A team of Orrick attorneys led by Ron D’Aversa, B. J. Rosen and Justin Yi advised Galaxy Digital in a successful bid to acquire the assets of GK8 Ltd in the Celsius Networks LLC bankruptcy. GK8, a Celsius subsidiary headquartered in Israel, is a leading technology provider of enterprise-level custody solutions for institutions looking to custody their digital assets with the highest possible security, using patented technology to safely store cryptocurrencies and execute blockchain transactions without connecting to the internet.
The deal will be the first of its kind to involve concurrent U.S. and Israeli insolvency proceedings under a new Israeli insolvency regime that came into effect in 2019. The proposed sale will be presented to Judge Glenn of United States Bankruptcy Court for the Southern District of New York on December 8 for approval and is expected to close in early 2023.
Other members of the Orrick team include Max Hyatt, Kyle Zhu, Eric Citizen, Taylor Ball, Jose Lamarque, and Nick Sabatino.