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latest legal news and analysis

Addressing important issues in Delaware law.

| less than a minute read

In the aftermath of the Celsius phishing attack, we look at Section 107(a) and the need for anonymity.

As an attorney deeply involved in cryptocurrency bankruptcy cases, I find the recent phishing attack on Celsius Network, which exposed the personal information of 104,000 creditors, highlights a critical challenge. The incident showcases the inherent tension between the transparency required by the U.S. Bankruptcy Code and the privacy expectations of cryptocurrency users. Courts are divided on whether to protect creditor identities, as seen in the differing rulings between Celsius and FTX cases.

This ongoing debate is complex, and finding the right balance is crucial to protect stakeholders while respecting legal principles. Navigating this issue requires sensitivity to both the need for openness and the legitimate privacy concerns of the individuals involved.

"Tensions exist between the requirements of the code and the practical effects of keeping this information protected." Tara Pakrouh, Morris James LLP


cryptocurrency, celsius, phishing, bankruptcy law