Bankrupt Celsius Network Receives Permission to Convert Altcoins to Bitcoin and Ethereum
Bankrupt crypto lender Celsius Network has been granted permission by the US Bankruptcy Court to convert its altcoin holdings into bitcoin (BTC) and ethereum (ETH). Here are the key points:
– Court order allows Celsius to sell all its altcoins starting July 1, 2023.
– The decision to convert altcoins to BTC and ETH aims to maximize the value of its assets.
– Converting altcoins to BTC and ETH will generate more liquidity and improve its chances of repaying creditors.
– Celsius can hold onto some altcoins in the hope that their prices will recover.
– This is a positive development for Celsius as it seeks to restructure its business and emerge from bankruptcy.
The Celsius saga:
– Celsius sought bankruptcy protection in July 2022 after suspending withdrawals.
– The recent verdict brings hope for platform users.
– Celsius was acquired by the crypto consortium Fahrenheit.
– The new owners plan to distribute the assets exclusively in BTC and ETH.
– Other companies in the crypto space have also faced financial difficulties.
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