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Celsius creditor committee blocks Celsius from selling its mined bitcoin at hearing



Time:8/12/2022 12:20:29 PM

August 12 news, at today's hearing of Celsius Chapter 11 bankruptcy proceedings, Celsius Creditors Committee took action to prevent Celsius from selling some of its mined crypto Currency attempts. Lawyers representing the committee of creditors wrote in a court filing this week that they first needed to gain a better understanding of how bitcoin mined by Celsius would be sold and how the proceeds would be used. The commission also said it was conducting an "extensive investigation" and expected to invoke the 2004 bankruptcy rules. If approved by a judge, the rule would allow for a broad discovery process that could require parties to testify or produce documents, similar to testimony in a civil lawsuit.

It is reported that Celsius Mining, a subsidiary of Celsius, applied for an IPO in May, and filed a bankruptcy protection application with Celsius. At the beginning of the lawsuit in July, the judge approved Celsius’ request to use $5 million to start its mining business, but this It has drawn criticism from the Justice Department and now the creditors' committee.

Prior to the news on August 9, the Celsius Creditors Committee will investigate the fraudulent behavior of Celsius CEO and other insiders. (Decrypt)

Other news:

Celsius seeks authorization to return some escrow customers’ funds: Sept. 1 news, encrypted lending platform Celsius Network seeks authorization to allow certain customers to withdraw their cryptocurrencies from escrow plans and withholding accounts, Celsius said, with Earn and Borrow customers Unlike the funds of a bankrupt, these funds are not part of the bankruptcy estate. A separate hearing will follow to address ongoing questions about its restructuring and restarting operations. The Bankruptcy Court for the Southern District of New York, which is overseeing the case, plans to hold a hearing on October 6, 2022 to discuss the matter. (CoinDesk) [2022/9/2 13:03:11]

Wall Street Journal: Celsius investors are unlikely to provide more funds to help it out of trouble: According to news on June 17, Celsius' investors are unlikely to provide more financing to rescue the troubled cryptocurrency lending company. "Few people are happy with the situation, and there are more risks involved than people think," the source said.

Caisse de depot et placement du Quebec, a large Canadian pension fund, and WestCap Group, a growth equity firm founded by former Airbnb CFO Laurence Tosi, are not expected to commit more money to help the cryptocurrency lender, the person said. WestCap and Caisse de depot led Celsius’s Series B funding round last year, raising $750 million for the company and valuing the cryptocurrency startup at more than $3 billion. (Wall Street Journal) [2022/6/17 4:34:19]

Sources: Encrypted lending platform Celsius has hired restructuring lawyers: According to news on June 15, the Wall Street Journal quoted sources as reporting that encrypted lending platform Celsius has hired restructuring lawyers from the law firm Akin Gump Straus Hauer & Feld to discuss its financial issues. Problems offer possible solutions. Celsius is first seeking possible financing options from investors but is also exploring other strategic options, including financial restructuring, the people said.

Earlier news, Celsius suspended account withdrawals, transactions and transfers last week due to violent market volatility. [2022/6/15 4:27:24]

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