Why the Messy 3AC, Celsius, and Voyager Bankruptcies Will Drag on for Years - Ep.377

Two crypto law experts, WassieLawyer and Adam Levitin, analyze the bankruptcies of 3AC, Celsius, and Voyager. Show highlights:
the difference between Voyager and Celsius “custody” and “earn” deposits
why Celsius commingling customer custody and earn deposits could make it harder for creditors to get their money back
what similarities and differences the Voyager and Celsius bankruptcies have
how Chapter 11 bankruptcy works
why Wassie and Adam believe Celsius might have engaged in shady business practices, whereas they believe Voyager was just an irresponsible lender
what the latest is on the 3AC bankruptcy and the location of Kyle Davies and Zhu Su
what Celsius and Voyager can clawback from 3AC
how Alameda fits into the Voyager bankruptcy case
whether creditors will receive funds back in crypto or dollars
the three types of ways creditors can “claw back” funds in a bankruptcy case
why Wassielawyer and Adam believe Celsius’ Chapter 11 plan to restructure around mining is so weird
whether the founders from 3AC, Celsius, or Voyager will see jail time
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Episode Links  
Adam Levitin
https://twitter.com/AdamLevitin 
 
Adam Levitin 3AC/Celsius/Voyager Content
https://twitter.com/AdamLevitin/status/1549935271323607040

https://www.thedeal.com/restructuring/oped-looming-legal-issues-in-cryptocurrency-bankruptcies/  

https://www.thedeal.com/restructuring/oped-crypto-winter-arrives/  

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4107019 

https://twitter.com/AdamLevitin/status/1549142827774447619  

https://twitter.com/AdamLevitin/status/1548727063930077188  

https://twitter.com/AdamLevitin/status/1547945325125480451  

https://twitter.com/AdamLevitin/status/1547699788279193600  

https://twitter.com/AdamLevitin/status/1547584853180162049 

https://twitter.com/AdamLevitin/status/1547389680198508546  
 
WassieLawyer

https://twitter.com/wassielawyer 
 
WassieLawyer 3AC/Celsius/Voyager Content

https://twitter.com/wassielawyer/status/1543238225338454016 
https://twitter.com/wassielawyer/status/1538167831946473472
https://twitter.com/wassielawyer/status/1545827666590601216
https://twitter.com/wassielawyer/status/1536192639112183808
 
Celsius Content
https://www.coindesk.com/policy/2022/07/19/celsius-lays-out-mining-focused-reorganization-plan-at-first-bankruptcy-hearing/

https://twitter.com/BradyDale/status/1549415579399979008 
https://www.cnbc.com/2022/07/19/former-employees-say-issues-plagued-crypto-company-celsius-years-before-bankruptcy.html

https://www.coindesk.com/business/2022/07/18/celsius-outlines-next-steps-as-bankruptcy-proceedings-begin/ 
https://twitter.com/wassielawyer/status/1548947257961086976

https://www.reuters.com/technology/crypto-lender-celsius-files-bankruptcy-2022-07-14/ 

https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6 

https://www.coindesk.com/markets/2022/07/13/wobble-in-steth-price-shows-fear-celsius-might-dump-435m-stake/ 
https://www.coindesk.com/markets/2022/07/11/celsius-reclaims-172m-collateral-from-aave-compound/

https://www.coindesk.com/markets/2022/07/13/celsius-pays-off-last-defi-loan-reclaims-nearly-200m-of-wrapped-bitcoin-from-compound/ 

Voyager Content

https://unchainedpodcast.com/voyager-digital-files-for-chapter-11-bankruptcy/ 

https://www.reuters.com/technology/crypto-lender-voyager-files-bankruptcy-2022-07-06/ 

https://www.coindesk.com/business/2022/06/22/voyager-digital-requests-loan-repayment-from-3ac-considers-issuing-default-notice/ 
 
3AC

https://unchainedpodcast.com/3ac-files-for-chapter-15-bankruptcy/ 
https://www.theblock.co/post/157141/bankruptcy-court-judge-gives-green-light-to-serve-subpoenas-to-3ac-founders-for-discovery

https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/ 

https://unchainedpodcast.com/the-chopping-block-heres-what-was-so-bad-about-three-arrows-capital-ep-368/ 

https://unchainedpodcast.com/does-venture-capital-investment-violate-the-ethos-of-crypto-sequoia-says-no-ep-367/ 

https://unchainedpodcast.com/three-crypto-bankruptcies-3ac-celsius-and-voyager-what-happens-now-ep-374/ 
 
Other
Kirkland and Ellis are running both bankruptcies

https://twitter.com/kadhim/status/1549864279536553984 

https://twitter.com/tier10k/status/1550133741158219776 (made $1m/week)

What is happening to assets in bankruptcy cases

https://twitter.com/OGLawPanda/status/1549357959746043909 

No exposure for Coinbase

https://finance.yahoo.com/news/coinbase-celsius-voyger-three-arrows-exposure-142730485.html 

KeyFi lawsuit
https://fortune.com/2022/07/08/crypto-lender-celsius-ponzi-scheme-used-customer-funds-manipulate-token-prices-jason-stone-says-lawsuit/

3AC founders break silence

https://cryptobriefing.com/the-whole-situation-is-regrettable-3ac-breaks-silence-to-bloomberg/ 


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