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    Bankruptcy Court Allows Service of a Subpoena Via Twitter
    2023-01-17

    When a court-appointed trustee or liquidator is tasked with liquidating an entity, they need to gain possession of all of the entity’s assets. In crypto cases, this task can prove difficult when trying to identify and control all of the entity’s different digital assets and obtain cooperation from the entity’s former operators. Unfortunately, in the case of Three Arrows Capital (“3AC”), the two founders have refused to cooperate with recovery efforts and have absconded to unknown foreign countries.

    Filed under:
    British Virgin Islands, USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Squire Patton Boggs, Hedge funds, Liquidation, Cryptocurrency, United States bankruptcy court
    Authors:
    Kyle F. Arendsen
    Location:
    British Virgin Islands, USA
    Firm:
    Squire Patton Boggs
    Caribbean regulatory update Q1 2023
    2023-01-12

    This Regulatory Update provides a snapshot of the key legal developments in the BVI and the Cayman Islands over the last quarter – including amendments to BVI business company fees, the introduction of the BVI Virtual Asset Service Providers Act, and an update on the list of director names which is now publicly available in the BVI. It also contains a reminder of the January 2023 filing deadlines in the Cayman Islands, amendments to the Cayman LLC legislation and details of the highest possible rating given to the Cayman Islands by OECD for effectiveness of AEOI regime.

    Filed under:
    British Virgin Islands, Cayman Islands, Company & Commercial, Compliance Management, Employment & Labor, Insolvency & Restructuring, IT & Data Protection, Non-profit Organizations, Tax, Trade & Customs, White Collar Crime, Mourant, Cybersecurity, Anti-money laundering, OECD, Financial Action Task Force, European Court of Justice
    Location:
    British Virgin Islands, Cayman Islands
    Firm:
    Mourant
    Cryptocurrency Update: Crypto in Celsius “Earn” Accounts Are Property of Bankruptcy Estate, Not Customer Assets
    2023-01-12

    Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York issued a ruling last week in the Celsius Network bankruptcy case addressing whether customer deposits on a cryptocurrency exchange or platform are property of the debtor or property of the customer. The answer, not surprisingly, depends on the Terms of Use governing the account in question. In this case, the Court found that the terms clearly and unambiguously provided that ownership of cryptocurrency assets deposited into “Earn Accounts” resides with Celsius.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Schulte Roth & Zabel LLP, Cryptocurrency, United States bankruptcy court
    Authors:
    Douglas S. Mintz , Abbey Walsh , Peter J. Amend
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    My Crypto's Gone: Cryptocurrency in Earn Accounts Belong to Celsius Not Customers
    2023-01-09

    Cryptocurrency in Celsius’ Earn Accounts belongs to the bankruptcy estate, and not to the depositors who placed it there, according to a January 4 memorandum opinion from Judge Martin Glenn of the U.S. Bankruptcy Court in the Southern District of New York.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Bracewell LLP, Bankruptcy, Cryptocurrency, United States bankruptcy court
    Authors:
    Robert Grattan , Mark E. Dendinger
    Location:
    USA
    Firm:
    Bracewell LLP
    Celsius Bankruptcy Court Holds Customer Deposits in “Earn Accounts” Are Estate Property
    2023-01-09

    On January 4, 2023, Judge Glenn of the United States Bankruptcy Court for the Southern District of New York issued a much-awaited decision in the Celsius Network LLC (along with its affiliated debtors, “Celsius” or the “Debtors”) chapter 11 cases relating to the ownership of crypto assets deposited by customers in the Celsius “Earn” rewards program accounts.

    Filed under:
    USA, Insolvency & Restructuring, IT & Data Protection, Litigation, Morrison & Foerster LLP, Cryptocurrency, Ethereum
    Authors:
    Theresa A. Foudy , Andrew Kissner
    Location:
    USA
    Firm:
    Morrison & Foerster LLP
    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 , John Marinelli
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Insolvency & Restructuring Case Summaries 2021 - 2022
    2022-12-30

    Introduction for Insolvency & Restructuring Case Summaries 2021-2022 It gives us great pleasure to introduce our Insolvency & Restructuring Case Summaries 2021-2022.

    This is the first year that we have published a collated version of the Case Summaries in addition to our regular insolvency InFocus updates. The Case Summaries have been produced in response to feedback that this would be a useful resource.

    Filed under:
    Australia, New South Wales, Queensland, Company & Commercial, Insolvency & Restructuring, IT & Data Protection, Litigation, Johnson Winter Slattery, Blockchain, Mediation, Liquidation, Due diligence, Cryptocurrency, Agribusiness, Coronavirus, Insolvency, Australian Taxation Office, Australian Securities and Investments Commission, New South Wales Supreme Court
    Location:
    Australia
    Firm:
    Johnson Winter Slattery
    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, Fredrikson & Byron PA, Blockchain, Cryptocurrency, Non-fungible tokens, Google, FTX
    Authors:
    Steven R. Kinsella
    Location:
    USA
    Firm:
    Fredrikson & Byron PA
    2023 - Topics that may Concern You
    2022-12-19

    2022 has been a challenging year. In addition to the continuing impact of COVID-19 and the recent relaxation measures in China, the war in Ukraine has also brought impacts on society, politics and businesses.

    Filed under:
    China, Global, Company & Commercial, Competition & Antitrust, Compliance Management, Corporate Finance/M&A, Employment & Labor, Insolvency & Restructuring, Insurance, IT & Data Protection, Tax, CMS, China, Corporate governance, Big data, Supply chain, Sexual harassment, Due diligence, Artificial intelligence, Articles of association, Cybersecurity, Coronavirus, US Congress
    Authors:
    Dr. Ulrike Glueck , Nicolas Zhu , Jeanette Yu , Philipp Senff , Kevin Wang , Gilbert Shen , Panpan Tang
    Location:
    China, Global
    Firm:
    CMS, China
    Can a ‘crypto-debt’ form the basis of a winding-up petition or bankruptcy petition?
    2022-12-20

    This article will discuss whether or not a winding-up petition or bankruptcy petition can be based upon a liquidated amount of crypto which is due and payable by one party to another (a crypto-debt).

    An example of such a case could be where party A agrees to transfer 100 widgets to party B in exchange for five bitcoin. Assume party A delivers the widgets, and party B accepts receipt and raises no issue with the widgets, and does not dispute their liability to transfer five bitcoin to party B.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Penningtons Manches Cooper LLP, Bankruptcy, Cryptocurrency, Winding-up
    Authors:
    John Adams
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP

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