Tag Archives: celsius

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...

John E. Deaton – a US attorney who represents thousands of XRP investors in the lawsuit between Ripple and the SEC – criticized the agency for one of its latest moves.  Specifically, the regulator opposed a reorganization plan presented by Coinbase, according to which customers of the now-bankrupt crypto lender Celsius Network could be reimbursed for their losses. The SEC has Turned Into a ‘Threat to Retail Investors’ The leading cryptocurrency exchange Coinbase...

In the latest twist to the Celsius bankruptcy saga, founder Alex Mashinsky is requesting the court to dismiss the Federal Trade Commission’s (FTC) case against him. Mashinsky Arrested on Multiple Fraud Counts According to a Sept. 11 court motion, Mashinsky’s legal team argued that the FTC’s allegations do not contain the necessary elements to support a claim of fraudulent activity. Celsius, a once-prominent crypto lending platform, filed for bankruptcy amidst challenging...

Alexander Mashinsky – the founder of bankrupt crypto lending platform Celsius – has been arrested and indicted on federal charges. Former Celsius Head Taken into Custody Celsius was founded in 2018. Things fell apart for the company last year during the height of the crypto winter. Users of the platform were shocked one day last summer to see that all withdrawals had been halted, and thus they couldn’t access their hard-earned money. Things, however, didn’t quite...

CoinspeakerPrime Trust Files for Bankruptcy Protection amidst Financial Struggles Prime Trust announced its intention to present a series of motions to the court. Prime Trust Files for Bankruptcy Protection amidst Financial Struggles

CoinspeakerCelsius Ex-CEO Risk to Face CFTC Lawsuit CFTC investigators claim that they have reasons to believe that the bankrupt lender and its former CEO violated the rules of the agency. Celsius Ex-CEO Risk to Face CFTC Lawsuit

Bankrupt crypto lender Celsius has been granted permission to begin liquidating its altcoins into Bitcoin (BTC) and Ether (ETH). This will occur before distributions to creditors take place, who expect to receive their assets denominated only in the top two cryptocurrencies by market cap.  According to Bankruptcy judge Martin Glenn, Celsius “may sell or convert any non-BTC and non-ETH cryptocurrency, crypto tokens, or other cryptocurrency assets other than such tokens that...

Some creditors are unhappy with the revealed plan and have expressed their opposition. Insolvent crypto lending platform, Celsius, has filed an updated plan to exit bankruptcy with the help of crypto consortium Fahrenheit. However, the plan faces opposition from creditors who are unhappy with the deal and want their money back. Celsius’ Journey Out of Bankruptcy Celsius filed for Chapter 11 bankruptcy protection in April 2022, hoping to restructure its debt and find a buyer for its assets....

The stringent measures that appear to have been established against crypto in New York, the acceptance of stablecoins for bail bonds is a win. The city of New York is currently planning to add stablecoin payments as a form of bail. According to a May 10 bill, the city is proposing legislation that will allow defendants to use fiat-backed stablecoins for bail bonds. Noting that current methods allow the use of cash, credit cards, and insurance, the new bill seeks an amendment that will make...