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 <p><span style="font-weight: 400;">The downfall of Celsius comes after several incidents, most notably the </span><span style="font-weight: 400;">arrest </span><span style="font-weight: 400;">of its former CEO, Alex Mashinsky, on charges of fraud, market manipulation, and scrutiny from the Securities and Exchange Commission (SEC). These challenges have led to significant settlements which aim to return assets to customers and end bankruptcy proceedings.</span></p>  
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 <p><span style="font-weight: 400;">As a result, the </span><span style="font-weight: 400;">Celsius</span><span style="font-weight: 400;"> (<a rel="noopener noreferrer nofollow" title="CEL" href="https://thebittimes.com/tag/cel.html">CEL</a>) price fell in the previous 24 hours as bears took control of the market, plummeting from $0.1696 to a low of $0.1604. <a rel="noopener noreferrer nofollow" title="CEL" href="https://thebittimes.com/tag/cel.html">CEL</a>’s price recovered from a previous drop to $0.162 at publication.</span></p> 
 <p><span style="font-weight: 400;"><img decoding="async" class="aligncenter size-full wp-image-156503" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20930%20495'%3E%3C/svg%3E" alt="Celsius Network" width="930" height="495" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/14/aa7e2d723f167d04909fbfa53f2060c4.webp"> 
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    <img decoding="async" class="aligncenter size-full wp-image-156503" src="https://cdn.thebittimes.com/images/2023/08/14/aa7e2d723f167d04909fbfa53f2060c4.webp" alt="Celsius Network" width="930" height="495"> 
   </noscript><a rel="noopener noreferrer nofollow" title="CEL" href="https://thebittimes.com/tag/cel.html">CEL</a>/USD 24-hour price chart (source: </span><span style="font-weight: 400;">CoinMarketCap</span><span style="font-weight: 400;">)</span></p> 
 <p><span style="font-weight: 400;">Moreover, the Celsius app will cease operations within the next 90 days, as outlined in the company’s revised disclosure statement. The decision comes as the platform gets ready to introduce “NewCo,” an entity managed by the Fahrenheit Group and owned by Celsius’ creditors. The closure means a 90-day window to finalize any withdrawals for current Celsius app users. After this period, access to the app or their Celsius accounts will be restricted.</span></p>  
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 </div> 
 <h2 id="strong-bright-horizons-for-creditors-strong"><strong>Bright horizons for creditors</strong></h2> 
 <p><span style="font-weight: 400;">Additionally, Celsius has committed to </span><span style="font-weight: 400;">repaying</span><span style="font-weight: 400;"> its creditors, including those who benefitted from the company’s partner programs. As part of this pledge, the company has plans to distribute at least $2.03 billion in cryptocurrency, with fluctuations in cryptocurrency prices taken into account.&nbsp;</span></p>  
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 <p><span style="font-weight: 400;">To facilitate this,&nbsp; </span><span style="font-weight: 400;">PayPal</span><span style="font-weight: 400;"> has been identified as a potential distribution agent for US creditors. The company is still in the process of selecting a distribution agent for international transactions.</span></p> 
 <p><span style="font-weight: 400;">Hence, if Celsius fails to appoint an international distribution agent in due time, the app will remain accessible for an additional 90 days, ensuring these creditors receive their due amounts.</span></p> 
 <h2 id="strong-the-emergence-of-newco-strong"><strong>The emergence of “NewCo”</strong></h2> 
 <p><span style="font-weight: 400;">With a vision for the future, Celsius wants to start afresh with “</span><span style="font-weight: 400;">NewCo</span><span style="font-weight: 400;">.” This new entity, supervised by the SEC for transparency, will focus primarily on crypto mining and staking operations to maximize stakeholder profitability.</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">🍎 @FahrenheitHldg won, #BRIC is backup. It's official. Term sheet included. I’ll cover more on my Space tonight #Celsius Creditors https://t.co/jrCiZ7rv2A 🙏 to all who participated. https://t.co/CSk93ui5Wa</p> 
  <p>— Simon Dixon (@SimonDixonTwitt) May 25, 2023</p> 
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 <p></p> 
 <p>&nbsp;</p> 
 <p><span style="font-weight: 400;">Besides, with the assistance of US Data Mining Group, Inc., the mining endeavors of NewCo will kick off. Meanwhile, staking operations will be managed by Proof Group Capital Management. The Fahrenheit Group intends to list NewCo’s stock on NASDAQ, allowing the company to tap into the vast potential of the capital market.</span></p> 
 <p><span style="font-weight: 400;">While highs and </span><span style="font-weight: 400;">lows</span><span style="font-weight: 400;"> have marked Celsius Network’s journey, the company’s resolve to adapt and evolve suggests a promising future. Only time will tell if “NewCo” can reinvent and regain the trust once placed in Celsius.</span></p> 
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Celsius Network Announces App Shutdown Amid Financial Turmoil

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