The United States Bankruptcy Court for the Southern District of New York has approved bankrupt crypto lender Celsius Network’s plan to convert its altcoins into Bitcoin (BTC) and Ether (ETH).

The order was issued by Judge Martin Glenn, and the liquidations will pave the way for the distribution of the funds to creditors in the near future.

The proposal was officially approved after discussions between Celsius and the U.S. Securities and Exchange Commission (SEC). As per the bankruptcy judge’s ruling, the troubled lender is authorized to:

“Sell or convert any cryptocurrency assets, excluding tokens associated with Withhold or Custody accounts, into BTC or ETH starting from July 1, 2023.“

Celsius, which faced bankruptcy in 2022 following the collapse of the Terra ecosystem and its Terra (LUNA) and TerraUSD (UST) tokens, has left creditors waiting for a resolution. Despite the bankruptcy filing months ago, the recent verdict has introduced new possibilities and extended the proceedings.

Amid the recent SEC crackdown on altcoins, which the regulator has classified as securities, many crypto companies are deciding to convert altcoins into BTC and ETH. Notable altcoins Go to Source to See Full Article
Author: Amaka Nwaokocha

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details