Celsius Financial News

Bankrupt crypto lender Celsius has begun demanding customers who made major withdrawals in the three months preceding its bankruptcy to return their funds or face legal action.

Disgraced former FTX founder Sam Bankman-Fried appeared in a Manhattan federal court on Wednesday afternoon with a new legal team that also represents former Celsius CEO Alex Mashinsky.

Former Celsius Network’s CEO Alex Mashinsky has waived any potential conflicts of interest that may arise from choosing similar legal representation as Sam Bankman-Fried.

Digital asset mining firm Hut 8 signed an interim agreement to build out and install crypto-mining facilities in collaboration with Celsius Network.

Celsius Network has scaled back its post-bankruptcy business plans to focus only on bitcoin mining, citing U.S. regulators' skepticism of its other planned business lines. Celsius, whose restructuring plan had also envisioned the company earning «staking» fees by validating blockchain transactions and managing its legacy portfolio of cryptocurrency loans, said in a statement late Monday it had changed course after receiving «feedback» from the U.S. Securities & Exchange Commission. Celsius declined to comment on Tuesday. The SEC did not immediately respond to a request for comment. A U.S. bankruptcy court in Manhattan had approved Celsius' Chapter 11 plan on Nov. 9, clearing the company to return cryptocurrency to customers and create a new company owned by Celsius creditors.

Crypto lender Celsius has amended its reorganization plan, opting for a singular focus on bitcoin mining instead of the initially proposed combination of mining and staking.

Cryptocurrency lending firm Celsius said its reorganized company will focus only on Bitcoin mining following feedback from the United States Securities and Exchange Commission (SEC).

Crypto lending company Celsius has transferred over $10 million worth of Ethereum to an exchange on Wednesday, just 6 days after a judge approved the firm’s bankruptcy plan.

Crypto lender Celsius Network received U.S. bankruptcy court approval for a restructuring plan that will return cryptocurrency to customers and create a new company owned by Celsius creditors. U.S. Bankruptcy Judge Martin Glenn in Manhattan signed off on the restructuring in an order published on Thursday. The reorganized business will be managed by Fahrenheit LLC, a consortium that includes hedge fund Arrington Capital, and it will focus on mining new bitcoin and earning «staking» fees by validating blockchain transactions. New Jersey-based Celsius filed for Chapter 11 protection in July 2022, one month after freezing customer accounts to prevent withdrawals. Celsius, which was once valued at $3 billion, was one of the largest crypto collapses last year. The crypto lender is working to implement the plan and is expected to emerge from Chapter 11 in early 2024,according to a post on X, formerly known as Twitter.

The U.S. Bankruptcy Court has approved Celsius Network LLC’s transition from a failed crypto lender to a Bitcoin mining business, setting the stage for the company to begin repaying its customers.

The Celsius bankruptcy plan has been approved. The path is now clear for customers to see some of their funds returned and receive shares in the reorganized company, which will be called NewCo.

A cross-chain operating system says it allows anyone to launch and manage tokenized fund, strategy, or financial product. Velvet Capital aims to democratize asset management by enabling on-chain DeFi portfolios, with a number of high-profile protocols already on board.

A New York court has set the criminal trial for former Celsius Network CEO Alex Mashinsky to begin on Sept. 17, 2024.

During an October 2 hearing regarding the approval of its reorganization plan, the bankrupt crypto lender, Celsius Network, informed a judge of its intention to initiate repayments to its customers by the end of the year.

Joel E. Cohen, a mathematician and biologist representing Celsius Network’s valuation advisor Stout Risius Ross, LLC, confirmed the accuracy of the fair value of certain of the debtors’ assets and liabilities as of May 31, 2023.

Creditors in the Celsius bankruptcy case have voted in favor of a comprehensive plan, paving the way for the return of funds and the equitable distribution of assets through the establishment of a new entity.

The United States Securities and Exchange Commission (SEC) has filed an objection to Celsius Network’s reorganization plan based in part on the regulator’s own ongoing lawsuit with crypto exchange Coinbase.

Creditors from bankrupt crypto lender Celsius Network are again being targeted in a new wave of phishing attacks as the crypto lender’s bankruptcy proceedings enters its final stages.

Digital asset miners Core Scientific and Celsius Mining have struck a $45 million deal over the Cedarvale mining site after months of litigation.

Crypto mining firm Core Scientific has announced an agreement with lending company Celsius Network to settle a legal battle that had been ongoing for months.

Roni Cohen-Pavon, the former chief revenue officer of cryptocurrency lending firm Celsius, has reportedly pleaded guilty to charges related to fraud and price manipulation.