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Celsius Network is revamping into a Bitcoin mining company, promising customer repayments and an exit from bankruptcy. Cryptocurrency lending platform Celsius Network has secured court approval to transition into a Bitcoin mining company owned by its creditors. This development is part of a comprehensive strategy to compensate account holders whose funds
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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.Judge Martin Glenn of the Southern District of New York Bankruptcy Court issued a confirmation on Nov. 9
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An upcoming Bitcoin (BTC) hashrate-backed product that could offer 10% to 13% returns shouldn’t be compared to failed products by BlockFi or Celsius as its returns come from proof-of-work, not “ponzi schemes,” claims the product’s creator Bitcoin mining firm Luxor Technology.The legitimacy of Luxor’s hashrate-backed product was highlighted in an
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“We are excited to share the news that we are launching a new investment entity, Valinor, to pursue investment opportunities related to blockchain and financial innovation. While our NovaWulf chapter has come to an end, we are fortunate to have the backing and collaboration of some of our former partners
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Former Celsius CEO Alex Mashinsky’s trial date has been set for Sept. 17, 2024 in a pre-trial hearing on Oct. 3. The news comes after a former colleague at Celsius Network, Roni Cohen-Pavon, pleaded guilty to fraud charges and agreed to work with prosecutors in the upcoming trial. Upcoming charges of fraud In
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Celsius Network filed for Chapter 11 bankruptcy protection in April 2022, hoping to restructure its debt and find a buyer for its assets. Celsius Network, the bankrupt crypto lending company, has taken a significant step forward in prioritizing the needs of its creditors. The company is currently seeking court approval to
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Officially, the valuation as of the end of May is correct and Celsius will pay creditors $2 billion in Bitcoin and Ether tokens. A mathematician working for Celsius Network’s valuation advisor Stout Risius Ross LLC has confirmed that the fair value of some debtors’ assets and liabilities as of May 31,
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The overwhelming vote marks another step towards the end of Celsius' bankruptcy and the return of funds to customers. Celsius filed for bankruptcy in July last year as the crypto winter set in and its Chief Executive Officer Alex Mashinsky resigned as CEO in September 2022. In July 2023, Mashinsky
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The creditors involved in the Celsius bankruptcy case have voted in favor of a plan that will see funds returned to them as well as distributing equity through a new company.According to a Sept. 25 filing from bankruptcy firm Stretto, most of the classes voted in favor of the plan
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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.In a Sept. 22 filing in U.S. Bankruptcy Court for the Southern District of New York, the SEC filed a limited
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