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Celsius Network Ltd., the crypto lender that filed for Chapter 11 bankruptcy protection on July 13, is looking to release roughly $50 million worth of crypto assets to Celsius custody account holders. Reportedly, the Celsius custody accounts did not participate in the earn and borrow program. A court hearing concerning
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Binance, the world’s largest crypto exchange, is keen to purchase Voyager, according to industry sources who have learned of the company’s interest. “Binance is excited and pursuing hard,” one of the people said. The exchange is “pushing hard on buying into institutional,” a second person said. Source
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But Celsius, which recently filed for bankruptcy protection and owes its creditors billions of dollars, said Prime Trust “has refused to fulfill its obligations to transfer” 398 BTC, 196,268 CEL tokens, 3,740 ETH and 2.2 million USDC which it valued at $17 million. Original Source
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According to Ferraro, since its last filing on July 29 Celsius has spent $40 million of its cash balance primarily on building out its mining site in Texas and on payroll. This week, the federal court presiding over Celsius’ bankruptcy proceedings approved the firm’s resumption of selling its mined bitcoin
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Until financial details are clear, however, Hodder said that Celsius should not only be more transparent, but should “stop spending exorbitant funds every day, fire all the staff [and] put everything on hold.” Back in July, the company spent $40 million, which it primarily used to set up its mining
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The Canadian fund invested US$150 million in Celsius in the fall of 2021. “Blockchain technology has the potential to disrupt several sectors of the traditional economy. As digital assets grow in adoption, we intend to capture the right opportunities, while working with our partners towards a regulated industry,” Alexandre Synnett,
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Celsius lawyer Josh Sussberg disclosed the receipt of cash-injection offers during a Tuesday bankruptcy hearing but didn't say how big the offers were. Moving hastily on this is “mission critical” for Celsius, Sussberg said. It’s customary for companies reorganizing in U.S. bankruptcy court to seek financing to keep their operations
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The address attributed to the Celsius founder by Nansen and Arkham sold CEL tokens for the first time since Celsius froze withdrawals. Source
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“Since the circulating supply is very small, it is technically possible to create a short squeeze, although the impact in the overall market could be very limited and hard to sustain over a longer period of time,” Samir Kerbage, crypto asset manager Hashdex’s chief product and technology officer, told CryptoX. Source
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The now defunct and bankrupt Voyager Digital has been approved by the court to distribute $270 million in funds to creditors and affected customers. The news follows the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board ordering Voyager to remove any statements that allege Voyager is FDIC insured.
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