Tag Archives: Celsius Network (CEL)

The bankrupt cryptocurrency lender Celsius Network has released its first status report on creditor distributions, revealing that affected parties have received over $2.53 billion in liquid crypto and cash. According to a filing with the United States Bankruptcy Court for the Southern District of New York, the $2.53 billion in crypto and cash was distributed to more than 251,000 creditors at prices set on January 16, 2024. Celsius is in the process of repaying other creditors...

Two years after filing for bankruptcy, Celsius is trying to recover some funds by suing Tether for an alleged wrong liquidation of more than $800 million worth of BTC (at prices in mid-2022). The stablecoin issuer was quick to respond, calling the lawsuit a “baseless shakedown” and promised to fight for a win. Celsius Goes After Tether The lawsuit, filed on August 9 in the US Bankruptcy Court for the Southern District of New York, alleges, among other things, that Tether...

Bankrupt lending firm Celsius has transferred over $125 million worth of its Ether to crypto exchanges in the past week as part of its initiative to repay creditors. The move follows that of FTX and Alameda Research, which also resumed funds transfer earlier this month. $125 Million ETH Transfer From January 8 to January 12, $95.5 million was moved to Coinbase and $29.7 million to FalconX, as reported by Arkham Intelligence. Despite these transfers, Celsius still possesses...

The recent developments in the Celsius case show that the embattled crypto lender is currently in court seeking final approval to initiate customer repayments by year-end and gain complete approval for its reorganization plan. During a court hearing on Oct. 2, Christopher Koenig, the company’s legal counsel, stated that a new entity called NewCO will emerge with approximately $450 million in seed funding once the reorganization is approved. Restructuring and Repayment Plans...

Joel E. Cohen, a mathematician and biologist acting as the valuation adviser for Celsius Network through Stout Risius Ross, has verified the accuracy of the fair value of specific assets and liabilities of the debtors. After several months of negotiations and discussions, most Celsius creditors have recently approved a plan that would return around $2 billion worth of Bitcoin and Ethereum to the creditors. This development marks a significant step forward in resolving the...

Bankrupt crypto lender Celsius Network submitted an “adversary complaint” against EquitiesFirst Holdings on Wednesday, as per the confidential adversary complaint. The moves come as Celsius attempts to recoup assets from the private lender which reportedly owes $439 million. The debt comprises $361 million in cash and 3,765 BTC as of July 2022. EquitiesFirst: The ‘Mysterious’ Debtor to Celsius The filing stated that Celsius is seeking injunctive relief and a declaratory...

The leading cryptocurrency exchange – Coinbase – has reportedly started offering crypto loans to US institutional investors.  The move could signal the company’s willingness to strengthen its position in America despite the regulatory uncertainty and the issues with local watchdogs. Recall that the US SEC filed a lawsuit against Coinbase in June, accusing the trading venue of breaching several rules and offering trading services with unregistered securities. Capitalizing on...

The bankrupt cryptocurrency lender Celsius, its creditors, and its Series B holders have reached a settlement with regard to the distribution of $25 million in proceeds from the sale of crypto custodian GK8. According to the filing, the settlements seek to deploy $24 million for legal expenses while allocating the rest of $1 million among the Series B holders. The court document also states that the settlement agreement was born out of the “mutual desire” to prevent costly...

This year, Ethereum’s network officially transitioned to a Proof-of-Stake consensus algorithm, leaving Proof-of-Work forever behind. One of the multiple implications The Merge has had on the protocol is that there are no longer Ethereum miners. Validators secure the network now, and the path to becoming one is supposed to be tremendously simplified – deposit 32 ETH to the staking contract and run the appropriate software. But it turns out that there’s quite a queue for...

Celsius’ wallets have been quite active amid its ongoing bankruptcy and restructuring process. The beleaguered crypto lender – which remains one of the biggest firms with a staked ETH portfolio – has transferred almost $900 million worth of the crypto asset over the past week. Celsius’ Ether Movement According to data shared by the blockchain intelligence firm Arkham, Celsius has moved around $20 million of ETH to Wintermute OTC and Custody Withdrawals. Subsequently, the...