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Celsius Network Unleashes $220M Crypto Payout as Creditors Eye Big Recovery
Celsius launches $220M payout, giving creditors long-awaited crypto relief. Creditors gain Bitcoin, Ethereum, and equity stakes in Ionic Digital. Recovery plan projects up to 85 percent return for victims. Celsius Network has launched its third major creditor distribution, unlocking $220.6 million under the ongoing bankruptcy recovery plan. The payout is a significant step in the journey of…
DOJ Seeks 20-Year Prison Term for Celsius Founder Alex Mashinsky in Crypto Fraud Case
Alex Mashinsky, the former CEO and founder of the now-defunct cryptocurrency lender Celsius Network, could face a 20-year prison sentence based on a request detailed in a sentencing memo from the U.S. Department of Justice (DOJ). The DOJ filed this memo urging the court to impose a lengthy prison term, characterizing Mashinsky’s actions as a “deliberate, calculated” scheme that resulted in nearly…
Celsius Network aims to repay customers by year-end in restructuring move
Celsius Network unveils a robust restructuring plan, eyeing customer repayments and revival, with a judge’s approval in sight.
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SEC Raises Objections to Celsius Network's Restructuring Plan Involving Coinbase
The U.S. Securities and Exchange Commission (SEC) has filed a limited objection to the Chapter 11 restructuring plan of crypto lending platform Celsius Network. The objection, dated September 22, 2023, specifically targets the company’s proposed arrangement with Coinbase for distribution services. The SEC is also currently engaged in a lawsuit against Coinbase, adding another layer of complexity…
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Celsius Network's Creditors Approve $2 Billion Crypto Refund
Most of the lenders to Celsius Network have given their approval for a plan to reimburse $2 billion worth of Bitcoin and Ethereum. As part of the Celsius bankruptcy proceedings creditors voted in favor of receiving their funds and also obtaining shares in a new company. According to a report released by the bankruptcy agency, Stretto on September 25 than 98% of the creditor groups have accepted the proposed plan. However final confirmation from the US Bankruptcy Court in New Yorks Southern District is still pending with a hearing scheduled for October 2. Based on documents disclosed on August 17 the proposed plan outlines the distribution of $2 billion worth of Bitcoin (valued at $26,345) and Ethereum (valued at $1,592) among Celsius Networks creditors. Additionally it suggests allocating shares in an established entity
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Former Celsius Boss Alex Mashinsky Seeks Dismissal of FTC Lawsuit
Alex Mashinsky, the former CEO of Celsius Network, has filed a motion to dismiss the Federal Trade Commission (FTC) lawsuit against him. In the motion, Mashinsky argues the FTC has failed to allege he violated any laws or rules. His lawyers say the FTC is not entitled to monetary relief and cannot substantiate Mashinsky is currently violating the law. Mashinsky Fights Back: Former Celsius CEO…
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Just-In: US Bitcoin Corp Signs Major Deal With Celsius Network
US Bitcoin Corp on Thursday announced it has secured a deal with Celsius Network LLC to host crypto miners at the USBTC Alpha Site. This marks a significant development after the Fahrenheit LLC consortium won the bid to acquire assets of bankrupt crypto lender Celsius Network. Amid the rising Bitcoin mining difficulty, the deal is The post Just-In: US Bitcoin Corp Signs Major Deal With Celsius…
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Cardano, Solana, Polygon (MATIC) Under Selloff Pressure From Robinhood and Celsius
Cardano (ADA), Solana (Solana), and Polygon (MATIC) facing a much-anticipated selloff from Robinhood Markets and Celsius. Robinhood will sell these cryptocurrencies on June 27, while Celsius to liquidate its crypto holdings over a period of time starting July 1. Robinhood is also laying off around 150 employees, 7% of its workforce, due to reduced trading The post Cardano, Solana, Polygon (MATIC)…
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