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 Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
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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/