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Crypto Assets Under the Bankruptcy Code: Practical Guidance for Addressing Novel Problems
Applying the Lessons From Recent Crypto Exchange Bankruptcy Cases
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Description
Numerous cryptocurrency exchanges or platforms have filed for Chapter 11 protection in recent years, and applying the Bankruptcy Code -which was created in 1978 - to digital assets maintained on digital “exchanges” has raised numerous complicated legal issues and frustrating discovery challenges. Both judges and lawyers will need to be creative and flexible in their practical workarounds. There appears no reason to believe the industry will face significant regulation so hearing from trailblazers who have found ways to address these problems will be crucial in establishing best practices.
Peculiar issues often arise when litigating turnover or avoidance actions. In fact, Coinbase has published its own guide for bankruptcy trustees. Likewise, the U.S. Trustee has put out guidance on investigating the financial affairs of a debtor who has cryptocurrency. In a recurring scenario, the assets of one debtor are actually held by or were transferred to another debtor, leading to debtor v. debtor conflicts across jurisdictions and circuits. Lessons from a wave of cryptocurrency exchange and lender bankruptcies starting in 2022 speak to getting records and information, identifying property of the estate, application of the automatic stay, perfection of security interests, and recovery of transferred assets.
Listen as our panel discusses lessons from the bankruptcies of crypto exchanges, practical approaches to emerging problems, the key issues arising in the bankruptcies of debtors owning these assets, and what policy changes could mean for bankruptcy and reorganization professionals.
Presented By

Mr. Grasso is an associate on the firm’s Business Reorganization Team. He concentrates his practice on commercial bankruptcy and restructuring matters and related litigation. Mr. Grasso represents debtors, creditors, creditors’ committees, trustees, and other fiduciaries in complex bankruptcy proceedings. He also advises on out-of-court restructurings, assists fiduciaries with substantial asset recoveries, and investigates and prosecutes director and officer liability claims.

Ms. Pakrouh is a Partner in the bankruptcy & restructuring practice. She focuses her practice on corporate restructuring and litigating complex commercial disputes that arise in Chapter 11 proceedings. Ms. Pakrouh is experienced in representing debtors, lenders, and other parties within the Delaware Bankruptcy Court and Delaware Court of Chancery. She is acclaimed by colleagues and clients for her creative and pragmatic approach to producing efficient solutions.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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Live Online
On Demand
Date + Time
- event
Thursday, July 31, 2025
- schedule
1:00 p.m. ET./10:00 a.m. PT
Outline
I. Overview of exchange bankruptcies
II. Lessons on key issues
III. Overcoming challenges with digital and crypto assets
A. Obtaining data and records
B. Volatility and valuation
C. Classification of claims
D. Perfection of security interests
E. Turnover, avoidance, and other litigation
F. Limits of bankruptcy jurisdiction: Ryniker v. Washington (In re Augustus Intelligence), Case No. 21-10744, Adv. Proc. No. 23-50370 (Bankr. D. Del.2025)
Benefits
The panel will discuss these and other important issues:
- In what medium are crypto claims paid?
- What can trustees recover in avoidance actions?
- How are crypto assets valued throughout the life of the case and for unique bankruptcy purposes?
- Who is entitled to increases in the value for crypto assets over the life of the case?
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Unlimited access to premium CLE, CPE, Professional Skills and Practice-Ready courses.:
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Unlimited access to Professional Skills and Practice-Ready courses:
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- Best for new attorneys
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