Bankruptcy filings in the digital asset space continue, as cryptocurrency exchange Bittrex filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on Monday, May 8, 2023. The Bankruptcy Docket can be found here. Desolation Holdings LLC and its affiliated debtors, Bittrex, Inc., Bittrex Malta Holdings Ltd., and Bittrex Mala Ltd., as debtors and debtors in possession (“Bittrex US”) filed their chapter 11 petitions alongside a plan of liquidation. Unlike other exchanges that have sought to reorganize in fits and starts, Bittrex US heads directly to liquidation. Activities outside of the US, including Bittrex Global, shall continue uninterrupted by the filing.

Matthew Repetto
Matthew Repetto is an associate in Crowell & Moring’s New York office and a member of the firm’s Corporate Group. Matthew advises public and private companies on a broad range of transactions and general corporate matters, including mergers, acquisitions, entity formation, corporate governance, joint ventures, private equity, venture capital, and debt financing.
During law school, Matthew was a St. Thomas More Scholar and associate managing editor of the American Bankruptcy Institute Law Review. He participated in the Securities and Exchange Commission’s Student Honors Program and served as a judicial intern to Judge Debra Freeman of the U.S. District Court for the Southern District of New York. Matthew also interned with FINRA’s Department of Enforcement and served as a student advocate in the St. John's Securities Arbitration Clinic.
Earn Accounts are Property of the Estate: Celsius Update
Earlier this month, the SDNY Bankruptcy Court answered one of the gating questions at the center of Celsius Network’s Chapter 11 bankruptcy regarding the ownership of the approximately $4.2 billion in crypto assets. Celsius account holders had been demanding the return on their crypto deposits in interest-bearing accounts (“Earn Accounts”), while Celsius debtors asserted that…