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Celsius Network Announces App Shutdown and Transition to New Entity Amid Financial Controversies and Legal Challenges

Celsius Network has announced the closure of its app and plans to transition to a new entity named "NewCo," which will focus on crypto mining and staking operations. The company has committed to repaying its creditors, including those who benefitted from its partner programs, and plans to distribute at least $2.03 billion in cryptocurrency. PayPal has been identified as a potential distribution agent for US creditors.

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