Three Crypto Bankruptcies: 3AC, Celsius and Voyager. What Happens Now?- Ep. 374

Unchained

Laura Shin

Business News, News, Tech News

4.6 • 1.3K Ratings

🗓️ 15 July 2022

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

In a highly educational conversation, Wassielawyer, a lawyer specializing in restructuring and insolvency, discusses the bankruptcy and liquidation of Three Arrows Capital, plus sheds light on similar processes unfolding with Celsius and Voyager. Show highlights: Wassielawyer’s experience as a lawyer and his professional background what the liquidation process looks like and what drives a company to get into this situation what the creditors of 3AC can expect from the liquidation process and who will be paid first why he doesn’t think the liquidators breached their fiduciary duty by not exercising the Starkware token warrants what Chapter 15 bankruptcy is and what it means for a company whether Zhu’s and Davies’ unknown whereabouts affect the liquidation process and whether they are likely to cooperate whether 3AC counterparties will get anything back from the credits they provided how Chapter 11 bankruptcy differs from Chapter 15 what Chapter 11 bankruptcy filing means for Celsius and its account holders what are the similarities and differences between Celsius and Voyager filings Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://www.avax.network/ EPISODE LINKS Wassielawyer Twitter: https://twitter.com/wassielawyer 3AC: Wassielawyer’s threads: https://twitter.com/wassielawyer/status/1543238225338454016?s=20&t=kXB2gr4UCkAz5p09LD24XA https://twitter.com/wassielawyer/status/1538167831946473472?s=20&t=kXB2gr4UCkAz5p09LD24XA Unchained Newsletter: https://unchainedpodcast.com/3ac-files-for-chapter-15-bankruptcy/ Crypto Contagion: Court order allowing subpoenas: https://www.theblock.co/post/157141/bankruptcy-court-judge-gives-green-light-to-serve-subpoenas-to-3ac-founders-for-discovery Previous coverage: Unchained Coverage: 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/ The Chopping Block: Here’s What Was So Bad About Three Arrows Capital: https://unchainedpodcast.com/the-chopping-block-heres-what-was-so-bad-about-three-arrows-capital-ep-368/ Does Venture Capital Investment Violate the Ethos of Crypto? Sequoia Says No: https://unchainedpodcast.com/does-venture-capital-investment-violate-the-ethos-of-crypto-sequoia-says-no-ep-367/ Voyager: Wassielawyer’s thread: https://twitter.com/wassielawyer/status/1545827666590601216?s=20&t=kXB2gr4UCkAz5p09LD24XA Unchained Newsletter: https://unchainedpodcast.com/voyager-digital-files-for-chapter-11-bankruptcy/ Bankruptcy: https://www.reuters.com/technology/crypto-lender-voyager-files-bankruptcy-2022-07-06/ Voyager exposure to 3AC: https://www.coindesk.com/business/2022/06/22/voyager-digital-requests-loan-repayment-from-3ac-considers-issuing-default-notice/ Celsius: Wassielawyer’s thread: https://twitter.com/wassielawyer/status/1536192639112183808?s=20&t=kXB2gr4UCkAz5p09LD24XA Celsius bankruptcy: https://www.reuters.com/technology/crypto-lender-celsius-files-bankruptcy-2022-07-14/ Halt of withdrawals: https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6 Celsius repaying debt and claiming collateral: 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/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, everyone. Welcome to Unchained, your no-hype resource for all things crypto. I'm your host, Laura
0:08.3	Shin, author of The Crypto Peans. I started coming crypto seven years ago, and as a senior editor
0:14.4	of Forbes was the first mainstream media reporter to cover cryptocurrency full-time. This is the July 15th,
0:19.8	2022 episode of Unchained. Parnis the full power of the Avalanche Network with Core, your new
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0:32.6	browser extension, engineered for users to seamlessly and securely experience Web 3 like never before.
0:39.2	Explore Avalanche Daps, NFTs, Bridges, Subnets, and more today.
0:44.0	When you can't quite get the angle, take hands-free selfies with the Samsung Galaxy Z Flip 5,
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1:19.7	Laura, link in the description. Today's guest is Wassey Lawyer, a lawyer specializing in
1:26.0	restructuring and insolvency. Welcome, Wassey Lawyer.
1:32.4	So the crypto space is now seeing three big bankruptcy cases that are all happening simultaneously,
1:39.1	three errors capital, Voyager, and now Celsius. Before we dive into the details on these cases,
1:45.4	Wassey Lawyer, since you are in a non, can you give us a short description of your
1:50.1	professional background and how it is that you came to have expertise in these types of cases?
1:55.7	I'm not sure Laura, happy to sort of explain a bit more. So in the English train law,
2:00.0	you know, working at us at the London Bay small firm, and I sort of spent both of the career
2:05.4	working on the stress companies, restructuring, and in the solvency United's most restructuring
2:10.7	lesson, full on insolvency. As we've built it, I'm also an Anon, so online by night, I
2:17.3	love as a hangar in the suit, building an NFT project. But in terms of professional background,
2:23.2	I've worked on quite a number of sort of multi-billion dollar restructuring methods now.
	...

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