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Celsius creditors: Forced to accept US dollar compensation, resulting in 30% less funds than promised

Celsius creditors say they were forced to accept USD instead of cryptocurrency, resulting in much less payment than initially promised. The payment amount is said to have decreased by 30% or more compared to the amount promised in the initial bankruptcy plan.

Ledn launches Ethereum-backed loans to help users affected by Celsius bankruptcy

The cryptocurrency lending platform Ledn has expanded to support loans collateralized with Ethereum, in addition to previously offering Bitcoin-backed loans. This expansion aims to support users affected by Celsius' bankruptcy. Ledn's new product allows users to effectively access liquidity from their ETH assets while avoiding capital gains tax from selling cryptocurrencies. Customers can withdraw USDC, USD, or other fiat loans and receive their ETH collateral back after repayment. The loan-to-value ratio for Ethereum-backed loans starts at 50%, with an annual interest rate of 10.4%. Ledn says these loans are available globally, with a low minimum amount, no monthly payments required, flexible repayment options, and typically funded within 24 hours.

US Celsius creditors can receive their BTC and ETH compensation through PayPal and Venmo

PayPal has announced that US Celsius creditors can receive their allocated BTC and ETH through PayPal and Venmo. Creditors can receive them by logging into their PayPal and Venmo accounts and entering the unique claim code provided by Celsius. The distribution of Celsius tokens will begin today and continue over the next few weeks.

Celsius and FTX/Alameda transferred $59.71 million in assets today

According to on-chain analyst Yu Jin, two institutions in the bankruptcy liquidation process, Celsius and FTX/Alameda, transferred $59.71 million in assets today. Among them, the Celsius address transferred 22,500 ETH ($51.1 million) to Coinbase 7 hours ago. The Celsius address currently has only 40,000 ETH left, and it is expected to be fully transferred in the next few days. The two-month ETH sell-off by Celsius may be coming to an end. The FTX/Alameda address transferred 2,150 ETH ($4.88 million) to FalconX, 37,899 OKB ($2.03 million) to OKX, 435,694 MTL ($640,000) to Coinbase Prime, 54,575 PROM ($370,000) to Binance, 3,518,616 ALPHA ($340,000) to Binance, 90.8 YFII ($200,000) to OKX, and 9,508 CREAM ($150,000) to Binance 4 hours ago.

Celsius Wallet Deposits $30 Million Worth of Ethereum to Coinbase and FalconX, Still Holds $1.3 Billion in Two Staking Wallets

According to crypto tracker Lookonchain, a wallet linked to the now-defunct crypto lending platform Celsius deposited $30.34 million worth of Ethereum (ETH) to Coinbase and $5.13 million worth of ETH to FalconX. Celsius' two staking wallets still hold a total of 557,081 Ethereum worth around $1.3 billion. The company filed for bankruptcy in July 2022 after its native token, CEL, dropped by 99% and it was unable to fulfill withdrawals. Celsius' founder, Alex Mashinsky, was arrested and charged with fraud in the US and is being sued by the SEC for allegedly raising billions of dollars by lying to customers and offering unregistered securities.

Celsius and FTX/Alameda once again transferred $43 million worth of crypto assets today

According to on-chain data analyst Yu Jin, on January 20th, two major institutions in the bankruptcy liquidation process, Celsius and FTX/Alameda, continued to transfer assets.

Celsius' ETH Unstaking Plans Cause Ethereum Validator Exit Queue to Peak at Over 16,400

The Ethereum validator exit queue has reached a record high of over 16,400, with waiting times of more than 5 days. This surge in validator exits may be linked to Celsius, a bankrupt crypto lending platform that is recalling and rebalancing assets, including Ethereum, to repay its creditors. Celsius has stated that the significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors. This move has positive implications for customers who have been waiting for the return of their funds after 18 months of uncertainty.

U.S. Bankruptcy Court Approves Celsius’ $225M Bitcoin Mining Company Deal

According to CryptoSlate, the United States Southern District of New York Bankruptcy Court has approved Celsius and its affiliated debtors "MiningCo Transaction" as part of Chapter 11 bankruptcy proceedings. The order issued by Chief Judge Martin Glenn is a key turning point in Celsius's restructuring efforts, and the court also rejected all objections to the proposal.

Celsius sent 13,050 ETH to Coinbase and FalconX in the past 10 hours

According to on-chain analyst @ai_9684xtpa, Celsius has once again deposited 13,050 ETH worth $29.72 million to Coinbase and FalconX within the past 10 hours. In the past week, Celsius has deposited a total of 13,318 ETH to various exchanges.

Bitcoin Miner Hut 8 Will Help Celsius Build Mining Farm in Texas

On December 18th, Bitcoin mining company Hut 8 signed a temporary agreement with Celsius to build a mining farm and deploy mining machines in Cedarvale, Texas, USA. Hut 8 will build a mining farm that can accommodate 66,000 mining machines and has a power supply of 215 megawatts.