Coinbase gets $24.5 Million Ethereum transfer from Celsius Network
Celsius Network, a crypto lending platform, recently transferred $24.5 million of Ethereum (ETH) tokens to a well-known cryptocurrency exchange, Coinbase, at an average price of $3,022 per ETH. This has become one of the most substantial transfers in the industry. Celsius Network’s strategy for financial recovery Highlighted by the leading blockchain analytics firm Spot On […]
Celsius Network gets green light for Bitcoin mining
Cryptocurrency lender Celsius Network has received the green light to make a strategic shift into bitcoin mining, following approval from a U.S. bankruptcy judge. The decision represents a significant pivot for the company, which had originally aimed to earn fees from validating crypto transactions but had to alter its course after encountering regulatory obstacles. Here’s […]
Judge puts Celsius in a bind over Bitcoin mining transition
Celsius Network, a major player in the cryptocurrency lending space, is facing a challenging predicament. A U.S. bankruptcy judge has recently thrown a potential curveball in the company’s plan to pivot to a Bitcoin mining venture post-bankruptcy. This suggestion, made during a recent court session, implies that Celsius might need to reconvene its creditors for […]
Celsius Network’s bankruptcy plan approved: Creditors to vote on asset acquisition by Fahrenheit Consortium
The troubled crypto lender, Celsius Network, has received judicial approval to seek creditor endorsement for its bankruptcy escape plan. Under this plan, a consortium going by the name of Fahrenheit is poised to acquire Celsius’ assets, forming a fresh corporate entity. This new entity would then proceed to allocate Celsius’ assets and equity among its […]
Celsius founder gets ready for New York fraud suit
Celsius founder Alex Mashinsky, the once influential chief of the now-defunct cryptocurrency lender, finds himself in the unenviable position of preparing to face a New York fraud lawsuit. The legal storm that has been gathering for months now seems ready to break, with a state court judge ruling that the founder must answer for allegations […]
Celsius Network strikes key settlements to return customer assets
Celsius Network has reached pivotal settlements that could potentially clear the path for court approval of its plan to return assets to its customers and conclude its bankruptcy, according to court filings on Friday. However, the settlements come after the company, one of the largest crypto firms catering to retail investors, filed for bankruptcy last […]
Celsius takes StakeHound to court, alleges $150 million token debacle
Celsius, a defunct cryptocurrency lender, has taken legal action against StakeHound, a liquid staking platform, alleging the failure to repay approximately $150 million in various tokens, including Ethereum (ETH), Polygon’s MATIC, and Polkadot’s DOT. According to court documents, Celsius provided StakeHound with significant amounts of staked native ETH, MATIC, and DOT between 2020 and 2021, […]
Celsius Network to move ahead with Chapter 11 restructuring plan
Crypto lending firm Celsius Network has announced that it will be moving forward with its Chapter 11 restructuring plan. In a notice to users on April 7, the company revealed that it would file a disclosure statement on April 12 containing information for claim holders. The statement is aimed at providing “adequate information” for claim […]
Bankrupty Court: Celsius Network custody accounts to get 72.5% of their crypto holdings
On March 21, United States Bankruptcy Judge Martin Glenn approved a settlement plan concerning the bankruptcy case of the crypto lending platform Celsius Network. The agreement grants custody account holders the right to receive 72.5% of their crypto holdings, provided they approve of the settlement. In addition, those who accept this settlement will not be […]
BlockFi management’s attorney tells court: no crypto has been withdrawn since October
Contrasting it to Celsius Network, a rival crypto lender in bankruptcy proceedings, BlockFi’s executives have not withdrawn any of their cryptocurrencies since October 2020. However, this was confirmed by the company’s lawyer to a U.S Bankruptcy Court for the District of New Jersey on Monday. In November, BlockFi filed for bankruptcy after FTX’s downfall. During […]
