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    Shopping for Distressed Crypto Assets or Troubled Crypto Businesses? Don’t Leave Home Without This Roadmap
    2023-06-08

    Investing in or acquiring distressed assets can be a lucrative investment strategy for those with a healthy risk appetite and a roadmap for sourcing and evaluating quality assets.

    Following a steep run-up in crypto asset prices and valuations of crypto-adjacent businesses in the last two years, there has been a sharp increase in companies and assets in the space looking at deeply distressed valuations, liquidity crunches or formal insolvency or bankruptcy proceedings.

    Filed under:
    USA, Banking, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, Mayer Brown, Blockchain, Due diligence, Cryptocurrency, Confidential information, Insolvency, US Securities and Exchange Commission
    Authors:
    Joseph A. Castelluccio , Matteo Daste , Joaquin M. C De Baca , Douglas E. Spelfogel
    Location:
    USA
    Firm:
    Mayer Brown
    Leap in crypto currency ownership = time for an insolvency refresher?
    2023-06-08

    ne in three of us own crypto currencies, crypto ownership is estimated to have doubled in the UK last year – and two of the world’s biggest crypto exchanges face lawsuits from the securities regulator, the SEC, in the US. Three statistics from the FT this week that put warnings from the UK’s financial regulator – that crypto is largely unregulated and high risk, and investors should be prepared to lose all their money – into context. The FCA noted that it is up to consumers to decide whether to buy crypto, but that many regret making a hasty decision.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, Stevens & Bolton LLP, Cryptocurrency, Insolvency, Financial Conduct Authority (UK)
    Authors:
    Joanna Charter
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Delaware Bankruptcy Court Approves DIP Financing of 700 Bitcoin
    2023-06-09

    On May 8, 2023, online cryptocurrency exchange platform Bittrex, Inc. and three of its affiliated entities (collectively “Bittrex”) filed for chapter 11 to wind down their U.S. and long-dormant Malta operations. The bankruptcy filing followed costly regulatory investigations and an April 17, 2023 SEC enforcement action alleging that Bittrex improperly sold crypto assets that were securities. Unlike other crypto bankruptcies, Bittrex did not risk, hypothecate, or loan cryptocurrencies needed to meet its contractual obligations to its customers.

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Squire Patton Boggs, Bitcoin, Cryptocurrency, US Securities and Exchange Commission
    Authors:
    Kyle F. Arendsen
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Enforcing Crypto-Litigation Orders: Practical Difficulties Seen in Cicada 137 LLC v. Medjedovic
    2023-06-08

    The enforcement of court orders that are designed to preserve, trace or track crypto-assets within North America is often limited in practice. As seen in the recent Ontario decision of Cicada 137 LLC v. Medjedovic (“Cicada”),[1] mechanisms by which legal enforcement principles can be effectively applied against stolen or misappropriated crypto-assets are constrained.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Due diligence, Cryptocurrency, Ontario Superior Court of Justice
    Authors:
    Tamie Dolny , Quinn Hartwig
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    Secured Lending in Canada: A Guide for U.S. Lenders
    2023-06-01

    Close economic ties and interdependence between the US and Canada have been bolstered by free trade policies and intensified global competition, paving the way for continued opportunities for US businesses to tap into the Canadian market. These opportunities have resulted in an active cross-border lending market. In light of this, US lenders who are lending into Canada may encounter, and should be aware of, Canadian-specific legal issues and considerations.

    Filed under:
    Canada, USA, Banking, Capital Markets, Company & Commercial, Corporate Finance/M&A, Environment & Climate Change, Insolvency & Restructuring, IT & Data Protection, Real Estate, McMillan LLP, Office of the Superintendent of Financial Institutions (Canada), Uniform Commercial Code (USA)
    Authors:
    Maria Sagan , Rachael Girolametto-Prosen , Kourtney Rylands
    Location:
    Canada, USA
    Firm:
    McMillan LLP
    VBB on Belgian Business Law, Volume 2023, No. 4
    2023-06-02

    COMPETITION LAW

    Filed under:
    Belgium, European Union, Company & Commercial, Competition & Antitrust, Copyrights, Employment & Labor, Insolvency & Restructuring, IT & Data Protection, Litigation, Van Bael & Bellis, Foreign direct investment, Personal data, European Commission, European Data Protection Board, GDPR, Digital Services Act (EU), Court of Justice of the European Union
    Location:
    Belgium, European Union
    Firm:
    Van Bael & Bellis
    Crypto Spring - Will the Recognition of the Administrative Convenience Class in Zipmex Pave the Way for Crypto Restructurings in Singapore?
    2023-05-31

    The approval of the creation of an administrative convenience class (Administrative Convenience Class) comprising low value creditors to reduce the administrative burden on restructuring entities by the General Division of the Singapore High Court (High Court) in Re Zipmex Pte Ltd and other matters [2023] SGHC 88 (Re Zipmex) is a positive step in promoting Singapore as a preferred restructuring destination, particularly for crypto restructurings.

    Background

    Filed under:
    Singapore, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, WongPartnership – Restructuring & Insolvency, Cryptocurrency, Insolvency
    Authors:
    Daniel Liu , Adnaan Noor
    Location:
    Singapore
    Firm:
    WongPartnership – Restructuring & Insolvency
    Risks and reforms: the UAE adjusts to a shifting landscape
    2023-05-26

    Morgan Heavener, Darren Mullins and Paul Wright, Accuracy

    This is an extract from the 2023 edition of GIR's Europe, Middle East and Africa Investigations Review. The whole publication is available here. 

    Filed under:
    United Arab Emirates, Compliance Management, Insolvency & Restructuring, IT & Data Protection, White Collar Crime, Global Investigations Review, Private equity, Cybercrime, Due diligence, Cryptocurrency, Personal data, Anti-money laundering, Data privacy, Anti-bribery and corruption, GDPR
    Location:
    United Arab Emirates
    Firm:
    Global Investigations Review
    The Unique Case of Bittrex
    2023-05-24

    On May 8, cryptocurrency platform Bittrex filed for chapter 11 in Delaware. Bittrex’s first day filings emphasize that, unlike many other crypto filings over the past year, this case is not a “free fall” bankruptcy. In fact, a plan has already been filed, and the first day declaration said the debtors “took extensive action pre-petition to ensure full customer recovery, and plan to swiftly bring these chapter 11 cases to a responsible conclusion.”

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Patterson Belknap Webb & Tyler LLP, Bitcoin, Cryptocurrency, Financial Crimes Enforcement Network (USA), FTX
    Authors:
    Daniel A. Lowenthal , Kimberly Black
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Tweeting out justice: BVI Court permits service by Twitter in Three Arrows crypto dispute
    2023-05-15

    The continued fall-out of the high-profile collapse of the Three Arrows crypto fund has seen another development, with the BVI Court permitting alternative service by Twitter after the collapsed fund's directors failed to appear for examination before the BVI Court. [1]

    Filed under:
    British Virgin Islands, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Ogier, Liquidation, Cryptocurrency
    Location:
    British Virgin Islands
    Firm:
    Ogier

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