IN RE FTX TRADING LTD.

No. 23-2297.

91 F.4th 148 (2024)

IN RE: FTX TRADING LTD., et al., Debtors Andrew R. Vara, US Trustee for Region 3, Appellant.

United States Court of Appeals, Third Circuit.

Filed: January 19, 2024.


Attorney(s) appearing for the Case

Anna O. Mohan , Brian J. Springer [ARGUED], United States Department of Justice, Civil Division, Appellate Staff, Room 7533, 950 Pennsylvania Avenue NW, Washington, DC 20530, Counsel for Plaintiff-Appellant.

Jonathan C. Lipson [ARGUED], Temple University, Beasley School of Law, 1719 North Broad Street, Philadelphia, PA 19122, Counsel for Amicus Appellant.

Irv Ackelsberg, John J. Grogan, David A. Nagdeman, Langer Grogan & Diver, 1717 Arch Street, Suite 4020, The Bell Atlantic Tower, Philadelphia, PA 19103, Counsel for Amicus Appellant.

James L. Bromley [ARGUED], Brian D. Glueckstein , Sullivan & Cromwell, 125 Broad Street, New York, NY 10004, Counsel for Debtor-Appellee.

Adam G. Landis , Matthew R. Pierce , Landis Rath & Cobb, 919 Market Street, Suite 1800, P.O. Box 2087, Wilmington, DE 19801, Counsel for Debtor-Appellee.

Kristopher M. Hansen , Kenneth Pasquale [ARGUED], Isaac S. Sasson , John F. Iaffaldano , Paul Hastings, 200 Park Avenue, New York, NY 10166, Counsel for Defendant-Appellee.

Matthew B. Lunn , Robert F. Poppiti, Jr. , Young Conaway Stargatt & Taylor, 1000 N. King Street, Rodney Square, Wilmington, DE 19801, Counsel for Defendant-Appellee.

Before: RESTREPO, BIBAS and SCIRICA, Circuit Judges.


OPINION OF THE COURT

Sometimes highly complex cases give rise to straightforward issues on appeal. Such is the case here. Multi-billion-dollar company FTX Trading Ltd. ("FTX") filed for bankruptcy after a sudden and unprecedented collapse that sent shockwaves through the cryptocurrency industry. The issue before...

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