Cryptocurrency lending firm Celsius Network has started converting its assets into Bitcoin and Ethereum, with pre-owned altcoins being moved into new wallets. This move follows approval from the US Bankruptcy Court in New York on 1 July.

However, Celsius' native token, CEL, has lost over 11% of its value in the last 24 hours, and regulatory scrutiny is increasing on the firm's former CEO, Alex Mashinsky, who is being investigated by the Commodities Futures Trading Commission for allegedly misleading investors and failing to register with the regulator.