Three Crypto Bankruptcies: 3AC, Celsius and Voyager. What Happens Now?- Ep. 374
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
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
- Twitter: https://twitter.com/wassielawyer
- Wassielawyer’s threads:
- 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/
- 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/
- 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
Available Results
Generated results are saved to your library for reuse and search.
Choose Template
Pick the result you want. You can review provider and model before generating.
A concise first-pass summary for understanding the episode quickly.
A comprehensive, source-grounded extraction of the reusable knowledge in an episode.
A comprehensive extraction focused on opportunities, strategy, markets, and company building.
Explicit actions, next steps, habits, recommendations, and things to avoid.
Repeatable methods, frameworks, mental models, processes, and systems.
A dedicated inventory of concrete resources named in the episode.
A concise first-pass summary for understanding the episode quickly.
A detailed readable summary organized by chapter or topic.
A navigable map of subjects, topic flow, and suggested chapters.
A comprehensive, source-grounded extraction of the reusable knowledge in an episode.
Reusable atomic knowledge units extracted from the episode.
A comprehensive extraction focused on health practices, protocols, claims, and safety caveats.
A comprehensive extraction focused on opportunities, strategy, markets, and company building.
Explicit actions, next steps, habits, recommendations, and things to avoid.
A dedicated inventory of concrete resources named in the episode.
A dedicated analysis of warnings, limitations, trade-offs, weak evidence, and uncertainty.
A concise first-pass summary for understanding the episode quickly.
A detailed readable summary organized by chapter or topic.
A navigable map of subjects, topic flow, and suggested chapters.
A comprehensive, source-grounded extraction of the reusable knowledge in an episode.
Reusable atomic knowledge units extracted from the episode.
A comprehensive extraction focused on health practices, protocols, claims, and safety caveats.
A comprehensive extraction focused on opportunities, strategy, markets, and company building.
Scientific findings, mechanisms, studies, hypotheses, and the limits of the evidence discussed.
Technologies, AI models, technical methods, capabilities, limitations, and adoption implications.
Investment theses, assets, catalysts, valuation reasoning, time horizons, and risks.
Chronologies, actors, causes, consequences, turning points, and competing historical interpretations.
Policies, proposals, stakeholders, arguments, implementation constraints, and predicted effects.
Career paths, skills, hiring signals, workplace decisions, transitions, and limitations of the advice.
Behavioral mechanisms, biases, motivation, habits, emotions, interventions, and evidence limitations.
Economic mechanisms, incentives, indicators, market structure, forecasts, and uncertainty.
Leadership principles, team systems, organizational design, culture, feedback, and failure modes.
Audience, positioning, messaging, acquisition, retention, experiments, metrics, and failed approaches.
Teaching methods, learning strategies, practice, feedback, assessment, and effectiveness evidence.
Theses, premises, arguments, objections, values, thought experiments, and unresolved questions.
Communication patterns, conflict, boundaries, expectations, repair methods, and contextual limitations.
Books, papers, authors, courses, and other learning resources mentioned in the episode.
Repeatable methods, frameworks, mental models, processes, and systems.
Explicit actions, next steps, habits, recommendations, and things to avoid.
Memorable statements and important claims with attribution and source context.
A dedicated inventory of concrete resources named in the episode.
A dedicated analysis of warnings, limitations, trade-offs, weak evidence, and uncertainty.