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“In particular, Celsius has pointed out in its pleadings that customers transferred ownership of crypto assets to Celsius, making those customers unsecured creditors. This detail may undercut customer expectations, who thought they were depositing their assets into a construct similar to a traditional bank,” Gwen added. Source
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Reducing your initial debt of $820 million to just $0.013 over a month can’t be easy. And, it’s hardly surprising that such a heroic dash has led Celsius to bankruptcy. Last week, the crypto lending platform voluntarily filed petitions for Chapter 11 reorganization after closing off the last of its
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Giancarlo, now a senior counsel at law firm Willkie Farr & Gallagher, said that while the restructuring proposal is only a starting point for the Hoboken, N.J.-headquartered lending platform, it will be the first time a federal bankruptcy court will weigh in on a crypto collateral-based bankruptcy. Original Source
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Celsius Network has produced a first day presentation outlining its next steps ahead of Monday's bankruptcy proceedings at the Southern District of New York court. Original Source
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Media in Singapore are reporting that Three Arrows’ liquidators are working to get Singaporean courts to recognize the British Virgin Islands (BVI) liquidation order. Original Source
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Celsius’ bankruptcy filing has revealed some unpleasant surprises about the state of the crypto lending platform, including a $1.2 billion deficit formed largely as a result of user deposits. A chapter 11 bankruptcy document signed off by Celsius CEO Alex Mashinsky on July 14 has revealed that the company holds around
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The $20-$23/TH range is something the industry hasn't seen since around the time of the 2020 bitcoin price bottom. In addition to Bitmain’s S19, S19j and S19 Pro units, MicroBTC’s Whatsminer M30s, M30s+ and M30s++ models, among others, are feeling the slump as well. Source
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Investors in the failing cryptocurrency lending startup Celsius are still losing money weeks after the company filed for bankruptcy. Customer withdrawals had been frozen. Celcius Market Cap Crash 86% As the company’s problems worsen, investors have stepped out to relate their experiences following the withdrawal freeze and the ensuing bankruptcy application. One
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Ryan Preston Dahl, a partner at Ropes & Gray, joined CryptoX TV’s “First Mover” to discuss the crypto lender’s bankruptcy filing. Source
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“It’s crucial to observe the price changes in combination with the actions taken by Celsius’s management team,” said Anton Gulin, business director at crypto exchange AAX. “They handled the crisis very well, repaying their debt, freeing collaterals and applying for a specific bankruptcy clause, where they restructure the business rather
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