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    The collapse of FTX: lessons for many
    2023-02-14

    From investors to regulators, FTX Trading Ltd (FTX) filing for bankruptcy was unexpected by all. A catalyst for litigation and regulation over the years to come, this collapse will serve as a warning, particularly to cryptocurrency insurers.

    What happened?

    Filed under:
    United Kingdom, Banking, Corporate Finance/M&A, Derivatives, Insolvency & Restructuring, Insurance, IT & Data Protection, White Collar Crime, Reynolds Porter Chamberlain, Corporate governance, Venture capital, Due diligence, Cryptocurrency, Anti-money laundering, Financial Conduct Authority (UK), FTX
    Authors:
    James Wickes , Matthew Wood , Jessica Pease
    Location:
    United Kingdom
    Firm:
    Reynolds Porter Chamberlain
    UK proposals for cryptoasset regulation
    2023-02-14

    The U.K. government has published its much-anticipated proposals for regulating the cryptoasset industry. These proposals, currently in the form of a consultation, will see many (but not all) cryptoasset-related activities being brought within the regulatory perimeter for financial services in the U.K.

    Filed under:
    European Union, United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, IT & Data Protection, White Collar Crime, A&O Shearman, Blockchain, Crowdfunding, Bitcoin, Due diligence, Cryptocurrency, Financial Services Compensation Scheme, Distributed ledger, ESG, Cybersecurity, Anti-money laundering, Central counterparties, Decentralised finance, Financial Conduct Authority (UK), House of Lords, FTX, MiFID, Financial Services and Markets Act 2000 (UK), Markets in Cryptoassets Regulation (EU)
    Authors:
    Thomas Donegan , Barnabas (Barney) Reynolds , Wilf Odgers , Elias Allahyari , Nicholas Ormondroyd , Chloe Barrowman , Sandy Collins
    Location:
    European Union, United Kingdom
    Firm:
    A&O Shearman
    NY DFS Releases Custodial Guidance on Crypto Insolvency
    2023-02-02

    On January 23, the NY DFS released updated guidance with regard to better protecting consumers in the event of virtual currency insolvency. This updated guidance applies to entities that DFS has licensed or chartered to hold or maintain virtual currency assets on behalf of their customers.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, IT & Data Protection, Sheppard Mullin Richter & Hampton LLP, Virtual currency
    Authors:
    Moorari Shah , A.J. Dhaliwal , Alyssa Paddock
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP
    NFTs in crisis and insolvency
    2023-02-01

    NFTs are a hot topic, but their treatment under insolvency law – which will receive more attention due to the recent crisis – has not yet been explored in much detail. This contribution aims to provide a brief overview of the most relevant issues.

    NFTs as collateral

    Filed under:
    Austria, Banking, Insolvency & Restructuring, IT & Data Protection, Schoenherr, Blockchain, Non-fungible tokens
    Authors:
    Felix Loewit
    Location:
    Austria
    Firm:
    Schoenherr
    STEP Conference Cayman Islands 2023 - Top Takeaways
    2023-01-31

    The Society of Trust and Estate Practitioners (STEP) held its annual International Wealth Structuring Forum in the Cayman Islands on 19 and 20 January 2023 at the Ritz-Carlton, Grand Cayman. The forum was an opportunity for leading trust and wealth management professionals to gather and discuss the latest local and international developments impacting the industry. Hector Robinson KC and James Anson-Holland of Mourant attended the forum and have summarised the top three takeaways from the panel discussions.

    The mercurial modern assets

    Filed under:
    Cayman Islands, Arbitration & ADR, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Mourant, Blockchain, Bitcoin, Mediation, Artificial intelligence, Cryptocurrency, Non-fungible tokens, ChatGPT
    Authors:
    Hector Robinson KC , James Anson-Holland
    Location:
    Cayman Islands
    Firm:
    Mourant
    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 , John M. Satira
    Location:
    USA
    Firm:
    Vinson & Elkins LLP
    A Primer on Avoidance Actions in the Context of Crypto Bankruptcies
    2023-01-30

    In 2022, there were several high-profile crypto bankruptcy filings. A big question in these cases is whether there will be any money to satisfy unsecured creditor claims. If there are funds to distribute, then the creditors’ claims will become more valuable, and the cases will become even more interesting.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Patterson Belknap Webb & Tyler LLP, Bankruptcy, Cryptocurrency
    Authors:
    Kimberly Black , Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Celsius Bankruptcy Court Confirms That Customer Digital Assets Are Property of the Estate in Key Ruling
    2023-01-17

    The bankruptcy court presiding over the Chapter 11 cases of digital asset platform Celsius Network LLC and its affiliates (Celsius) issued a key ruling on January 4, 2023 (the Decision), by concluding that a significant portion of digital assets held in Celsius’ customer accounts are property of the debtors’ estates, and holders of such accounts accordingly are unsecured creditors.

    Filed under:
    USA, Insolvency & Restructuring, IT & Data Protection, Litigation, Sidley Austin LLP, Blockchain
    Authors:
    Teresa Wilton Harmon , Stephen E. Hessler , Lilya Tessler , Dennis M. Twomey , Allison Ross Stromberg
    Location:
    USA
    Firm:
    Sidley Austin LLP
    The Celsius bankruptcy and application of the bad debt rules
    2023-01-17

    Many cryptocurrency lenders have declared bankruptcy. These loss events are indicators of the significant losses the cryptocurrency market has experienced this year.

    For investors who have suffered, an important consideration is how to capitalize on these losses. Accordingly, this article will analyze the recent Celsius Network (“Celsius”) bankruptcy and the tax strategy of writing off bad debt.

    The Celsius Bankruptcy

    Filed under:
    Canada, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Tax, Miller Thomson LLP, Bankruptcy, Debtor, Cryptocurrency, Canada Revenue Agency, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Anish Kamboj , Andrew Rodrigues
    Location:
    Canada
    Firm:
    Miller Thomson LLP
    Earn Accounts are Property of the Estate: Celsius Update
    2023-01-17

    Earlier this month, the SDNY Bankruptcy Court answered one of the gating questions at the center of Celsius Network’s Chapter 11 bankruptcy regarding the ownership of the approximately $4.2 billion in crypto assets.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Crowell & Moring LLP, Cryptocurrency, US District Court for the Southern District of New York
    Authors:
    Richard J. Lee , Matthew Repetto
    Location:
    USA
    Firm:
    Crowell & Moring LLP

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