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Home»ADOPTION NEWS»Celsius releases ETH holdings for creditors to ‘ensure sufficient liquidity’
ADOPTION NEWS

Celsius releases ETH holdings for creditors to ‘ensure sufficient liquidity’

By Crypto FlexsJanuary 7, 20242 Mins Read
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Celsius releases ETH holdings for creditors to ‘ensure sufficient liquidity’
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Posted 1 minute ago In ~

Celsius Network, a cryptocurrency lender that went bankrupt Published today in X We plan to release our existing shares. Ethereum ETH

-0.45%
Facilitates distribution of assets to creditors.

Chelsea added in the next Staked Ethereum holdings provided the defunct company with a source of income to offset the costs the company earned. restructuring processAccording to the post.

Celsius File for Chapter 11 bankruptcy protection In the U.S. Bankruptcy Court for the Southern District of New York in July 2022 after lenders froze withdrawals as they faced a liquidity crisis due to the surging cryptocurrency market.

Following green light settlement planCelsius opened the vault. Qualified User 72.5% of cryptocurrency will be withdrawn by February 28th. Documents submitted to the court in September last yearAbout 58,300 users hold $210 million that the court classified as “custodial assets.”

Meanwhile, Celsius founder and former CEO Alex Mashinsky was arrested. fraud charges Currently out on bail A jury trial is ahead. September 17th.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.

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