Two crypto law experts, WassieLawyer and Adam Levitin, analyze the bankruptcies of 3AC, Celsius, and Voyager. Show highlights: <ul> <li style="font-weight: 400;" aria-level="1">the difference between Voyager and Celsius “custody” and “earn” deposits</li> <li style="font-weight: 400;" aria-level="1">why Celsius commingling customer custody and earn deposits could make it harder for creditors to get their money back</li> <li style="font-weight: 400;" aria-level="1">what similarities and differences the Voyager and Celsius bankruptcies have</li> <li style="font-weight: 400;" aria-level="1">how Chapter 11 bankruptcy works</li> <li style="font-weight: 400;" aria-level="1">why Wassie and Adam believe Celsius might have engaged in shady business practices, whereas they believe Voyager was just an irresponsible lender</li> <li style="font-weight: 400;" aria-level="1">what the latest is on the 3AC bankruptcy and the location of Kyle Davies and Zhu Su</li> <li style="font-weight: 400;" aria-level="1">what Celsius and Voyager can clawback from 3AC</li> <li style="font-weight: 400;" aria-level="1">how Alameda fits into the Voyager bankruptcy case</li> <li style="font-weight: 400;" aria-level="1">whether creditors will receive funds back in crypto or dollars</li> <li style="font-weight: 400;" aria-level="1">the three types of ways creditors can “claw back” funds in a bankruptcy case</li> <li style="font-weight: 400;" aria-level="1">why Wassielawyer and Adam believe Celsius’ Chapter 11 plan to restructure around mining is so weird</li> <li style="font-weight: 400;" aria-level="1">whether the founders from 3AC, Celsius, or Voyager will see jail time</li> </ul> Thank you to our sponsors! <a href="http://crypto.com/">Crypto.com</a>: <a href= "https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021"> https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021</a>  Ava Labs: <a href= "https://www.avax.network/">https://www.avax.network/</a>  Oasis: <a href= "https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program"> https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program</a>    Episode Links   Adam Levitin <ul> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/AdamLevitin">https://twitter.com/AdamLevitin</a> </li> </ul>   Adam Levitin 3AC/Celsius/Voyager Content <ul> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/AdamLevitin/status/1549935271323607040"> https://twitter.com/AdamLevitin/status/1549935271323607040</a></li> </ul> <ul> <li style="font-weight: 400;" aria-level="1"><a href= "https://www.thedeal.com/restructuring/oped-looming-legal-issues-in-cryptocurrency-bankruptcies/"> https://www.thedeal.com/restructuring/oped-looming-legal-issues-in-cryptocurrency-bankruptcies/</a>  </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://www.thedeal.com/restructuring/oped-crypto-winter-arrives/"> https://www.thedeal.com/restructuring/oped-crypto-winter-arrives/</a>  </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=410701"> https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4107019</a> </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/AdamLevitin/status/1549142827774447619"> https://twitter.com/AdamLevitin/status/1549142827774447619</a>  </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/AdamLevitin/status/1548727063930077188"> https://twitter.com/AdamLevitin/status/1548727063930077188</a>  </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/AdamLevitin/status/1547945325125480451"> https://twitter.com/AdamLevitin/status/1547945325125480451</a>  </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/AdamLevitin/status/1547699788279193600"> https://twitter.com/AdamLevitin/status/1547699788279193600</a>  </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/AdamLevitin/status/1547584853180162049"> https://twitter.com/AdamLevitin/status/1547584853180162049</a> </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/AdamLevitin/status/1547389680198508546"> https://twitter.com/AdamLevitin/status/1547389680198508546</a>  </li> </ul>   WassieLawyer <ul> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/wassielawyer">https://twitter.com/wassielawyer</a> </li> </ul>   WassieLawyer 3AC/Celsius/Voyager Content <ul> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/wassielawyer/status/1543238225338454016"> https://twitter.com/wassielawyer/status/1543238225338454016</a> </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/wassielawyer/status/1538167831946473472?s=20&t=kXB2gr4UCkAz5p09LD24XA"> https://twitter.com/wassielawyer/status/1538167831946473472</a></li> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/wassielawyer/status/1545827666590601216"> https://twitter.com/wassielawyer/status/1545827666590601216</a></li> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/wassielawyer/status/1536192639112183808"> https://twitter.com/wassielawyer/status/1536192639112183808</a></li> </ul>   Celsius Content <ul> <li style="font-weight: 400;" aria-level="1"><a href= "https://www.coindesk.com/policy/2022/07/19/celsius-lays-out-mining-focused-reorganization-plan-at-first-bankruptcy-hearing/"> https://www.coindesk.com/policy/2022/07/19/celsius-lays-out-mining-focused-reorganization-plan-at-first-bankruptcy-hearing/</a></li> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/BradyDale/status/1549415579399979008"> https://twitter.com/BradyDale/status/1549415579399979008</a> </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://www.cnbc.com/2022/07/19/former-employees-say-issues-plagued-crypto-company-celsius-years-before-bankruptcy.html"> https://www.cnbc.com/2022/07/19/former-employees-say-issues-plagued-crypto-company-celsius-years-before-bankruptcy.html</a></li> <li style="font-weight: 400;" aria-level="1"><a