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Tag Archives: Celsius Network (CEL)

Celsius’ Independent Examiner Reveals Astonishing Facts About Internal Discrepancies

Celsius abandoned its promise of transparency from its start, according to former prosecutor Shoba Pillay who was appointed as an independent examiner by United States Bankruptcy Judge Martin Glenn. In a filing, Pillay stated that the bankrupt crypto firm conducted its business in a starkly different manner than how it marketed itself to its customers in every key respect. The report claimed that Celsius lacked a sufficient risk management function and was unable to track its...

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New York AG Sues Celsius Co-Founder Alex Mashinsky for Alleged Fraud

Alex Mashinsky, the co-founder and former CEO of bankrupt cryptocurrency lender Celsius Network has been sued by New York Attorney General Letitia James for allegedly defrauding investors, including more than 26,000 New Yorkers, out of billions of dollars worth of digital assets. In an official press release, the AG alleged that before Celsius’ bankruptcy, Mashinsky repeatedly made false and misleading statements about the company’s safety to persuade investors to deposit...

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Verdict Out: Celsius Earn Assets Belong to Bankrupt Firm, Not Users

A federal bankruptcy judge has ruled that crypto-assets deposited in Celsius Network’s “Earn” accounts do not belong to the customers. Instead, the funds in the interest-bearing accounts belong to the bankrupt cryptocurrency lending platform. In a 45-page written decision, Martin Glenn, the chief US bankruptcy judge in the Southern District of New York, determined that Celsius is the owner of the $4.2 billion in crypto-assets. The verdict has set an important precedent that...

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Bitcoin Miner Core Scientific Plans to Shut Down 37,000 Celsius Rigs

Troubled Bitcoin miner Core Scientific will shut down more than 37,000 crypto mining rigs belonging to bankrupt crypto lender Celsius Network as both firms finally reach an agreement in court. Core Scientific, which hosts rigs for Celsius, filed for Chapter 11 bankruptcy in December and had partially blamed the lender for its financial troubles. Both companies have a hosting deal in which the mining firm transfers some energy costs to Celsius. The Legal Fight The two parties...

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Bankrupt Crypto Lender Celsius Seeks Deadline Extension

Cryptocurrency lender Celsius Network said it is preparing to file a motion requesting a deadline extension for users to submit their claims by another month. In its latest update, Celsius stated that the motion is scheduled to be heard by the bankruptcy court on January 10. The deadline will be extended until at least then. “For now, the deadline is extended until the motion is heard by the Court. We will provide further updates on the bar date as they become available.”...

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Zipmex Sees Buyout Offer of $100M as it Secures Creditor Protection: Report

Embattled cryptocurrency exchange Zipmex is all set to be acquired by V Ventures, a subsidiary of Thoresen Thai Agencies Pcl, for $100 million. The venture capital fund is reportedly offering $30 million in cash, and the rest will be paid in crypto tokens. According to Bloomberg, V Ventures will acquire about 90% of Zipmex. The court hearing said crypto received from the agreement will be deployed to gradually unlock customers’ frozen wallets in the platform by early April....

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Bankruptcy Court Sets Deadline for Celsius Users to File Claims

The US Bankruptcy Court of the Southern District of New York approved crypto lender Celsius’ motion for a deadline for customers to file a claim. January 3rd, 2023, has been set as the last date for creditors to file a proof of claim against the bankrupt firm. The filing reads, “The United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) has entered an order (the “Bar Date Order”) establishing 5:00 p.m. prevailing Eastern Time on January...

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Bankrupt Crypto Lender Celsius Seeks Extension of Exclusivity Period

About four months after commencing voluntary Chapter 11 bankruptcy proceedings, crypto lender Celsius Network is yet to execute the much-talked-about restructuring plan.  The troubled lender has now filed a motion requesting the court’s approval to extend the deadline for the submission of its reorganization plan. Celsius Files for Extension of Exclusivity Period Celsius announced the filing on Thursday via Twitter, stating that the work is complex and requires rigorous...

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These Crypto Executives Have Stepped Down Since the Market Crash in May

Change is in the air as the crypto space continues to see top executives step down from their roles amid the market crisis that stemmed from the Terra Luna fiasco and the Federal Reserve’s continuous interest rate hike, which negatively impacted the global financial market. The change in crypto-related executive leadership started with Twitter co-founder Jack Dorsey stepping down from the company’s board of directors in May. While Twitter is not a crypto-focused firm, Dorsey...

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Celsius Files to Resume Withdrawals for Select Customers

Several weeks after filing for bankruptcy protection, the troubled cryptocurrency lender, Celsius Network, is seeking court approval to allow a small group of customers to withdraw their digital assets. In a Thursday filing with the United States Bankruptcy Court for the Southern District of New York, the crypto lender motioned for customers’ assets held in its Custody Program and Withhold Accounts to be released to the owners.  Celsius to Release $50M worth of Assets to...

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