In 2023, Chapter 11 bankruptcy disclosures brought new transparency to the cryptocurrency industry, and bankruptcy judges clarified the relationship between certain crypto account holders and the companies at firms including FTX Group, Celsius Network, BlockFi Inc., and Voyager Digital Holdings, among others. However, bankruptcy law can leave crypto customers vulnerable without industry regulations.
In a Bloomberg Law article, business restructuring counsel Daniel Gwen explained that “until we find a better solution, bankruptcy remains the most viable option for a complex type of restructuring like the crypto cases we’ve seen.”
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