The EmpiresX Receivership has received approval to convert to a Trusteeship.

On January 27th, 2026, the EmpiresX Receiver filed a motion seeking to “convert remaining dormant assets into a form of trusteeship”.

The Empires-X scheme’s remaining assets (scattered, partially traceable, frequently illiquid, and often entangled in ongoing government investigative or enforcement activity) require long-term administration beyond the scope and anticipated lifespan of a state-court receivership.

According to the Receiver, EmpiresX assets yet to be recovered “share several common characteristics”.

They are not presently liquid. They will require continued investigation or litigation to monetize. No predictable timeline exists for their realization.

In their current form, they are functionally dormant within the Receivership Estate.

The Receiver argued that a Receivership was no longer the best “vehicle” to liquidate EmpiresX assets.

A traditional receivership is an ill-suited long-term vehicle. Extending the receivership indefinitely would only increase administrative cost and jurisdictional strain without improving outcomes for the victims.

A trusteeship was thus put forth as “the most efficient and equitable mechanism that can accomodate the long-tail nature of these recoveries”.

Accordingly, the Receiver submits this Motion seeking authorization to establish the Empires Remediation Trust (the “Trust”), appointing the Receiver as the initial Trustee, and transferring all remaining Receivership assets into that Trust.

In terms of administration, the Trust’s work would necessarily be active rather than custodial.

Much of the potential value resides in claims whose prospects depend on continued diligence: tracing cryptocurrency transfers; working with blockchain forensics specialists; coordinating with law enforcement or regulators who may seize, freeze, or forfeit digital assets; and obtaining cooperation or documents from third-party platforms.

The Receiver has already encountered situations where the assets cannot be monetized today but may become monetizable upon identifying counterparties, persuading foreign entities to comply with subpoenas, or prevailing in litigation.

As I’m following, rather than a receivership assets will be transferred to a trust. The receiver is converted to a trustee and continues to pursue recovery of EmpiresX assets.

The primary difference is a reduction in fees while still allowing for the same level of recovery through a receivership.

The Trust would remain in existence until its work is complete, i.e., until all assets have been monetized or rendered incapable of further recovery and any distributions have been made to beneficiaries in a manner consistent with the priorities and procedures dictated by the Final Judgment.

If and when continuation no longer serves the interests of the beneficiaries, the Trustee will seek leave of Court to terminate the Trust and distribute all remaining proceeds.

Court approval for the EmpiresX Trusteeship was granted on March 14th, 2026.