Crypto-hacking and theft have been front and center in the news. Separate from the failures and alleged fraud of CeFi crypto-exchanges, estimates suggest that $3.8 billion worth of cryptocurrencies have been stolen in the past year. It’s become vital to understand how to proceed when these situations arise.
Crowell & Moring has been working with clients to address such situations and has been involved in the tracking and tracing of over 30M USD of stolen cryptocurrency funds. Working with domestic and foreign law enforcement, we have investigated remote access fraud, Ponzi schemes, and numerous pig butchering scams. Many of these frauds are cautionary tales that can ensnare highly sophisticated organizations and persons. Continue Reading Cryptocurrency Account Security
By Anne Li, Mark Lichtenstein, Ilana Lubin, Preetha Chakrabarti, and Michelle Chipetine.
A Georgia bankruptcy court on April 17 issued a significant ruling that breaks new ground concerning how future claimants’ representatives in asbestos bankruptcies (“FCRs”) are chosen. In In re The Fairbanks Co., Case No. 18-41768-PWB (Bankr. N.D. Ga. April 17, 2019), the bankruptcy court held that (i) any party in interest may nominate an FCR candidate for the court’s consideration, (ii) the court must apply an “independent inquiry” into a proposed FCR’s qualifications, without giving deference to the debtor’s nomination, and (iii) “the proper standard for consideration of a future claims representative is akin to that of a guardian ad litem such that the individual must not only be disinterested and qualified, but also objective, independent, and loyally committed to protecting the interests of future claimants.”