Index Investing News
Sunday, May 25, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Celsius Network Obtains Approval for Restructuring

by Index Investing News
November 11, 2023
in Cryptocurrency
Reading Time: 4 mins read
A A
0
Home Cryptocurrency
Share on FacebookShare on Twitter


Celsius Network has secured the approval of the US
bankruptcy court to restructure its business. In the plan, the company has promised to return
crypto assets to customers and outlined a new vision for moving forward. This
marks an important phase for the crypto lender, which filed for bankruptcy
protection last year.

According to a report by Reuters, Celsius Network
will focus on mining new Bitcoin and earning staking fees through blockchain
transaction validation under the management of Fahrenheit LLC, a consortium
spearheaded by Arrington Capital. Approximately 600,000 Celsius’ clients, who
held an estimated $4.4 billion in interest-bearing accounts, suffered losses
when the company collapsed.

Celsius filed for Chapter 11 protection amid
financial turmoil, freezing customer accounts to prevent withdrawals. The
restructuring plan aims to rectify the situation, with Celsius expecting to
emerge from bankruptcy in early 2024. As part of the restructuring plan,
Fahrenheit will acquire a minority stake in the reorganized Celsius for $50
million. The new company will be publicly listed on
Nasdaq.

We are pleased to share that, following a successful creditor voting process and Confirmation hearing, the Court confirmed our Plan of Reorganization. https://t.co/bSemZ5f0k8

— Celsius (@CelsiusNetwork) November 10, 2023

Additionally, the restructuring plan has addressed legal matters facing the company,
valuing Celsius’ proprietary crypto token, CEL, at 25 cents. An examiner appointed by the court had previously raised concerns about the inflation of the token.
Besides that, the reorganized company plans to pursue litigation against
Celsius’ Founder, Alex Mashinsky.

Keep Reading

Legal Hurdles Ahead

In September, the Former Chief Revenue Officer of
Celsius Network, Roni Cohen-Pavon, pleaded guilty in the US District Court for
the Southern District of New York, Finance Magnates reported. The guilty plea
was a response to charges related to a series of fraudulent activities and
price manipulations.

While Cohen-Pavon awaits his sentencing hearing on
December 11, Celsius Network’s CEO, Alex Mashinsky, has pleaded not guilty. Despite Cohen-Pavon’s guilty admission, Mashinsky continues to
contest all charges and is currently free on a $40 million bond.

The US authorities
froze some of Mashinsky’s assets, including bank accounts and a property in
Austin, Texas. This move aims to secure potential restitution for those
affected by the collapse of the Celsius Network. Simultaneously, Mashinsky’s
legal team has challenged the Federal Trade Commission’s case against him, seeking
its dismissal.

Celsius Network has secured the approval of the US
bankruptcy court to restructure its business. In the plan, the company has promised to return
crypto assets to customers and outlined a new vision for moving forward. This
marks an important phase for the crypto lender, which filed for bankruptcy
protection last year.

According to a report by Reuters, Celsius Network
will focus on mining new Bitcoin and earning staking fees through blockchain
transaction validation under the management of Fahrenheit LLC, a consortium
spearheaded by Arrington Capital. Approximately 600,000 Celsius’ clients, who
held an estimated $4.4 billion in interest-bearing accounts, suffered losses
when the company collapsed.

Celsius filed for Chapter 11 protection amid
financial turmoil, freezing customer accounts to prevent withdrawals. The
restructuring plan aims to rectify the situation, with Celsius expecting to
emerge from bankruptcy in early 2024. As part of the restructuring plan,
Fahrenheit will acquire a minority stake in the reorganized Celsius for $50
million. The new company will be publicly listed on
Nasdaq.

We are pleased to share that, following a successful creditor voting process and Confirmation hearing, the Court confirmed our Plan of Reorganization. https://t.co/bSemZ5f0k8

— Celsius (@CelsiusNetwork) November 10, 2023

Additionally, the restructuring plan has addressed legal matters facing the company,
valuing Celsius’ proprietary crypto token, CEL, at 25 cents. An examiner appointed by the court had previously raised concerns about the inflation of the token.
Besides that, the reorganized company plans to pursue litigation against
Celsius’ Founder, Alex Mashinsky.

Keep Reading

Legal Hurdles Ahead

In September, the Former Chief Revenue Officer of
Celsius Network, Roni Cohen-Pavon, pleaded guilty in the US District Court for
the Southern District of New York, Finance Magnates reported. The guilty plea
was a response to charges related to a series of fraudulent activities and
price manipulations.

