{"id":572655,"date":"2024-02-01T13:30:44","date_gmt":"2024-02-01T13:30:44","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=572655"},"modified":"2024-06-11T08:35:37","modified_gmt":"2024-06-11T08:35:37","slug":"celsius-ftx-repaying-creditors","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/celsius-ftx-repaying-creditors\/","title":{"rendered":"Celsius Follows FTX As It Begins Repaying Crypto To Creditors, Here\u2019s How Much"},"content":{"rendered":"

Bankrupt cryptocurrency lending company <\/span>Celsius Network<\/span><\/a> has followed behind FTX, revealing plans to disburse billions of dollars in crypto to creditors and establish a new <\/span>Bitcoin mining company<\/span><\/a> for its creditors.\u00a0<\/span><\/p>\n

Celsius To Distribute $3 Billion In Crypto To Creditors<\/h2>\n

In a press release published on Wednesday, Celsius Network <\/span>announced<\/span><\/a> its successful emergence from bankruptcy. The company is now set to implement its \u201cplan of reorganization,\u201d which involves distributing over $3 billion in crypto assets and fiat currency to its creditors.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts Shiba Inu Price To Surge Above $0.00001<\/a><\/div>\n

The crypto lending company<\/span><\/a> claimed that the reorganization plan has gained approval by approximately 98% of the company\u2019s account holders. Additionally, Celsius disclosed that the plan has been confirmed and accepted by the Bankruptcy Court of the New York Southern District and the United States Securities and Exchange Commission (SEC).\u00a0<\/span><\/p>\n

Earlier in 2022, <\/span>Celsius filed for bankruptcy<\/span><\/a> in New York after becoming one of the many victims of the <\/span>crypto market\u2019s dramatic plunge <\/span><\/a>which saw major token prices falling to new lows. Subsequently, the crypto lending platform froze all withdrawals, temporarily shutting off account holder\u2019s access to their savings and funds.\u00a0<\/span><\/p>\n

Now, 18 months after <\/span>halting withdrawals, <\/span><\/a>Celsius is finally settled and has initiated steps to <\/span>reimburse creditors<\/span><\/a>. The crypto lending platform disclosed plans to boost its cryptocurrency<\/span> distribution to creditors by almost $250 million. This would involve converting <\/span>altcoins to Bitcoin (BTC) and Ethereum (ETH).\u00a0<\/span><\/a><\/p>\n

\u201cOur exit from bankruptcy is the culmination of an extraordinary team effort and extensive collaboration between Celsius, Hut 8, strategic partners, and our creditors,” Members of the Special Committee of the Board of Celsius, David Barse and Alan Carr stated.\u00a0<\/span><\/p>\n

The conclusion of the long-awaited repayment and the company\u2019s reorganization plans marks a milestone for Celsius as it reflects the organization\u2019s commitment to its creditors. It also underscores its compliance with regulatory obligations and resolvement of intricate legal issues within its business.\u00a0<\/span><\/p>\n

