Tag Archives: celsius

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CoinspeakerCelsius Mining Assets Find New Life as Ionic Digital Gears Up for Takeover and IPO By acquiring all of Celsius mining equipment and infrastructure, Ionic Digital believes it can quickly reach its goal of total mining power of 12.7 exahash per second (EH/s) later this year. Celsius Mining Assets Find New Life as Ionic Digital Gears Up for Takeover and IPO

Celsius, the platform whose bankruptcy plan was finally approved late last year, has recently lashed out at former clients who cashed out before the company had the opportunity to freeze their funds. Bold Propositions The former crypto staking, lending, and exchange platform that has since shifted its focus to Bitcoin mining following the approval of the judge in its bankruptcy case was the first major player in crypto to bring up the “unsecured creditors” argument in court...

The deal with Hut 8 comes after Celsius recently obtained approval from the bankruptcy court to transition into a Bitcoin mining entity that creditors will solely operate.  Bitcoin (BTC) mining company Hut 8 has entered into an interim agreement with the bankrupt crypto lender Celsius Network to construct and deploy new mining operations in Cedarvale, Texas. This collaboration is a key component of Celsius’s ongoing bankruptcy proceedings, designed to foster positive relations with its...

Though most crypto investors have good reason to be optimistic this week, Celsius creditors may be in for a bad deal if digital asset prices continue to climb. The bankrupt crypto lending firm may soon be able to pay its cash-based debts simply by liquidating its newly profitable Bitcoin (BTC) and Ethereum (ETH) holdings alone. That would mean the bankruptcy gets away with more assets, while its counterparties are repaid at a far more difficult time to enter the crypto...

Celsius also advised customers to make use of its mobile app for the withdrawal, stating the app would only be available for a limited time. Bankrupt crypto lender Celsius Network has announced that some clients with custody assets can now make withdrawals from the platform. Celsius which previously stopped withdrawals on its platform declared Chapter 11 bankruptcy in July 2022. Since then, many customers lost access to their assets. According to a court document, roughly 58,300 users hold...

Celsius, a cryptocurrency lending platform, has revealed its intention to transform into a new entity with an exclusive emphasis on Bitcoin mining. This change, disclosed in a recent court filing, represents a departure from its initial reorganization strategy, including a focus on staking. Celsius Moves Towards Mining-Exclusive Entity Following feedback from the U.S. Securities and Exchange Commission (SEC) regarding specific aspects of its plan, Celsius announced a shift in...

Alex Mashinsky – former boss of defunct crypto lending firm Celsius – is scheduled to begin his criminal fraud trial on September 17, 2024. US District Judge John Koeltl confirmed the news during a hearing on Tuesday, adding that there will be three pretrial conferences in March, July, and September. In the meantime, Mashinsky will remain free on $40 million bail, while still subject to electronic monitoring and major restrictions on expenditures over $10,000. Mashinsky is...

Celsius Network filed for Chapter 11 bankruptcy protection in April 2022, hoping to restructure its debt and find a buyer for its assets. Celsius Network, the bankrupt crypto lending company, has taken a significant step forward in prioritizing the needs of its creditors. The company is currently seeking court approval to efficiently distribute payments to its creditors before the year comes to an end. This proposed plan showcases Celsius’ commitment to transparency and efficiency in...

Officially, the valuation as of the end of May is correct and Celsius will pay creditors $2 billion in Bitcoin and Ether tokens. A mathematician working for Celsius Network’s valuation advisor Stout Risius Ross LLC has confirmed that the fair value of some debtors’ assets and liabilities as of May 31, 2023, is correct. Joel E. Cohen, in a declaration at the New York bankruptcy court, detailed the methods used to analyze the valuation and arrive at the conclusion. Cohen noted in the...