While Cohen-Pavon awaits his sentencing hearing on
December 11, Celsius Network’s CEO, Alex Mashinsky, has pleaded not guilty. Despite Cohen-Pavon’s guilty admission, Mashinsky continues to
contest all charges and is currently free on a $40 million bond.

The US authorities
froze some of Mashinsky’s assets, including bank accounts and a property in
Austin, Texas. This move aims to secure potential restitution for those
affected by the collapse of the Celsius Network. Simultaneously, Mashinsky’s
legal team has challenged the Federal Trade Commission’s case against him, seeking
its dismissal.





Source link

Tags: ApprovalCelsiusNetworkObtainsRestructuring
ShareTweetShareShare
Previous Post

CME, Where Institutions Trade Bitcoin Futures, Flipped Binance. Is That as Bullish as It Sounds?

Next Post

Why Jack Bogle’s strategy of ‘lazy’ investing is making a comeback

Related Posts

Market Skilled Tasks ‘Undervalued’ Litecoin To Soar At Least 1,000% —  Right here’s How

Market Skilled Tasks ‘Undervalued’ Litecoin To Soar At Least 1,000% —  Right here’s How

by Index Investing News
May 24, 2025
0

Opeyemi is a proficient author and fanatic within the thrilling and distinctive cryptocurrency realm. Whereas the digital asset business was...

Chinese language Automotive Agency Reveals Twin-Observe Plan to Purchase 1,000 Bitcoins Over Subsequent Yr

Chinese language Automotive Agency Reveals Twin-Observe Plan to Purchase 1,000 Bitcoins Over Subsequent Yr

by Index Investing News
May 24, 2025
0

Jiuzi Holdings, Inc. plans to amass 1,000 bitcoins over the approaching 12 months by means of a mix of recent...

Extra crypto companies to return?

Extra crypto companies to return?

by Index Investing News
May 24, 2025
0

This previous week, Coinbase joined the S&P 500, one of many world’s most elite inventory indexes — a triumph for...

Bitcoin Value Enters fifth Wave After Decline, Eyes Stronger Breakout Rally

Bitcoin Value Enters fifth Wave After Decline, Eyes Stronger Breakout Rally

by Index Investing News
May 24, 2025
0

Trusted Editorial content material, reviewed by main trade consultants and seasoned editors. Advert Disclosure Crypto analyst CrediBULL Crypto has commented...

Elon Musk’s Tesla Nonetheless Bullish On Bitcoin, Holds .25B BTC

Elon Musk’s Tesla Nonetheless Bullish On Bitcoin, Holds $1.25B BTC

by Index Investing News
May 23, 2025
0

Blockchain analytics platform Arkham Intelligence has revealed that Tesla Inc.’s Bitcoin (BTC) holdings are actually value round $1.25 billion. With...

Next Post
Why Jack Bogle’s strategy of ‘lazy’ investing is making a comeback

Why Jack Bogle's strategy of 'lazy' investing is making a comeback

New York Post Selects Cariloha for Best Blanket

New York Post Selects Cariloha for Best Blanket

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Tecogen Inc. (TGEN) Q3 2024 Earnings Name Transcript

Tecogen Inc. (TGEN) Q3 2024 Earnings Name Transcript

November 14, 2024
Why I Am Bullish on Bitcoin for 2022

Why I Am Bullish on Bitcoin for 2022

March 14, 2022
Episode #442: David Rubenstein on Private Equity, Politics, Parenting, & The Art of Investing – Meb Faber Research

Episode #442: David Rubenstein on Private Equity, Politics, Parenting, & The Art of Investing – Meb Faber Research

September 13, 2022
Coming to Charlotte to Talk the Value of Cash

Coming to Charlotte to Talk the Value of Cash

October 27, 2023
Fiery Ohio derailment raises railroad safety questions

Fiery Ohio derailment raises railroad safety questions

February 9, 2023
Watch: Missouri upsets No. 15 Kansas State on FG

Watch: Missouri upsets No. 15 Kansas State on FG

September 17, 2023
Bank of Montreal to close retail auto finance business, flags job losses By Reuters

Bank of Montreal to close retail auto finance business, flags job losses By Reuters

September 17, 2023
Haaland ´in the fitting place to fulfil ambitions´ as Man Metropolis full switch

Haaland ´in the fitting place to fulfil ambitions´ as Man Metropolis full switch

June 13, 2022
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In