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Search Results for: Celsius Network

Bankrupt Celsius Network’s Repayment Plan Approved by Judge

After a judge in Delaware bankruptcy court accepted Celsius Network’s customer payback plan on Thursday, the defunct crypto lending firm is on pace to emerge from bankruptcy. The proposal, filed with the bankruptcy court on October 2, proposed allocating $450 million to start up a new company. Dubbed NewCo, it will

November 10, 2023 1 min read

Founder and Ex-CEO of Celsius Network Files for FTC Case Dismissal

The founder and ex-CEO of defunct cryptocurrency lender Celsius, Alex Mashinsky, has filed a fresh application in court asking for the U.S Federal Trade Commission (FTC) action against him to be dismissed “in its entirety.” The ex-CEO of Celsius had his lawyers contend that there is insufficient evidence to prove

September 12, 2023 2 mins read

Insolvent Celsius Network Announces App Discontinuation

In a recent filing, Celsius Network said that its app will be discontinued. Celsius, which debuted in 2017, has been mired in financial and legal disputes as of late. Despite these difficulties, the corporation is beginning to see the light as it prepares to become a new organization known as

August 14, 2023 1 min read

Insolvent Celsius Network Lures Creditors With Extra 5% Deal

Insolvent Celsius Network LLC has struck a deal that will simplify its legal proceedings. The company has reportedly offered an extra 5% on its claims if a large number of its account holders agree to take part in a legal settlement over allegations of managerial wrongdoing. Celsius Network’s arrangements may

July 22, 2023 1 min read

Insolvent Celsius Network Converts $25 Million Worth of Altcoins

Post receiving approval from the U.S. court supervising its bankruptcy case, the insolvent cryptocurrency lender Celsius has begun selling its altcoin assets in exchange for Bitcoin (BTC) and Ethereum (ETH). After a brief halt in withdrawals due to a lack of client cash, Celsius filed for bankruptcy protection in July

July 17, 2023 2 mins read

Insolvent Celsius Network Files $2B Lawsuit Against Alameda Research

A $2 billion lawsuit has been brought against FTX’s sister firm Alameda Research by Celsius Network on claims of suspicious trading activity that may have affected the price of the Celsius CEL token in 2022. Regulatory agencies such as the U.S. CFTC, the U.S. SEC, and federal prosecutors in Manhattan

July 13, 2023 1 min read

Court Allows Celsius Network To Convert Altcoins to BTC or ETH

The bankruptcy court has approved Celsius Network’s plan to convert all assets held in cryptocurrencies into Bitcoin and Ethereum. Judge Martin Glenn of the Southern District of New York has rendered a fresh judgment in the platform’s bankruptcy proceedings. And the liquidations will soon allow for the release of payment

June 30, 2023 1 min read

US Bitcoin Corp selected to manage restructured mining division of Celsius Network LLC

Company to add more than 120,000 miners to its managed fleet, increase total hashrate under management by approximately 12.2 EH/s MIAMI–(BUSINESS WIRE)–US Data Mining Group Inc. dba US Bitcoin Corp (“USBTC”), which announced an all-stock merger of equals with Hut 8 Mining Corp. (NASDAQ: HUT) on February 7, 2023, today

May 26, 2023 4 mins read

Fahrenheit Wins Auction To Acquire Insolvent Celsius Network Assets

On May 25th, insolvent cryptocurrency lender Celsius Network announced that the auction to sell its assets to cryptocurrency consortium Fahrenheit LLC had concluded. After consulting with its official committee of unsecured creditors. Celsius Network ultimately decided to go with Fahrenheit as the high bidder in the court-supervised auction. The Fahrenheit

May 25, 2023 1 min read

Defunct Celsius Network Plans to Sue Creditor Over Leaking Confidential Info

A court document suggests that defunct cryptocurrency lender Celsius Network sought to sue crypto blogger and Celsius creditor Tiffany Fong for disclosing confidential business information. According to a snapshot posted by Fong, she has around $119,000 worth of crypto assets locked on Celsius after the company halted withdrawals in the

April 16, 2023 1 min read