Crypto lender Celsius Network approved for restructuring plan, will return cryptocurrency to customers

Crypto lender Celsius Network has been granted approval by a US bankruptcy court for a restructuring plan that will see cryptocurrency returned to customers and a new company created, owned by Celsius creditors. The reorganised business will be managed by Fahrenheit LLC, which includes hedge fund Arrington Capital, and will focus on mining new bitcoin and earning "staking" fees by validating blockchain transactions. Celsius filed for Chapter 11 protection in July 2022, one month after freezing customer accounts to prevent withdrawals, and the restructuring plan includes a settlement that values Celsius's proprietary crypto token, CEL, at 25 cents.

Celsius Network

Original Link

Comments

All Comments

Recommended for you

Ryan Sean Adams ·

Will this cycle skip Ethereum?

Ryan Sean Adams is going to take the perspective of long-term Ethereum bulls, not the obviously wrong dyed in the wool Ethereum is dead haters.
Cointime精选 ·

Genesis Global secures court approval for $3B payout

According to Judge Lane, any available funds for distribution by Genesis are being exhausted by creditor claims, which take priority over DCG’s equity stake.
Jesse Hamilton ·

Crypto Industry Rallies Behind House Bill as It Heads Toward Final Vote

The so-called FIT21 legislation to establish a U.S. regulatory regime for digital assets is set for a floor vote next week, and the sector is telling House leaders the effort is "crucial."
cointelegraph ·

If SEC approves spot Ether ETFs, many ‘will be caught severely offside’

Coinbase institutional research analyst David Han believes “there is room for surprise to the upside on this decision.”
cointelegraph ·

LayerZero identifies over 800K addresses in sybil self-reporting phase
Cointime精选 ·

‘We’re just scratching the surface’ of crypto and AI — Microsoft exec

The symbiotic relationship between AI and crypto is still in its nascent stages, according to tech execs.
Cointime精选 ·

Big miners pose a growing existential threat to Bitcoin

As of May, AntPool and Foundry USA controlled more than 50% of Bitcoin's hash rate. That could become a problem for Bitcoin users in the near future.
Optimism 2024 Q1 Report: The implementation of EIP-4844 reduces L1 submission costs by 99%

Optimism has released its Q1 2024 report, which shows that the number of daily active addresses has reached 89,000 (a 23% increase compared to the previous period), and the daily transaction volume has increased to 470,000 (a 39% increase compared to the previous period). These indicators are slightly lower than the historical high point in Q3 2023.
LocalMonero to Shut Down in Six Months Amid Regulatory Pressure and Internal Factors

LocalMonero, a peer-to-peer exchange for trading privacy coin Monero (XMR), has disabled all trades and will be taken down in six months, according to parent company AgoraDesk. The company cited a combination of internal and external factors for the decision, but did not provide specifics. The move follows a trend of P2P crypto trading platforms shutting down due to regulatory challenges, including LocalBitcoins and Paxful. LocalMonero's closure also comes amid pressure from regulatory authorities on privacy coins, with exchanges including Binance and Coinbase delisting tokens like Monero and Zcash.
Morgan Stanley disclosed that it invested nearly $270 million in Grayscale GBTC, becoming one of the largest holders

On May 16th, Morgan Stanley disclosed in its Q1 13F filing with the SEC that it had invested $269.9 million in the Grayscale Bitcoin Trust (GBTC) to gain exposure to physical bitcoin ETFs. According to Fintel's data, this investment made it one of the largest holders of GBTC, after Susquehanna International Group (which invested $1 billion). Morgan Stanley is also one of many global systemically important banks (G-SIBs) that have disclosed investments in physical bitcoin ETFs, including Royal Bank of Canada, JPMorgan Chase, Wells Fargo, BNP Paribas, and UBS Group.