href= "https://www.coindesk.com/business/2022/07/18/celsius-outlines-next-steps-as-bankruptcy-proceedings-begin/"> https://www.coindesk.com/business/2022/07/18/celsius-outlines-next-steps-as-bankruptcy-proceedings-begin/</a> </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://twitter.com/wassielawyer/status/1548947257961086976"> https://twitter.com/wassielawyer/status/1548947257961086976</a></li> <li style="font-weight: 400;" aria-level="1"><a href= "https://www.reuters.com/technology/crypto-lender-celsius-files-bankruptcy-2022-07-14/"> https://www.reuters.com/technology/crypto-lender-celsius-files-bankruptcy-2022-07-14/</a> </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6"> https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6</a> </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://www.coindesk.com/markets/2022/07/13/wobble-in-steth-price-shows-fear-celsius-might-dump-435m-stake/"> https://www.coindesk.com/markets/2022/07/13/wobble-in-steth-price-shows-fear-celsius-might-dump-435m-stake/</a> </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://www.coindesk.com/markets/2022/07/11/celsius-reclaims-172m-collateral-from-aave-compound/"> https://www.coindesk.com/markets/2022/07/11/celsius-reclaims-172m-collateral-from-aave-compound/</a></li> <li style="font-weight: 400;" aria-level="1"><a href= "https://www.coindesk.com/markets/2022/07/13/celsius-pays-off-last-defi-loan-reclaims-nearly-200m-of-wrapped-bitcoin-from-compound/"> https://www.coindesk.com/markets/2022/07/13/celsius-pays-off-last-defi-loan-reclaims-nearly-200m-of-wrapped-bitcoin-from-compound/</a> </li> </ul> Voyager Content <ul> <li style="font-weight: 400;" aria-level="1"><a href= "https://unchainedpodcast.com/voyager-digital-files-for-chapter-11-bankruptcy/"> https://unchainedpodcast.com/voyager-digital-files-for-chapter-11-bankruptcy/</a> </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://www.reuters.com/technology/crypto-lender-voyager-files-bankruptcy-2022-07-06/"> https://www.reuters.com/technology/crypto-lender-voyager-files-bankruptcy-2022-07-06/</a> </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://www.coindesk.com/business/2022/06/22/voyager-digital-requests-loan-repayment-from-3ac-considers-issuing-default-notice/"> https://www.coindesk.com/business/2022/06/22/voyager-digital-requests-loan-repayment-from-3ac-considers-issuing-default-notice/</a> </li> </ul>   3AC <ul> <li style="font-weight: 400;" aria-level="1"><a href= "https://unchainedpodcast.com/3ac-files-for-chapter-15-bankruptcy/"> https://unchainedpodcast.com/3ac-files-for-chapter-15-bankruptcy/</a> </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://www.theblock.co/post/157141/bankruptcy-court-judge-gives-green-light-to-serve-subpoenas-to-3ac-founders-for-discovery"> https://www.theblock.co/post/157141/bankruptcy-court-judge-gives-green-light-to-serve-subpoenas-to-3ac-founders-for-discovery</a></li> <li style="font-weight: 400;" aria-level="1"><a href= "https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/"> https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/</a> </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://unchainedpodcast.com/the-chopping-block-heres-what-was-so-bad-about-three-arrows-capital-ep-368/"> https://unchainedpodcast.com/the-chopping-block-heres-what-was-so-bad-about-three-arrows-capital-ep-368/</a> </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://unchainedpodcast.com/does-venture-capital-investment-violate-the-ethos-of-crypto-sequoia-says-no-ep-367/"> https://unchainedpodcast.com/does-venture-capital-investment-violate-the-ethos-of-crypto-sequoia-says-no-ep-367/</a> </li> <li style="font-weight: 400;" aria-level="1"><a href= "https://unchainedpodcast.com/three-crypto-bankruptcies-3ac-celsius-and-voyager-what-happens-now-ep-374/"> https://unchainedpodcast.com/three-crypto-bankruptcies-3ac-celsius-and-voyager-what-happens-now-ep-374/</a> </li> </ul>   Other <ul> <li style="font-weight: 400;" aria-level="1">Kirkland and Ellis are running both bankruptcies</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/kadhim/status/1549864279536553984"> https://twitter.com/kadhim/status/1549864279536553984</a> </li> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/tier10k/status/1550133741158219776"> https://twitter.com/tier10k/status/1550133741158219776</a> (made $1m/week)</li> </ul> </li> <li style="font-weight: 400;" aria-level="1">What is happening to assets in bankruptcy cases</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/OGLawPanda/status/1549357959746043909"> https://twitter.com/OGLawPanda/status/1549357959746043909</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">No exposure for Coinbase</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://finance.yahoo.com/news/coinbase-celsius-voyger-three-arrows-exposure-142730485.html"> https://finance.yahoo.com/news/coinbase-celsius-voyger-three-arrows-exposure-142730485.html</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">KeyFi lawsuit</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://fortune.com/2022/07/08/crypto-lender-celsius-ponzi-scheme-used-customer-funds-manipulate-token-prices-jason-stone-says-lawsuit/"> https://fortune.com/2022/07/08/crypto-lender-celsius-ponzi-scheme-used-customer-funds-manipulate-token-prices-jason-stone-says-lawsuit/</a></li> </ul> </li> <li style="font-weight: 400;" aria-level="1">3AC founders break silence</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://cryptobriefing.com/the-whole-situation-is-regrettable-3ac-breaks-silence-to-bloomberg/"> https://cryptobriefing.com/the-whole-situation-is-regrettable-3ac-breaks-silence-to-bloomberg/</a> </li> </ul> </li> </ul>

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

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