Episode Details

Per a recent Coindesk article:

https://www.coindesk.com/policy/2023/09/13/surprisingly-few-us-customers-want-their-bittrex-money-back/:Surprisingly Few U.S. Customers Want Their Bittrex Money Back The U.S. Secret Service kept millions on the exchange, company lawyers told a bankruptcy court – but other creditors have been strangely reluctant to ask for their funds back....

Unofficial Computer-Autogenerated Transcript for the convenience of the hearing impaired, convenience, etc.:

00:00:00Mr. Mosco, welcome. It's good to see you.

00:00:11Good to see you too, Your Honor.

00:00:14Mr. Shepard Carter, I like the tie. Is that black and orange?

00:00:19This is black. No, it's not black and orange. It's dark, dark blue and orange, which are the colors of your alma mater.

00:00:26The colors of my alma mater are black and orange. Oh, then it's black and orange.

00:00:30Your instincts are excellent. You may proceed. Mr. Mosco, good morning again. Good to see you.

00:00:35I should have known that since they were the Tigers. They are the Tigers.

00:00:37We are the Tigers.

00:00:39Good morning, Your Honor. We sent over to chambers a PowerPoint presentation. I can hand up an extra copy if you'd like.

00:00:48I have it. Thank you.

00:00:49And thanks for the Court's time today. It may seem like a bit of navel gazing going on here because there's not a controversy,

00:00:58but we did want to update the Court from our last presentation, from where we are. All the work is being done behind the scenes that you haven't seen.

00:01:07I appreciate that, and certainly no apology is necessary. I'm always happy to take a status report.

00:01:14As you just mentioned, I really have limited visibility into most of the cases that I have, and often then it just turns into a very ugly surprise when everything blows up all at once.

00:01:25So I'm hoping that's not going to happen here, but I certainly do appreciate the guidance that you're offering.

00:01:31Correct, Your Honor. Just to level set and for the record, Patty Tomasko, Quinn Emanuel on behalf of the Dutters, and I'm joined by my colleague, Ken Ennis from the Young Conaway Firm.

00:01:43We just wanted to go through where we were. The last presentation that we gave you, we had very low engagement from the customers that we had asked to withdraw their crypto.

00:01:54As you know, the Court entered an order allowing the customers to begin withdrawing cryptocurrency and fiat currency as of June 15th is when we reopened the platform after the May 8th petition date.

00:02:07So we wanted to go through that. I also want to introduce the Court to, we have a couple of the legal staff from Bittrex, Caleb Barker and David Maria.

00:02:21David Maria is the General Counsel of Bittrex and Caleb Barker is the Assistant General Counsel of Bittrex.

00:02:29Very good. Welcome, gentlemen.

00:02:31Morning, Your Honor. If I get something wrong, which I frequently do, they will correct me and I've invited them to be live so that as we go through this, if I get something wrong, they can say, or if the Court has any questions about what we've done and all of the efforts that have gone into this and where we are with the status of the withdrawals.

00:02:50I'm not going to bore the Court with the history, but as you know, we filed the bankruptcy petition on May 8th. The Court entered the customer withdrawal order on June 13th. We reopened the platform on June 15th.

00:03:06This is consistent with the main goal of the case, which was to set up a process by which Bittrex USA operations could be wound down, along with the sister company Bittrex Malta, which is a Maltese organization that has been roughly out of operation sin