Celsius

Prime

David

Bitcoin

Celsius Network LLC has officially emerged from <a href="https://news.todayq.com/bankruptcies-and-failures-in-the-crypto-sector-have-forced-tiger-global-to-report-20-losses/" target="_blank" rel="noopener noreferrer nofollow">bankruptcy</a>, achieving a major milestone in its 18-month journey. The company’s confirmed plan of reorganization was approved by a resounding 98% of account holders. Backed by the Bankruptcy Court for the Southern District of New York, marks the successful conclusion of a complex process. Celsius’ planned comeback 
The approved plan involves the distribution of over $3 billion in crypto and fiat to Celsius’ creditors. Moreover, a new Bitcoin mining company, Ionic Digital, Inc., has been established as part of the plan. Owned by Celsius’ creditors and with mining operations managed by Hut 8 Corp, Ionic Digital is a key element in the recovery process.
Chris Ferraro, Plan Administrator, expressed, “Creating the best outcome for creditors by maximizing value and speed have been front of mind for Celsius throughout this process.” The distribution, consisting of liquid cryptocurrency, fiat, and Ionic Digital stock, has commenced, providing much-anticipated relief to creditors.
David Barse and Alan Carr, part of the special group overseeing Celsius, highlighted the teamwork that made the recent success possible. They commended Celsius for being strong in facing difficulties related to laws, rules, and business. That ensured the safety of the crypto on their platform. Reaching settlements with various stakeholders, including the DOJ, SEC, and <a href="https://news.todayq.com/cftc-chair-flags-issues-over-bitcoin-etf-approval/" target="_blank" rel="noopener noreferrer nofollow">CFTC</a>.
The plan had to be carried out by working closely with regulatory bodies, to make sure that everything was safe, on time, and followed the rules. Hut 8’s Chief Commercial Officer, Matt Prusak, has been appointed CEO of Ionic Digital, which is set to become a publicly traded entity once necessary approvals are obtained. What lies ahead? 
Celsius will now embark on an orderly wind-down of its operations, signaling the discontinuation of its mobile and web applications. Meanwhile, the infusion of 67,500 ETH ($156.5M) into <a href="https://news.todayq.com/coinbase-shifting-focus-from-us-ex-uk-chancellor-joins-coin/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> Prime in the last two days and a total movement of 847,626 ETH (~$1.90B) to centralized exchanges since November 13, 2023, has been noted by industry observers, including SpotOnChain.
In the last 2 days,
Legal and advisory teams played crucial roles in facilitating this turnaround. Kirkland &amp; Ellis LLP provided legal counsel, Centerview Partners served as the financial advisor, Alvarez &amp; Marsal acted as the restructuring advisor, and C Street Advisory Group handled strategy and communications for the debtors.
White &amp; Case LLP served as legal counsel to Ionic Digital, while Perella Weinberg Partners took on the role of investment banker and M3 Partners provided financial advisory services to the Committee. Brown Rudnick LLP served as legal counsel to Hut 8. Celsius is a global cryptocurrency platform that has not only weathered the storm of bankruptcy but is now on the path to fulfilling its commitments to creditors and stakeholders.
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