Celsius

David Vance

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<p class="is-style-lead">In a recent court filing, the Celsius Network has announced plans to facilitate the conversion of all altcoins into bitcoin and ethereum starting from July 1, 2023.</p>



<p>In an attempt to provide more accessibility to major cryptocurrencies, the Celsius Network has decided to allow the conversion of all altcoins into <a href="https://crypto.news/price/bitcoin/">bitcoin</a> and <a href="https://crypto.news/price/ethereum/">ethereum</a>. </p>



<p>This <a href="https://cases.stretto.com/public/x191/11749/PLEADINGS/1174906152380000000046.pdf" data-type="URL" data-id="https://cases.stretto.com/public/x191/11749/PLEADINGS/1174906152380000000046.pdf" target="_blank" rel="noreferrer noopener">announcement</a> came to light in a court document submitted on June 14. However, this does not apply to tokens secured in Withhold or Custody accounts. The network is planning to initiate this conversion process starting from July 1.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/CelsiusBankruptcy?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#CelsiusBankruptcy</a> <a href="https://twitter.com/hashtag/CelsiusNetwork?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#CelsiusNetwork</a> BREAKING NEWS — Celsius just filed their plan of reorganization incorporating the Fahrenheit deal.   <a href="https://t.co/IqiqdFbBhb" target="_blank">https://t.co/IqiqdFbBhb</a> <a href="https://t.co/NskvQZxdL0" target="_blank">pic.twitter.com/NskvQZxdL0</a></p>&mdash; David Adler (@DavidJAdler1991) <a href="https://twitter.com/DavidJAdler1991/status/1669219237104058368?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 15, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>As indicated in the court documents, the move to convert <a href="https://crypto.news/recent-sec-filing-marks-67-altcoins-as-securities/" data-type="URL" data-id="https://crypto.news/recent-sec-filing-marks-67-altcoins-as-securities/">altcoins</a> to these major cryptocurrencies will not have any negative impact on any pending creditor claims. The debtors have committed to making every effort to optimize the value of this currency conversion, aiming to maximize financial advantages wherever feasible.</p>



<p>Additionally, the debtors have made it clear that the ultimate payout to creditors will be mostly in the form of bitcoin and ethereum, barring some exceptions under specific circumstances. These decisions are part of the debtors&#8217; broader strategic plan.</p>




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            Coffeezilla rips Celsius Network scandal wide open        </a>
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<iframe loading="lazy" title="CELSIUS UPDATES: Revised Ch11 Plan, Class Claim, Liquidation &amp; Loans" width="1020" height="574" src="https://www.youtube.com/embed/IJUc3B2JFuI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>For those interested in following the conversion of tokens, the <a href="https://crypto.news/what-happened-to-celsius-network-a-year-in-review/" data-type="URL" data-id="https://crypto.news/what-happened-to-celsius-network-a-year-in-review/">Celsius Network</a> has pledged to provide updates in its monthly Budget and Coin reports. These updates will serve as a transparent way for network members and stakeholders to keep track of these conversions.</p>




    <p>
        Read more:

        <a href="https://crypto.news/federal-judge-gives-celsius-network-control-of-4-2b-in-client-assets/">
            Federal judge gives Celsius Network control of $4.2b in client assets        </a>
    </p>

Celsius users will be allowed to swap altcoins for BTC and ETH

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