrency, US Securities and Exchange Commission, Federal Deposit Insurance Corporation (USA), FTX, SCOTUS
Location:
USA
View Original Article
2022 Bankruptcy Year in Review: What We Saw and What’s Ahead in 2023
2022-12-30

Over the past year, the ebb and flow of bankruptcy filings has been an interesting one. Through 11 months, the number of bankruptcy filings has decreased from 2021, which was already at its lowest level since the 1980s.

The total number of bankruptcy filings through November stands at 346,760. Based on a recent monthly uptick in both consumer and commercial filings, we should expect the year to end with approximately 385,000, a 4% decrease from the 401,291 filings in 2021.

Filed under:
USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Supply chain, Cryptocurrency, FTX, SCOTUS
Authors:
Alan C. Hochheiser
Location:
USA
Firm:
Maurice Wutscher LLP
View Original Article
Crypto-Crash
2022-12-23

A crash in the cryptocurrency industry started this past spring, causing a significant number of cryptocurrency exchanges and related entities to seek bankruptcy protection, including the recent filing of one of the largest cryptocurrency exchanges, FTX. The volatility in the industry continues, with the subsequent filing of the cryptocurrency firm BlockFi and the crypto-mining company Core Scientific.

Crypto Basics

Filed under:
USA, Banking, Insolvency & Restructuring, IT & Data Protection, Blockchain, Cryptocurrency, Non-fungible tokens, Google, FTX
Location:
USA
View Original Article

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