\"Celsius<\/p>\n

CEL token price falls despite repayment plans | Source: CELUSDT on Tradingview.com<\/a><\/pre>\n
Celsius Forges Ahead With Creation Of New Bitcoin Mining Company<\/h2>\n
As <\/span>Celsius<\/span><\/a> works to disburse $3 billion to its creditors, the crypto lending platform has also announced plans to create a new Bitcoin mining company, Ionic Digital, Inc. The Bitcoin mining company will be owned by <\/span>Celsius creditors<\/span><\/a>, and mining operations will be managed by Hut 8 Corp, a North American digital asset mining company.\u00a0<\/span><\/p>\n
Related Reading: Analyst Compared Solana To Ethereum ICO Boom, What Does This Mean For SOL Price?<\/a><\/div>\n
The objective of the <\/span>Bitcoin mining company<\/span><\/a> is to consistently provide recoveries to creditors and ensure that the best outcomes are guaranteed for them. After gaining the necessary requisite approvals, Ionic Digital stocks are expected to be publicly traded. Certain shares of the Bitcoin mining company have already been allocated to Celsius creditors.\u00a0\u00a0<\/span><\/p>\n
Additionally, the Chief Commercial Officer (CCO) of Hut 8, Matt Prusak, will assume the role of Chief Executive Officer (CEO) at Ionic Digital. The publication revealed that he will be working with Celsius\u2019s board of directors appointed by the Official Committee of Unsecured Creditors (UCC).<\/span><\/p>\n
Featured image from Bitcoinist, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bankrupt cryptocurrency lending company Celsius Network has followed behind FTX, revealing plans to disburse billions of dollars in crypto to creditors and establish a new Bitcoin mining company for its creditors.\u00a0 Celsius To Distribute $3 Billion In Crypto To Creditors In a press release published on Wednesday, Celsius Network announced its successful emergence from bankruptcy. The company is now set to implement its \u201cplan of reorganization,\u201d which involves distributing over $3 billion in crypto assets and fiat currency to its creditors.\u00a0 Related Reading: Crypto Analyst Predicts Shiba Inu Price To Surge Above $0.00001 The crypto lending company claimed that the reorganization plan has gained approval by approximately 98% of the company\u2019s account holders. Additionally, Celsius disclosed that the plan has been confirmed and accepted by the Bankruptcy Court of the New York Southern District and the United States Securities and Exchange Commission (SEC).\u00a0 Earlier in 2022, Celsius filed for bankruptcy in New York after becoming one of the many victims of the crypto market\u2019s dramatic plunge which saw major token prices falling to new lows. Subsequently, the crypto lending platform froze all withdrawals, temporarily shutting off account holder\u2019s access to their savings and funds.\u00a0 Now, 18 months after halting withdrawals, Celsius is finally settled and has initiated steps to reimburse creditors. The crypto lending platform disclosed plans to boost its cryptocurrency distribution to creditors by almost $250 million. This would involve converting altcoins to Bitcoin (BTC) and Ethereum (ETH).\u00a0 \u201cOur exit from bankruptcy is the culmination of an extraordinary team effort and extensive collaboration between Celsius, Hut 8, strategic partners, and our creditors,” Members of the Special Committee of the Board of Celsius, David Barse and Alan Carr stated.\u00a0 The conclusion of the long-awaited repayment and the company\u2019s reorganization plans marks a milestone for Celsius as it reflects the organization\u2019s commitment to its creditors. It also underscores its compliance with regulatory obligations and resolvement of intricate legal issues within its business.\u00a0 CEL token price falls despite repayment plans | Source: CELUSDT on Tradingview.com Celsius Forges Ahead With Creation Of New Bitcoin Mining Company As Celsius works to disburse $3 billion to its creditors, the crypto lending platform has also announced plans to create a new Bitcoin mining company, Ionic Digital, Inc. The Bitcoin mining company will be owned by Celsius creditors, and mining operations will be managed by Hut 8 Corp, a North American digital asset mining company.\u00a0 Related Reading: Analyst Compared Solana To Ethereum ICO Boom, What Does This Mean For SOL Price? The objective of the Bitcoin mining company is to consistently provide recoveries to creditors and ensure that the best outcomes are guaranteed for them. After gaining the necessary requisite approvals, Ionic Digital stocks are expected to be publicly traded. Certain shares of the Bitcoin mining company have already been allocated to Celsius creditors.\u00a0\u00a0 Additionally, the Chief Commercial Officer (CCO) of Hut 8, Matt Prusak, will assume the role of Chief Executive Officer (CEO) at Ionic Digital. The publication revealed that he will be working with Celsius\u2019s board of directors appointed by the Official Committee of Unsecured Creditors (UCC). Featured image from Bitcoinist, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":541591,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[83722,86563,91453,86204,91452,91147,6664,91450,91449,14690,91451],"class_list":["post-572655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-celsius","tag-celsius-bankruptcy","tag-celsius-crypto","tag-celsius-network","tag-celsius-network-news","tag-celsius-news","tag-crypto","tag-crypto-bankruptcy","tag-crypto-celsius","tag-crypto-news","tag-crypto-repayment"],"acf":[],"yoast_head":"\nCelsius Follows FTX As It Begins Repaying Crypto To Creditors, Here\u2019s How Much<\/title>\n<meta name=\"description\" content=\"Bankrupt cryptocurrency lending company Celsius Network 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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