Bankrupt cryptocurrency lender Celsius has reportedly obtained permission to gather feedback from account holders on how it will transition into a new user-owned company and distribute its assets to customers.

On Aug. 14, United States Bankruptcy Judge Martin Glenn reportedly granted Celsius the green light to distribute voting ballots to account holders. They will also receive supplementary materials aimed at providing a straightforward breakdown of the company’s plan for repaying its debts.

Celsius Insights and the State of the Crypto Industry

According to the Aug. 14 report, Glenn’s approval hinges on the stipulation that the company’s advisors are transparent with its account holders over the volatile nature of the cryptocurrency industry and the potential obstacles that may hamper Celsius’ Bitcoin mining operations.

Since Celsius filed for bankruptcy in July 2022, Bitcoin has undergone significant price swings. It reached a local low point of $15,797 in November 2022 and peaked at $31,454 in July 2023. At the time of writing, it holds a price of $29,366.

On May 25, crypto consortium Fahrenheit won the bid to acquire $2 billion of Celsius’ assets, Go to Source to See Full Article
Author: Ciaran Lyons

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