Celsius

Cryptocurrency

Bitcoin

<div class="cryptonews">
 <p class="is-style-lead">Celsius Network is revamping into a Bitcoin mining company, promising customer repayments and an exit from <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a>.&nbsp;</p>
 <p>Cryptocurrency lending platform Celsius Network has secured court approval to transition into a Bitcoin mining company owned by its creditors. This development is part of a comprehensive strategy to compensate account holders whose funds have been inaccessible for over a year.</p>
 <p>The confirmation of this strategy was announced by U.S. Bankruptcy Court in the Southern District of New York on Thursday. The approval signals a turning point for the company following its financial collapse last year. According to representatives for Celsius, the platform may commence asset distribution by early next year.</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">BREAKING: THE PLAN HAS BEEN CONFIRMED. pic.twitter.com/SK1SwRDiUq</p>— Celsius NewCo Community (@CelsiusNewCo) November 9, 2023
   </blockquote>
  </div>
 </figure>
 <h2 class="wp-block-heading" id="celsius-exiting-chapter-11-bankruptcy">Celsius exiting Chapter 11 bankruptcy</h2>
 <p>The company’s restructuring strategy, which garnered significant backing from its creditors, presents an exit from Chapter 11 <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a>. This comes despite prior accusations of misconduct directed at certain former company officials.</p>
 <p>However, the proposed shift to Bitcoin mining operations has been met with a degree of skepticism by some of its customers, and it still needs to clear regulatory challenges. Celsius has indicated the necessity for approval from the SEC, noting that should the mining venture not proceed, an alternative plan for liquidation might be enacted.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> BlackRock prepares to file spot Ether ETF
 </div>
 <p>The presiding judge in the case has called upon the SEC for an expedited decision regarding Celsius’s intention to re-establish itself as a publicly-traded Bitcoin mining entity.</p>
 <p>The court’s affirmation of Celsius’s exit plan brings closure to a trial spanning several weeks, during which customers scrutinized the firm’s new management and aired grievances over both the proposed <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> plan and the inherent costs of the Chapter 11 process. A point of contention remains the perceived undervaluation of the Celsius CEL token, which is pivotal in the distribution of digital assets and shares in the forthcoming Bitcoin mining venture to the company’s creditors.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Binance CEO focused on improving defi wallets
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/celsius-to-exit-bankruptcy-and-restart-as-creditor-run-bitcoin-miner-tbt69754.html">https://thebittimes.com/celsius-to-exit-bankruptcy-and-restart-as-creditor-run-bitcoin-miner-tbt69754.html</a></p>

Celsius to exit bankruptcy and restart as creditor-run Bitcoin miner

Table of Contents

TheBitTimes

Other articles published on Nov 9, 2023

MATIC’s Price May Continue Climbing to $0.85, Says Trader

Nodle Decentralises their dApps with the help of SubQuery’s Kepler Network

ICP Asia Alliance: Redefining Blockchain and AI in the Heart of Hong Kong

SHIB Price Analysis for November 9

Hospitality Workers Triumph in Technology Adaptation Agreement with Caesars

NFT creators say UV lights at ApeFest event caused eye injuries

Join our free newsletter for daily crypto updates!