Fun

News Feed - 2023-11-10 05:11:58

Derek Andersen3 hours agoCourt confirms Celsius bankruptcy exit plan, $2B in crypto to go to creditorsThe decision ends the complex case with a creditor-approved plan that will see their partial reimbursement and make them shareholders in a new company.1948 Total views4 Total sharesListen to article 0:00NewsJoin us on social networksThe Celsius bankruptcy plan has been approved. The path is now clear for customers to see some of their funds returned and receive shares in the reorganized company, which will be called NewCo.


Judge Martin Glenn of the Southern District of New York Bankruptcy Court issued a confirmation on Nov. 9 that the bankruptcy plan was approved by Celsius creditors overwhelmingly on Sept. 27. Under the plan, around $2 billion in Bitcoin (BTC) and Ether (ETH) will be redistributed to Celsius creditors along with equity in NewCo. The company has said it hoped to begin reimbursement of creditors by the end of the year.Judge Martin Glenn"s bankruptcy plan confirmation. Source: Stretto


Many of the Celsius creditors were participants in its Earn program, allowing them to earn weekly rewards by holding CEL tokens that were locked for a year. Judge Glenn wrote in his decision:“Nothing in this Confirmation Order or the Plan constitutes a finding of the Court under any securities laws or otherwise as to whether CEL Token or the Earn Program are securities.”


The United States Securities and Exchange Commission has claimed similar programs are securities.


Related: Judge denies stakeholders’ request for representation in Celsius bankruptcy case


NewCo will expand the existing mining operations of former crypto lender Celsius. It will also monetize illiquid Celsius assets and conduct other developmental activities, subject to regulatory approval. 


NewCo will be managed by the Fahrenheit consortium, made up of several crypto-native persons and organizations. One of the consortium members is Proof Group, which is reportedly also bidding for FTX.pic.twitter.com/PwyMicXbr5— Celsius NewCo Community (@CelsiusNewCo) November 6, 2023


Celsius declared bankruptcy in July 2022. Its former CEO, Alex Mashinsky, was arrested in July 2023 on charges of securities fraud, commodities fraud and wire fraud. He is expected to be tried in September 2024 and remains free on $40 million bail.


Former Celsius chief revenue officer Roni Cohen-Pavon pleaded guilty to fraud and price manipulation charges and will be sentenced on Dec. 11.


Magazine: Tiffany Fong flames Celsius, FTX and NY Post: Hall of Flame# Business# Bankruptcy# Lending# earn# CelsiusAdd reactionAdd reactionRead moreHow blockchain, AI can help research into extending human lifePay and dump? How businesses accepting crypto payments influence adoptionBlockFi emerges from bankruptcy and opens wallet withdrawals

News Feed

Bitcoin hits 16-month high ‘positive sentiment’ as price sits near $68K
Ciaran Lyons2 hours agoBitcoin hits 16-month high ‘positive sentiment’ as price sits near $68KAccording to Santiment data, the term “Bitcoin” is being used more positively on social media now than at any time in
New American Express Credit Card Lets Shoppers Earn Crypto Rewards Tradable Across 100+ Cryptocurrencies
New American Express Credit Card Lets Shoppers Earn Crypto Rewards Tradable Across 100+ Cryptocurrencies American Express and Abra are launching a new credit card that will allow s
Tom Mitchelhill2 hours agoAzukiDAO proposes to recover 20,000 ETH from Azuki founder ‘Zagabond’Members of the DAO claim to be made of a dedicated group of Azuki enthusiasts. It’s the latest wrinkle following the la
Wells Fargo: Cryptocurrency Has Entered ‘Hyper-Adoption Phase’
Wells Fargo: Cryptocurrency Has Entered "Hyper-Adoption Phase" Financial services firm Wells Fargo says that cryptocurrencies are viable investments that have entered the “h
Arijit Sarkar1 hour agoG20 nations reaffirm responsible use and development of AI technologyThe G20 member nations recommended addressing existing concerns around data protection, biases, appropriate human oversight, and
Turner Wright4 hours agoJudge says Sam Bankman-Fried’s lawyers have until Sept. 1 to request a trial postponement: ReportThough the judge reportedly said he would not necessarily grant a postponement, SBF’s lawyers h
Bitcoin Bullishness For Q3 Grows: What Happens In Every Post-Halving Year?
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
Can Cardano Reclaim $1? Analyst Says ADA Price Must Hold This Crucial Level
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
Biggest Movers: AVAX and ATOM Over 10% Lower on Thursday
Biggest Movers: AVAX and ATOM Over 10% Lower on Thursday AVAX was one of the biggest movers in crypto markets on Thursday, as prices fell by over 10%, hitting a two-week low in the
Amaka Nwaokocha11 hours agoSouth Korea strengthens crypto regulation with LEI adoption and crime unitThe decision was driven by the country’s concern over illicit activities in the crypto market and the desire to safeg
Canada needs to overhaul crypto regulations — Coinbase exec
Vince Quill6 hours agoCanada needs to overhaul crypto regulations — Coinbase execThe Canadian government has previously come under fire for undermining the economic freedom of its citizens and freezing crypto donations
Singapore ups crypto exchanges risk factor in update to AML/CFT laws
Prashant Jha12 hours agoSingapore ups crypto exchanges risk factor in update to AML/CFT lawsThe update aims to prevent terrorist groups and organizations from exploiting Singapore’s economic openness as an internationa