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Search Results for: Celsius network

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

Celsius Network Open For Higher Bids Post NovaWulf Offering

Despite receiving an offer from asset management NovaWulf Digital Management, insolvent crypto lender Celsius Network said on Wednesday that it was in talks with another possible buyer and would continue to seek more offers. During a hearing in Manhattan’s bankruptcy court, attorney Chris Koenig stated that Celsius is open to

March 9, 2023 1 min read

Celsius Network Picks NovaWulf Offer to Escape From Bankruptcy

Crypto lender Celsius Network has been seeking all options to increase the value of its assets and restructure its business since filing for Chapter 11 Bankruptcy on July 2023. Today the cryptocurrency lender announced that it agreed to partner with asset management NovaWulf Digital Management to recover from bankruptcy. Celsius

February 16, 2023 2 mins read

Celsius Network Plans Selling Mining Hardware Worth $1.3M

In light of its insolvency, cryptocurrency lender Celsius Network’s mining division has published a notice to sell off mining hardware valued at $1.3 million. Celsius said on January 11 that it will be selling 2,687 MicroBT M30S ASIC rigs to investment company Touzi Capital in a petition with the United

January 14, 2023 1 min read

Celsius Network Acquires Ownership of Customer Cryptocurrency Deposits

A U.S. bankruptcy judge determined on Wednesday that Celsius Network controls the majority of the cryptocurrency that users deposited onto its online platform. This implies that most Celsius users will be last in line for repayment in the crypto lender’s bankruptcy. According to a 45-page petition from the U.S. Bankruptcy

January 5, 2023 2 mins read

Celsius Network Receives Several Possible Bidders for Its Assets

Celsius Network, the bankrupt crypto lending company, has attracted 30 possible bids for its different assets, including its retail platform and mining businesses. According to a company presentation filed on Tuesday, more than 125 parties have approached since September. Also, 30 prospective bidders have signed non-disclosure agreements. As per Celsius,

December 21, 2022 1 min read

Court Directs Celsius Network to Return $44M in Cryptocurrencies

An American bankruptcy court overseeing the insolvency of cryptocurrency lender Celsius Network has directed the return of about $44 million in digital currency. Judge Martin Glenn’s decision, as reported by Bloomberg, would affect a very tiny portion of the total client money kept by Celsius that has never been used

December 8, 2022 1 min read

Celsius Network Secured Court Approval to Remunerate its Employees

The Celsius Network’s bankruptcy filing in the U.S.Court remains a controversial issue in the global cryptocurrency industry as It’s been more than 5 months since its initiation. Now the crypto lender obtained court sanctions to reward bonuses worth up to $2.8 million to their employees in an attempt to prevent

December 6, 2022 1 min read

Celsius Network Co-founder Resigns Amid Bankruptcy Proceedings

Celsius froze client withdrawals and later filed for Chapter 11 bankruptcy protections. Mashinsky handed up his resignation a week ago today. On Tuesday, S. Daniel Leon, co-founder of Celsius Network and Chief Strategy Officer, announced his resignation. After previous CEO Alex Mashinsky, he is the most recent executive to leave

October 5, 2022 2 mins read