Tag Archives: Celsius Network (CEL)

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...

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...

Celsius Network’s latest court filings depicted a grim forecast for the crippled crypto lender. The documents revealed that the actual debt currently stands at $2.85 billion, as against their bankruptcy filing claims of a $1.2 billion deficit. The firm is expected to run out of cash by October as per the filing with the United States Bankruptcy Court of the Southern District of New York. By then, Celsius would hit negative liquidity of approximately $34 million. Celsius...