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Ripple's XRP Security Ruling Unlikely to Affect Bankrupt Crypto Lender Celsius' Wind-Up Plans, Says Counsel

The recent ruling that XRP is a security is unlikely to affect the wind-up of bankrupt crypto lender Celsius, according to the lender's counsel. The new company set to take over Celsius is not engaged in securities offerings or any of Celsius' historic business practices. The Fahrenheit consortium, which won a recent bid for Celsius' assets, will focus on less legally contentious issues like bitcoin mining and Ethereum staking.

The XRP ruling could impact creditor repayments for holdings of Celsius' token CEL, which has been judged to be worth $0.20 by the estate but could fall to zero. Celsius' founder and former CEO, Alex Mashinsky, and Chief Revenue Officer, Roni Cohen-Pavon, were charged on multiple fraud counts by the Department of Justice, but Mashinsky has pleaded not guilty.

XRP XRP $2.22
-0.05%
XRP security Celsius bankruptcy Cryptocurrency
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