Topic: Virtual currency

FTX CEO and Bahamian JPLs sign co-operation agreement

Despite an escalating war of words at the start of last week, the team behind bankrupt cryptocurrency platform FTX’s Chapter 11 case and the securities regulator of the Bahamas and its appointed liquidators have agreed to cooperate.

09 January 2023

Celsius ruling “should be helpful” to FTX customers, ex-CEO faces fraud suit

After a New York court ruled this week that bankrupt crypto brokerage Celsius owns funds deposited by thousands of investors, lawyers in the US and Singapore tell GRR the decision provides important drafting lessons and may prove a useful precedent for FTX customers.

06 January 2023

Crypto investors lodge class action over alleged concealed insolvency

Cryptocurrency lender Genesis is facing a class action arbitration claim from three investors who accuse it of conducting a billion-dollar sham transaction to conceal that it has been insolvent for months.

06 January 2023

US court approves 3AC communication protocol, subpoenas founders

The US court overseeing the Chapter 15 proceedings of crypto hedge fund Three Arrows Capital has approved a cooperation protocol with its Singaporean and British Virgin Islands counterparts, and ordered the fund’s founders to produce documents - as as a presentation from the fund’s liquidators in the US docket reveals actions in Canada and the Seychelles.

13 December 2022

Zipmex secures moratoria extension in Singapore

Crypto group Zipmex has secured an extension of its Singaporean moratoria, but a local judge criticised its advisers for failing to keep the court informed of developments at its Indonesian subsidiary.

06 December 2022

Kirkland, BlackOak advising NASDAQ-listed Binance partner in Singapore-led restructuring

Updated: Singapore-incorporated, NASDAQ-listed digital asset services firm Eqonex has tapped legal counsel from Kirkland & Ellis and boutique firm BlackOak to advise it on a local debt restructuring, as other entities in the group enter voluntary liquidation in the Lion City and Hong Kong.

25 November 2022

3AC’s liquidators seek Cayman recognition, secure protocol in Singapore

The British Virgin Islands joint liquidators of cryptocurrency hedge fund Three Arrows Capital have sought recognition of their appointments in the Cayman Islands, as a Singapore court ratified a protocol that lays out guidelines for cooperation between the BVI, Singapore and US courts overseeing the fund’s insolvency proceedings.

24 November 2022

FTX CEO lambasts “distressing” recognition petition filed by Bahamas JPLs

FTX’s Delaware Chapter 11 docket, which has sat largely empty for six days, has finally seen some action, with the group’s new CEO taking aim at concerning financial reporting and human resources practices at the group, and lambasting FTX’s Bahamian provisional liquidators for filing an un-announced Chapter 15 in New York as part of allegedly government-backed efforts to relocate the debtors’ assets to the Bahamas.

17 November 2022

Voyager restarts bidding process as FTX founder faces lawsuit in Miami

Bankrupt cryptocurrency brokerage Voyager Digital has reopened the Chapter 11 bidding process for its assets, having confirmed hours after FTX entered bankruptcy last week that their US$1.4 billion court-sanctioned deal had collapsed.

16 November 2022

Crypto’s “Lehman” moment? FTX enters Chapter 11 after filings in Bahamas and Australia

The world’s second largest cryptocurrency institution FTX has filed for bankruptcy protection in the US after a tumultuous week, with lawyers expecting fresh regulation for digital assets among what some are calling crypto’s “Lehman” moment.

11 November 2022

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