The fall of cryptocurrency prices over the course of 2022 has already pushed major industry players to bankruptcy. Late last month, crypto-mining data center operator Compute North filed for bankruptcy, following the July bankruptcies of crypto lender Celsius, crypto brokerage Voyager Digital, and crypto hedge fund Three Arrows Capital.
As the prolonged “crypto winter” approaches $1 trillion in losses this year, restructuring lawyers and their colleagues at financial and blockchain analytics firms predicted a rise in fraud and insolvency at a recent virtual roundtable hosted by litigation funder Burford Capital. (The American Lawyer reviewed an advance copy of the transcript.)
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