FORT LAUDERDALE, FL – The New York Law Journal reported on October 30, 2025, that courts in the United States and Singapore are working together to preserve missing crypto assets tied to the liquidation of Multichain, once a leading cross-chain protocol connecting major blockchains such as Ethereum, Polygon, and BNB Chain. The collaboration highlights growing global coordination in digital-asset insolvencies.
According to the report, a U.S. bankruptcy court in New York extended an asset-freeze order over approximately $63 million in USDC held in three Ethereum wallets, following a request from Multichain’s Singapore-appointed liquidators. The relief, granted under Section 1519 of the U.S. Bankruptcy Code, aims to prevent dissipation of funds while the Singapore proceeding seeks recognition under Chapter 15.
Alan Rosenberg, a partner at Markowitz Ringel Trusty + Hartog in Miami, said the rare bankruptcy order highlights and reinforces the benefits of Chapter 15 proceedings. Rosenberg, who is a crypto bankruptcy expert not involved in the case, observed that “technology has essentially erased relevancy in most instances of geographical borders in business transactions.” “Insolvency mechanisms like Chapter 15 provide methods for foreign courts to work with U.S. bankruptcy courts to ensure that efforts to provide recoveries to creditors in insolvency proceedings are not stymied simply because of the existence of assets or transactions outside their jurisdiction,” Rosenberg said. “Cross-border collaboration is what Chapter 15 is all about.”
To read the full report, visit the New York Law Journal article here*.
About Markowitz Ringel Trusty & Hartog, P.A.
Markowitz Ringel Trusty & Hartog, P.A. is a Miami-based law firm recognized for excellence in bankruptcy, restructuring, litigation, real estate, and business law. For more information, visit www.mrthlaw.com