Celsius

Over $2.53 billion has been distributed to approximately 251,000 creditors by the Celsius Network bankruptcy administrator, signifying a key advancement in one of the largest crypto bankruptcy cases. Major Distribution Milestone Reached The Celsius Network bankruptcy administrator has reported the successful distribution of over $2.53 billion to approximately 251,000 creditors. This significant development is a crucial step in the ongoing resolution of one of the most prominent cryptocurrency bankruptcy cases in recent years. The payout, executed in liquid cryptocurrency and…

Bankrupt crypto lender Celsius Network has initiated legal proceedings against Tether, the company behind the USDT stablecoin. The lawsuit, which was filed concerning a contract dispute dating back to 2022, alleges that Tether violated their agreement by unjustifiably liquidating 39,542.42 Bitcoins that were held as collateral for a loan issued in USDT. Celsius contends that Tether’s decision to sell the Bitcoin at that time was improper and a breach of the loan agreement. Celsius Files Lawsuit Against Tether Celsius Network’s…

Celsius Networks surprised the market by burning a significant portion of its CEL holdings, amounting to 652.2 million tokens, representing 94% of the previous supply. The token burn event sparked a marginal price increase for CEL, with its value rising from 13.0 to 14.13 cents shortly after the transaction. In a surprising move on Tuesday, April 30, Celsius Networks burned a huge majority of its CEL holdings, representing a huge majority of the CEL token supply. As per the data…

The post Celsius Loan Creditors Consider Appeal Against Restructuring Plan Over Alleged Unfair Treatment appeared first on Coinpedia Fintech News Celsius loan creditors are unhappy with the restructuring plan proposed by the bankrupt cryptocurrency lender Celsius (CEL), expressing concerns over its fairness and consideration of their claims.  According to reports, these creditors believe the restructuring plan disproportionately favors some creditors over others, potentially leading to lower recoveries for loan service users. Objections to the Restructuring Plan The creditors are reportedly…

An independent examiner has revealed shocking details surrounding the inner workings of Celsius – a crypto lender that filed for bankruptcy in July 2022. The examiner claimed that Celsius did not operate by the business model that it presented to customers. He likened it to a Ponzi scheme, much like FTX – a company that happened to have used the same accounting software: QuickBooks.  The Truth About CEL Token Per a filing from examiner Shoba Pillay on Tuesday, Celsius had…

Alex Mashinsky, ex-CEO of failed crypto lender Celsius Network is facing a fresh lawsuit from New York Attorney General Letitia James. The lawsuit also seeks to ban Mashinsky from making any business operations in New York. Lawsuit Calls Mashinky a Fraud The suit accuses Mashinsky of committing fraud by being untruthful about Celsius’ financial health between 2018 and June 2022. He allegedly defrauded hundreds of thousands of Celsius users, falsely assuring them of the platform’s stability. This was apparently a…

In a Friday announcement,  financial services and investment management company Galaxy Digital revealed plans to purchase asset custody solution GK8. The firm, led by Mike Novogratz, won a bid allowing it to acquire GK8 from Celsius network under the lender’s bankruptcy proceedings. Galaxy to Implement GK8’s Custody Technologies GK8 is a blockchain-focused cybersecurity provider for financial institutions to store their digital assets. The platform also allows users to perform transactions without an internet connection. In their release, Galaxy digital noted…

Alex Mashinsky – founder of Celsius Network – reportedly withdrew $10 million from the struggling lending platform weeks before its bankruptcy.  Under U.S law, he may be forced to return those funds for the benefit of his company’s creditors.  Mashinsky’s Last Minute Withdrawal Mashinsky's hefty withdrawal came in late May – at a time when Celsius users were already withdrawing their assets in droves. Fear overtook customers as crypto markets slid in Q2, and worries over Celsius’ financial health grew…

Celsius boss Alex Mashinsky may be largely responsible for many of the firm’s unprofitable trades leading up to its bankruptcy.  A new report from the Financial Times (FT) suggests that the CEO may have taken over trading operations back in January. He then took actions with company funds that overruled the decisions of other executives with multiple years of finance experience.  Mashinsky’s Massive Trades The latest info is according to multiple people familiar with the matter – though the information…