"A New Frontier in Bankruptcy Communications"
McDonald Hopkins strategic advisory and restructuring attorney Maria Carr shared her perspective on changes in bankruptcy communications when the business in question operates within the cryptocurrency market, in an article published in the Cleveland Metropolitan Bar Journal.
You can click here to read the entire article on the Cleveland Metropolitan Bar Journal website. A short excerpt of the article is below:
The recent “crypto winter” and spate of cryptocurrency bankruptcy filings involving all types of cryptocurrency businesses in late 2022 and 2023 has certainly greatly impacted the cryptocurrency market — buying and selling cryptocurrency in late 2023 is very different than a year ago. To name only a few: Celsius Network LLC, and Voyager Digital Holdings, Inc., both cryptocurrency brokerages, filed for chapter 11 bankruptcy protection in July 2022. FTX Trading Ltd., a digital currency exchange, then filed for chapter 11 bankruptcy in November 2022, and BlockFi Inc., a digital asset lender, followed in late November 2022. Crypto lender Genesis filed for chapter 11 bankruptcy in January 2023, and many other smaller crypto related businesses have also followed suit throughout 2023. While the substance of these bankruptcy proceedings is unique given the digital assets at stake, the extensive and greatly increased level of individual creditor engagement in each of these bankruptcy filings, however, is worth further consideration as bankruptcy filings of all types of businesses continue to grow in 2023 and beyond. Much of this increased creditor engagement in crypto bankruptcy cases has been fueled by town halls and information distributed via Twitter and other social media platforms, which is not typical in other large corporate bankruptcy cases.
