Digital assets have been subject to some of the largest thefts in history. In fact, the largest crypto theft — in connection with the February 2025 $1.5 billion Bybit hack — dwarfs the Guinness Book of World Records' entry for the largest bank robbery of $282 million. See "Crypto's biggest hacks and heists after $1.5 billion theft from Bybit," Reuters, Feb. 24, 2025. Sometimes, however, all is...
Joseph Cioffi, Davis+Gilbert’s Chief Operating Partner and Bankruptcy, Creditors’ Rights + Finance Practice Group Chair who has worked on large crypto bankruptcies and forfeiture proceedings, was quoted in Cryptopolitan commenting on the effect of the verbal agreement made by the founders of Dough Financial to compensate users following a hack of the platform. As noted, post-hack promises are not...
July 2024, Dough Finance — a crypto startup trading platform that made it easy to make risky bets using borrowed funds — suffered a major hack, resulting in the theft of substantial assets belonging to its users. Following the collapse of Dough Finance, the founders launched a new venture — World Liberty Financial — in partnership with Donald Trump and his three sons. One investor, Jonathan...
Over the last decade, year over year, hackers have stolen billions of dollars in cryptocurrencies. Last month, another of the world’s largest cryptocurrency exchanges was hacked in what has been called the largest crypto heist in history. The exchange was Bybit, based in Dubai, and the hackers, which according to a public announcement by the FBI are linked to North Korea, ran away with $1.5...
The infamous Bitfinex hack is back in the public eye. Forget the Netflix show, the real drama is the actual fight over who is entitled to restitution. Account holders may have given up years ago, but they now have a chance to recover their stolen Bitcoin, though Bitfinex stands in the way. In this article for Reuters Legal News and Westlaw Today, Joseph Cioffi and his co-authors discuss the...
To be a victim or creditor, that is the question. Whether ‘tis better to remain silent and suffer the outrageous fortune of a hacked exchange receiving $6 billion in restitution as the alleged sole victim of the hack, or take arms against that sea of trouble and by opposing end the exchange’s bid for a windfall? Just as Marcellus of Hamlet knew there was something rotten in the state of Denmark,...
What do you get when you add post-election uncertainty to pre-election “economic contradictions?” Many see trouble on the way, but after a period of mixed data and projections concerning interest rates, consumer spending and borrowing, and of course, election results, the months ahead promise to bring some clarity to subprime auto. Below is a review of recent performance and anticipated events on...
