Celsius

Bitcoin

<div class="coinjournal">
 <ul>
  <li dir="ltr">The US Bankruptcy Court for the Southern District of New York approved Celsius Network’s restructuring plans for bitcoin mining on Wednesday.</li>
  <li dir="ltr">Celsius filed for Chapter 11 bankruptcy protection in July 2022.</li>
 </ul>
 <p dir="ltr">A US bankruptcy court has approved <a rel="noopener noreferrer nofollow" title="Celsius" href="https://thebittimes.com/tag/celsius.html">Celsius</a> Network’s bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> shift as part of the ongoing Chapter 11 bankruptcy proceedings the collapsed crypto lender filed in July 2022.</p>
 <p dir="ltr">The <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> order was given by Judge Martin Glenn of the US Bankruptcy Court for the Southern District of New York on December 27, Reuters reported.</p>
 <p dir="ltr">Per the ruling, <a rel="noopener noreferrer nofollow" title="Celsius" href="https://thebittimes.com/tag/celsius.html">Celsius</a> can go ahead with the restructuring plans that aims at focusing the company’s operations on Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a>.&nbsp;</p>
 <p dir="ltr">The judge’s order overruled objections to the restructuring plans, paving the way for the move as the crypto firm looks to navigate away from the impactful bankruptcy proceedings. As reported, &nbsp; US Bitcoin Corp announced in August that it had entered into agreed to host 8,500 miners for <a rel="noopener noreferrer nofollow" title="Celsius" href="https://thebittimes.com/tag/celsius.html">Celsius</a> Network..&nbsp;</p>
 <h2 dir="ltr" id="celsius-customers-allowed-withdrawals">Celsius customers allowed withdrawals</h2>
 <p dir="ltr">With yesterday’s court approval, a total of $225 million in crypto earmarked for a business operations rejected by the SEC, is now available for distribution to Celsius customers. Shares in the new mining company will also be available to customers.</p>
 <p dir="ltr">Celsius began allowing withdrawals for some customers in late November. The plan allows eligible participants in the crypto lender’s custody program to withdraw 72.5% of their crypto holdings, with a deadline set for February 28, 2024.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/celsius-network-granted-approval-to-pivot-to-bitcoin-mining-tbt75045.html">https://thebittimes.com/celsius-network-granted-approval-to-pivot-to-bitcoin-mining-tbt75045.html</a></p>

Celsius Network granted approval to pivot to Bitcoin mining

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