Celsius CEO plans to restructure firm to focus on crypto custody: Report
Alex Mashinsky reportedly made the announcement at a Sept. 8 meeting, at which Celsius discussed possible scenarios for its future after filing for bankruptcy in July. Crypto lending platform Celsius, currently in the middle of bankruptcy proceedings, reportedly plans to rebuild around crypto custody services.According to a Tuesday report from the New York Times, Celsius CEO Alex Mashinsky and head of innovation and chief compliance officer Oren Blonstein aimed to revive the company using a project named Kelvin — storing users’ crypto and charging fees on certain transactions. Mashinsky....
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Celsius Network Ltd., the crypto lender that filed for Chapter 11 bankruptcy protection on July 13, is looking to release roughly $50 million worth of crypto assets to Celsius custody account holders. Reportedly, the Celsius custody accounts did not participate in the earn and borrow program. A court hearing concerning the matter of relief will take place on October 6.
Celsius Files Debtors’ Motion to ‘Reopen Withdrawals for Certain Customers’
Court documents show that Celsius is looking to release roughly $50 million in funds to select customers. The....
Restructuring, bankruptcy, buyouts... media outlets are swarming with different reports on the next steps Celsius may take. Crypto lending platform Celsius Network has reportedly onboarded advisers from a management consulting firm in advance of the company possibly facing bankruptcy.According to a Friday report from the Wall Street Journal, Celsius hired an unknown number of restructuring consultants from the firm Alvarez & Marsal to advise the platform on potentially filing for bankruptcy. The report followed one from June 14, which said Celsius had hired lawyers in an attempt to....
Lawyers for the bankrupt crypto lender reaffirmed that user funds essentially belonged to the company and not the user, with potentially one major exception. Celsius’s 1.7 million registered users across over 100 countries gave up title to the crypto they deposited into Earn and Borrow accounts, according to the firm’s lawyers.At the first bankruptcy hearing for Celsius on July 18, lawyers from the Kirkland law firm led by Pat Nash detailed how retail users with Earn and Borrow accounts transferred the title of their coins to the firm as per its terms of service (ToS). As a result, Celsius....
After the crypto lending platform Celsius halted operations on June 12, at 10:10 p.m. (ET), two days later the Wall Street Journal (WSJ) quoted “people familiar with the matter” who said Celsius was hiring restructuring lawyers. At the time, the WSJ said Celsius was looking to hire the bankruptcy and restructuring law firm Akin Gump Strauss Hauer & Feld LLP. However, a new report from the WSJ claims sources say that Celsius is now working with the restructuring advisory firm Alvarez & Marsal. Sources Say Celsius May Be Collaborating With a Restructuring Advisory Firm The....
Suspension of withdrawals on Celsius custody contradicts the plain language of the firm's terms of use, a group of disgruntled creditors argued. The bankrupt cryptocurrency lender Celsius is facing more legal issues as disgruntled clients are taking action to recover their funds after the platform froze withdrawals in June.An ad hoc group of 64 custodial account holders at Celsius on Wednesday filed a complaint with the U.S. Bankruptcy Court for the Southern District of New York in order to recover their assets.According to court documents, the creditors are seeking to recover a total of....