A Webinar on Celsius’ Bankruptcy and Reorganization Plan Disclosure Statement Will Be Held on August 21
The official committee of unsecured creditors of Celsius stated on X platform (formerly Twitter) that a network seminar related to the disclosure statement of the Celsius bankruptcy restructuring plan will be held on August 21. Several meetings will be launched on specific topics, including how creditors can vote according to the plan and how to fill out the ballot.
Celsius Customers to Vote on Settlement Plan for Asset Distribution and Equity in New Company
Crypto lender Celsius, which filed for bankruptcy last year, has been granted permission by a New York bankruptcy court to send out ballots to its customers for a vote on a proposed settlement plan. The plan involves a consortium called Fahrenheit buying Celsius' assets and launching a new company that would distribute Celsius assets and equity to its customers. <br>
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.
Celsius Plans To Shut Down Its App and Distribute Its Crypto Assets Within 90 Days
The bankrupt cryptocurrency lending platform Celsius recently released a revised disclosure statement, revealing its plan to close its application within 90 days.In the statement, Celsius outlined its plan to provide cryptocurrency compensation to creditors. Its plan includes distributing liquid cryptocurrencies, including BTC and ETH, to eligible creditors. Due to potential price fluctuations, the expected distribution amount is approximately $2.03 billion.
Federal Judge Approves Electronic Monitoring for Former Celsius CEO's Bail Conditions
Alex Mashinsky, former CEO of Celsius Network, will now be subject to electronic monitoring and restrictions on financial transactions as part of his bail conditions, according to a joint request from his lawyers and the US Department of Justice approved by a federal judge. <br>
DOJ Requests More Time to Produce Evidence in Case Against Celsius Founder Alex Mashinsky
The U.S. Department of Justice has requested six to eight weeks to gather evidence for its case against Alex Mashinsky, the founder and former CEO of crypto lender Celsius. The DOJ's lawyers stated that they need time to review a large amount of Celsius' corporate records and communications, including over 1,200 videos of Mashinsky and other executives' ask-me-anything sessions. Mashinsky, who was recently arrested, pleaded not guilty to charges of securities fraud, commodities fraud, wire fraud, and conspiracy to manipulate the price of Celsius' token. The trial date is yet to be determined, but the next conference date is scheduled for October 3rd.
Celsius (CEL) Price Rallies as Settlement Reached with Unsecured Creditors
Over the weekend, the price of Celsius (CEL) experienced a 5% rally due to a settlement reached between Celsius and its unsecured creditors. The settlement concerned a class claim in which account holders accused the crypto platform's former management of fraudulent activities and misrepresentation. Celsius has offered an additional 5% to the claims of account holders who opt into the lawsuit settlement. The alt's value has climbed by 38% in the last month due to an increase in CEL accumulation, and key momentum indicators are facing upward.
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.
Celsius Initiates Massive Sales of Altcoins, Raises Concerns Among Investors
Celsius, a well-known cryptocurrency lending platform, has raised concerns among investors by selling off significant holdings of multiple altcoins. Blockchain analysts have tracked transactions indicating that Celsius transferred large amounts of cryptocurrencies to FalconX, a digital assets trading platform.
Celsius started Selling Altcoins
According to Lookonchain, Celsius started selling altcoins, 1.27M $LINK ($8.5M), 2.83M $SNX ($7.84M), 12,597 $BNB ($3M), 4.45M 1INCH ($2.26M), 8.53M $ZRX ($1.9M), and 439K $FTX ($713K) were transferred to FalconX.
