A New York court allows Celsius debtors to cash out altcoins for bitcoin and ether
A recent court ruling in New York has given Celsius debtors the green light to start converting their altcoins into bitcoin and ether as of July 1. Bankruptcy Judge Martin Glenn granted approval for this move in a filing made on June 30. The company, which filed for Chapter 11 bankruptcy protection on July 13, 2022, has been working closely with regulators to facilitate the return of funds to its debtors.
Key Points:
– Celsius debtors can now begin converting altcoins to bitcoin and ether
– Bankruptcy Judge Martin Glenn approved the move in a filing on June 30
– The company filed for Chapter 11 bankruptcy protection on July 13, 2022
– Celsius has been collaborating with regulators to ensure the return of funds to debtors
This court ruling comes as a relief to Celsius debtors who have been eagerly waiting to access their funds. By allowing the conversion of altcoins into popular cryptocurrencies like bitcoin and ether, debtors now have the opportunity to regain control over their assets. This development marks a significant step forward in the bankruptcy process and provides some hope for the affected individuals.
Hot Take:
The court’s decision to allow Celsius debtors to convert altcoins into bitcoin and ether is a positive development that will help mitigate the financial losses suffered by these individuals. By providing them with access to popular cryptocurrencies, the court is enabling debtors to potentially recover some of their investments. This ruling demonstrates a proactive approach in addressing the needs of those affected by Celsius’ bankruptcy and highlights the importance of regulatory collaboration in safeguarding the interests of investors.
Continue reading on Theblock.co
By
By
By
By
By