FTX Bankruptcy and the Crypto Ecosystem: Funds, Investors, Regulation
06 Nov 2023
Location: 12:00-1:00 pm UK Time Virtual Event (Zoom) Members: FREE to attend - Book by 06 Nov Non Members: Register above as a member, and attend for FREE - Book by 06 Nov
Highlights
The cryptocurrency landscape is a dynamic and rapidly evolving space, marked by innovation, opportunity, and occasional challenges. In recent times, the bankruptcy filing of FTX has raised significant questions and concerns within the crypto community. Understanding the implications of such a filing is critical for both regulators and newcomers to the crypto world. Topics for discussion include:
- Governance failings leading to the FTX bankruptcy.
- The connectivity and interdependencies of crypto firms and the risks these pose to the wider crypto ecosystem.
- Considerations on the impact of recent insolvencies, including FTX, on crypto investors and consumers.
Partner
Ogier (BVI)
Grant was called to the bar of England and Wales in 2005 and moved to the BVI in 2013. He has since built a considerable practice encompassing the full range of BVI disputes and is described as "a highly trusted adviser" who is an "exceptional lawyer and is able to achieve exactly what the client wants". He regularly appears in the BVI Commercial Court and Court of Appeal as lead advocate. His areas of particular expertise include:
Restructuring and Corporate Recovery: Grant acted for the Brazilian Constellation Group and successfully obtained the first ever 'light-touch' provisional liquidation in the BVI, which was part of a wider cross-border multi-jurisdictional restructuring. Grant has also acted for a significant number of creditors and office holders in liquidations and restructurings (including schemes of arrangement), and has notably acted on various Madoff feeder related matters as well as the Luckin Coffee matter.
Digital Assets and Innovative Technology: Grant has considerable interest and experience in this area and acts on some of the largest crypto related matters in the world. His clients include the Joint Liquidators of FTX Digital Markets in the Bahamas and the Joint Liquidators of Three Arrows Capital Limited, the crypto fund previously valued in excess of US$3bn. He is able to advise on the full range of issues and disputes arising out of this industry. He has a strong track record in assisting in the early stages of disputes, including with crisis management.
Asset Recovery and Enforcement: Grant has significant experience in asset recovery and enforcement, including acting in the Tethyan Mining v IRP litigation, involving an application to enforce a US$6bn arbitration award. Such matters often require the seeking or the resisting of urgent injunctive relief in the BVI together with the appointment of a receiver and interim injunctive relief. Additionally, Grant has acted in many matters involving third party disclosure and Norwich Pharmacal relief.
Commercial Litigation/Shareholder Disputes: Grant is regularly instructed in shareholder disputes, often involving allegations of unfair prejudice, and where derivative leave is required. He represented the successful party at first instance in substantial litigation involving an airline and acted in the substantial and long running Emmerson v Renova litigation.
Contentious Trusts and Probate: Grant is experienced in representing trustees, protectors and beneficiaries in relation to their rights under offshore trust arrangements, including with relation to international tax investigations and the exchange of information.
Grant has additionally provided expert evidence on BVI law for the courts of other jurisdictions and is regularly asked to speak at seminars and conferences.
Grant joined Ogier in 2018, having previously worked at another leading offshore firm and before that practiced as a barrister in England.
Ogier (BVI)
Partner
Pinsent Masons
Hinesh Shah is a Fellow of the Institute of Chartered Accountants in England and Wales and joined the Pinsent Masons forensic accounting team in February 2019 where he specialises in investigations and financial crime, with a particular focus on the rapidly evolving realm of cryptocurrency.
Hinesh has a wealth of experience in leading high-profile investigations and reviews across Europe and the Middle East. He has cultivated a deep understanding of the financial and legal intricacies associated with fraud, anti-money laundering, bribery and corruption, accounting irregularities, whistle-blower allegations, market abuse, and regulatory inquiries. Recognizing the profound impact of cryptocurrencies on the global financial landscape, Hinesh has honed his expertise in crypto-related investigations across both civil and criminal matters and he is also regularly cited in articles on the topic of crypto-fraud.
Pinsent Masons
Senior Associate
Pinsent Masons
Hannah has excellent knowledge of financial services regulation, having previously worked in the FCA's General Counsel's Division for 8 years, including a secondment to FCA Enforcement.
Hannah has pensions, investments and public/administrative law expertise regarding risk, governance and litigation. Between 2018 and 2022 she led the FCA's intervention in a series of SIPPs litigation cases (both civil and JR). She has extensive experience across retail financial services, having worked on and led some key recent FCA policy and supervisory initiatives, including in relation to SIPPs, DB pension transfers, PRIIPs, ESG and Funeral Plans.
Prior to working at the FCA, Hannah trained and worked for 8 years at a leading global law firm, working closely with a range of international FS clients including banks, insurers, private equity firms and pension funds.
Pinsent Masons
Barrister
3VB Chambers
David Quest KC is joint head of chambers at 3 Verulam Buildings. He practises across the whole range of commercial disputes, with a focus on banking and finance, commercial and financial fraud, investments and joint ventures, international trade, technology and computing, including fintech, blockchain and cryptoassets, insurance and reinsurance and professional negligence. He is one of the very few silks with real expertise, both technical and legal, in cryptoassets. He is a lead author of the landmark 2019 UK Jurisdiction Taskforce Legal Statement on Cryptoassets and Smart Contracts, which sets out the law on the proprietary status of cryptoassets and the enforceability of smart contracts, and of the 2023 UKJT Legal Statement on Digital Securities. He is also a lead author of the UKJT Digital Dispute Resolution Rules, a ground-breaking set of arbitration rules aimed at digital transactions. David was named ‘Banking Silk of the Year’ at the Chambers & Partners UK Bar Awards 2021 and was recently appointed as a deputy High Court Judge.
3VB Chambers
Agenda
Speakers:
Grant Carroll - Partner - Ogier (BVI)
Hinesh Shah - Partner - Pinsent Masons
Hannah Ross - Senior Associate - Pinsent Masons
David Quest KC - Barrister - 3VB Chambers
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