Fun

News Feed - 2023-10-03 02:10:53

Martin Young3 hours agoCelsius seeks court approval to start repaying customers by year-endThe embattled crypto lender is seeking final court approval for a restructuring plan that will start repaying creditors before the end of 2023.1330 Total views6 Total sharesListen to article 0:00NewsJoin us on social networksEmbattled crypto lender Celsius Network has told a judge it plans to start paying back its customers by year’s end, amid an Oct. 2 hearing seeking approval for its reorganization plan.


In his opening statements at the confirmation hearing in New York, Celsius’ legal counsel, Christopher Koenig, said the new company dubbed “NewCo” will emerge from the proceedings with $450 million in seed funding.


A filing on Sept. 29 shows that Celsius plans to partially repay its creditors using $2.03 billion in Bitcoin (BTC), Ether (ETH) and stock in the new company.#Celsius will distribute at least $2.03B of crypto to Creditors.

Meanwhile, NewCo will be seeded with up to $450 million in crypto.— Celsius NewCo Community (@CelsiusNewCo) October 2, 2023


NewCo has been backed by a group of companies in a consortium called Fahrenheit LLC, which will manage the mining and staking business.


The judge presiding over the case, Martin Glenn, is considering whether to approve Celsius’s restructuring plan. The plan will also need to be cleared by security regulators. Despite garnering an overwhelming majority of votes in favor, it is being challenged by some creditors, according to reports.Celsius plan highlights. Source:stretto.com


“The Debtors arrive at Confirmation with a Plan that has the support of over 95% of voting Account Holders by both number and dollar amount,” Celsius stated in a filing presented at the confirmation hearing.


Related:Celsius creditors flag renewed phishing attacks ahead of bankruptcy plan


If the Celsius plan is approved, it would be one of the first failed crypto platforms from 2022 to be resurrected in a Chapter 11 bankruptcy case.


Celsius customers have been waiting to be made whole ever since the company halted withdrawals in June 2022 following the collapse of the Terra ecosystem.


Magazine:Simon Dixon on bankruptcies, Celsius and Elon Musk: Crypto Twitter Hall of Flame# Bankruptcy# Regulation# CelsiusAdd reactionAdd reactionRead moreWhat is an atomic swap, and how does it work?How are crypto firms responding to US regulators’ enforcement actions?Expect new crypto regulations to follow Bitcoin ETFs

News Feed

Elementus Raises $10 Million to Bring Clear Blockchain Analytics to Institutional Customers
Elementus Raises $10 Million to Bring Clear Blockchain Analytics to Institutional Customers Elementus, a New York-based blockchain firm, has raised $10 million as part of its Serie
10 Times US Banks & Politicians Funded Terrorism Without Bitcoin
U.S. Treasury Secretary Steven Mnuchin slandered cryptocurrencies at a press conference earlier this month. Mnuchin attempted to smear the industry with associations to money laundering and funding terrorism. He said he
Biggest Movers: ADA Climbs to 11-Week High, as Crypto Markets React to US GDP Data
Biggest Movers: ADA Climbs to 11-Week High, as Crypto Markets React to US GDP Data Cardano raced to an 11-week high on Thursday, as markets reacted to data showing that gross domes
Biggest Movers: Near Surges by Over 25% on News of an Upcoming Stablecoin
Biggest Movers: Near Surges by Over 25% on News of an Upcoming Stablecoin NEAR rallied by over 25% on Friday, as speculation grew that Near Protocol was set to create a rival stabl
Crypto users fooled by fake Elizabeth Warren letter proposing crypto tax
Turner Wright4 hours agoCrypto users fooled by fake Elizabeth Warren letter proposing crypto taxThe fake letter addressed to U.S. President Joe Biden suggested a 1% wealth tax on crypto holdings exceeding $500,000.3831 T
Anonymous Hacks Major Belarusian Government Websites
Anonymous Hacks Major Belarusian Government Websites The websites of several ministries of Belarus have allegedly been taken down in a new attack, part of the cyberwar Anonymous is
Marcel Pechman6 hours agoCosto sells out of gold bars, but is it a better investment than Bitcoin?Gold bars recently sold out at Costco, reflecting investors’ souring mood about the economy. Is there a silver lining fo
Finder’s Expert Predictions For Shiba Inu: How High Can The Price Go In 2025?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ezra Reguerra11 hours agoSwiss bank UBS launches tokenized money market fund on EthereumThe fund is a part of a wider VCC umbrella that brings various real-world assets to the blockchain.4298 Total views39 Total sharesLi
European Central Bank releases first CBDC progress update
Vince Quill5 hours agoEuropean Central Bank releases first CBDC progress updateThe ECB promised pseudonymization and independent audits of the CBDC system to calm consumer fears of tracking.730 Total views1 Total sharesL
PIXXSTASY Is Changing the NFT Market
PIXXSTASY Is Changing the NFT Market press release PRESS RELEASE.PIXXSTASY, a charity project for drug prevention and rehabilitation, is redefining the NFT market. The organization
Netherlands-Based Coinbase Customers Required to Submit KYC Data When Transferring Crypto off the Platform
Netherlands-Based Coinbase Customers Required to Submit KYC Data When Transferring Crypto off the Platform Coinbase has announced that the company plans to introduce a number of ch