Navigating Cross-Border Insolvencies Involving Cryptocurrency: Addressing Fraud and Maximizing Recovery

The global rise of cryptocurrency over the past several years has inevitably given way to the concordant rise of cross-border insolvencies of crypto exchanges and trading platforms – presenting a unique set of challenges to a wide array of stakeholders, from bankruptcy trustees and liquidators of the exchanges to victims of hacking and/or fraud seeking to track down and recover their stolen assets. However, asset recovery campaigns of digital assets in the midst of contentious global insolvencies take on different forms depending on the jurisdictions involved. To make matters even more complicated, bankruptcy estates increasingly find themselves having to compete with aggressive government regulators such as the U.S. Department of Justice when it comes to tracking down and collecting stolen assets.

During this webinar, members of cross-border disputes and investigations firm Kobre & Kim will discuss key aspects that insolvency office holders, creditors and other stakeholders should consider as they evaluate the legal implications and strategic considerations of recovering crypto assets against the backdrop of a complex, cross-border insolvencies, including:

• Dealing with cryptocurrency as an asset in insolvency proceedings
• Technical considerations of digital asset tracing across different jurisdictions
• The emerging legal landscape for recovering digital assets in the U.S., U.K. and offshore
• The use of tools available under cross-border insolvency laws to trace and recover cryptocurrency
• Digital asset forfeiture and the rise of government agencies in seizing crypto assets

Moderator

Daniel J. Saval
Lawyer, Kobre & Kim

 

 

 

Daniel Saval is an accomplished litigator and advocate that represents clients across industries in designing and executing strategies to monetize high-value claims. His aggressive, creative strategies frequently deploy cross-border insolvency proceedings in aid of international asset recovery and judgment enforcement campaigns, as well as the dilution of claims and judgments. Mr. Saval also has extensive experience in complex disputes arising in U.S. Chapter 11 restructuring proceedings, often involving cryptocurrency.

Mr. Saval regularly works on behalf of stakeholders including debtors, trustees, independent directors, lenders, bond and equity holders, creditor committees, foreign insolvency representatives, and judgment creditors. He also advises funds on investment strategies in restructuring, liquidation and litigation situations.

 

Speakers

Amanda Tuminelli
Lawyer, Kobre & Kim

 

 

 

Amanda Tuminelli aggressively defends institutional clients and high-net-worth individuals against high-stakes criminal and regulatory investigations and enforcement actions. She also advises and defends clients in the digital currency industry with particular focus on investigations relating to fraud and other allegations of misconduct. 

Ms. Tuminelli also has an active asset recovery practice. She regularly designs aggressive and creative strategies to increase leverage and monetize high-value claims and to plan and pursue global asset recovery campaigns. These strategies often include coordinating efforts across multiple international jurisdictions, analyzing litigation risks posed by different governing bodies, and leveraging her experience tracing digital assets and cryptocurrency to arrive at public and private remedies.

 

Evelyn Baltodano Sheehan
Lawyer, Kobre & Kim

 

 

 

Evelyn B. Sheehan is a former U.S. Department of Justice (DOJ) prosecutor who focuses her practice on advising high-net-worth individuals, institutional clients and their executives in cross-border investigations, government enforcement actions and related asset forfeiture matters. Ms. Sheehan has experience in high-stakes matters where there is tension between parallel asset forfeiture and insolvency proceedings.

Ms. Sheehan also has an active international asset recovery practice, including the enforcement of judgments and arbitration awards and the representation of victims of crime. Her matters regularly involve legal actions across multiple jurisdictions and mobilizing both public and private remedies. She has unique experience designing recovery strategies for claimants and insurers in the cryptocurrency industry.

 

Andrew Stafford QC
Lawyer, Kobre & Kim

 

 

 

Andrew Stafford QC is an English barrister and Queen’s Counsel who represents corporations, hedge funds and high-net-worth individuals in complex, high-value litigations spanning multiple jurisdictions and that involve significant cross-border elements. He has particular experience in international judgment enforcement, developing and executing strategies designed to secure effective collection of awards and judgments, including relating to enforcement against sovereign judgment debtors.

A highly regarded appellate advocate and trial lawyer, Mr. Stafford QC appears in the Supreme Court of the United Kingdom and acts in international arbitrations on a range of matters, including financial derivatives, insurance and international commercial fraud. He has been cited by industry publications as "a really good lateral thinker" and "a great tactician" with "fantastic courtroom demeanor."

 

Timothy de Swardt
Lawyer, Kobre & Kim

 

 

 

Timothy de Swardt is admitted as a barrister in England and the BVI and as an attorney in California. He regularly represents high-value clients in enforcing international judgments and recovering offshore assets, often in cases arising from misappropriation, fraud and the proceeds of crime. Mr. de Swardt also handles cross-border insolvency cases and trusts and estates disputes.

Through his global asset recovery practice, Mr. de Swardt has worked extensively with local counsel in foreign jurisdictions such as Australia, Bermuda, Brazil, the Cayman Islands, the Cook Islands, Cyprus, Dubai, Liechtenstein, Nevis, New Zealand, Russia, Switzerland, and the United States.