The firm represented Gemini Trust Company in the bankruptcy of cryptocurrency lender Genesis Global Capital and related government investigations into Gemini’s Earn program. After sixteen months of work by a large team of attorneys at the firm, on May 29, 2024, Gemini returned digital assets worth more than $2.18 billion to over 232,000 Gemini users, representing an overall recovery rate of 232% versus the November 2022 value of the loans Gemini's users had made to Genesis. The firm also advised Gemini in resolving related investigations by the New York State Department of Financial Services, the New York Attorney General, the Commodity Futures Trading Commission and the Securities and Exchange Commission.
Hughes Hubbard is representing Nuvo Group USA and two of its affiliates, including public company Holdco Nuvo Group D.G Ltd. (collectively, Nuvo), in its Chapter 11 bankruptcy proceedings, which Nuvo commenced after failing to raise sufficient financing to fund its operations following a de-SPAC transaction.
Hughes Hubbard represented a class of purchasers of the TerraUST stablecoin in the Terraform Labs chapter 11 bankruptcy, achieving a Bankruptcy Court order confirming that the claimants can continue pursuing litigation against the debtor in Singapore and collect on their claims through a $57 million escrow deposited by Terraform pre-petition.
Hughes Hubbard partner Chris Kiplok served as the court-appointed examiner in the Weiss Multi-Strategy Advisers bankruptcy case. Partner Dustin Smith served as the examiner’s lead counsel.