Tag: celsius network

Troubled crypto lending platform Celsius Network has recently announced the timeline for the auction of its assets.

It has been reported that bankrupt Celsius Network founder and former CEO Alex Mashinsky withdrew $10 million from the platform a few days before it froze its customers’ accounts. This news, first broken by the Financial Times comes only a couple of days after he announced that he was stepping down from his role as […]

The embattled crypto lender Celsius Network has filed a move to resume withdrawals for a subset of its customers, but the United States Department of Justice (DOJ) has displayed objection. William Harrington, a US Trustee for the DOJ, submitted an objection on Friday, September 30, 2022, requesting that Celsius Network’s applications to sell its stablecoin […]

Alex Mashinsky, the Chief Executive Officer of the bankrupt crypto lending platform Celsius Network has submitted his resignation letter to the Special Committee of the Board of Directors of the company. Amidst the extreme market conditions, Alex on Tuesday said he is dropping his position as the firm’s CEO effective immediately. Although he will still […]

State watchdogs have questioned the troubled crypto lending platform Celsius Network over alleged “financial mismanagements.” In a recent development, Stephen Manning, assistant attorney general for Washington, moved Judge Martin Glenn on September 22 to represent the Washington State Department of Financial Institutions. The filing read: “I certify that I am a member in good standing […]

The strategy to compensate clients, which involves releasing new wrapped assets to trade on other platforms, is further described in a freshly leaked recording of Celsius Network’s leadership. In the recording provided by Tiffany Fong, the Celsius customer and public figure charged with sharing the earlier leaked all-hands meeting recording, the company’s co-founder and CTO […]

The troubled crypto lending platform Celsius Network has now requested permission to sell its reserve of stablecoins in the most recent move in the ongoing Chapter 11 bankruptcy proceedings. The leadership of Celsius claimed in the request that its assets, which are distributed among its US, UK, and EU organizations, total about $23 million in […]

A United States Bankruptcy Court decided that an independent examiner would look at several facets of Celsius Network’s digital asset holdings. It suggests that the collapsed cryptocurrency lending platform will be subject to stricter scrutiny of its financial attitude. According to news reports, US Bankruptcy Judge Martin Glenn granted this request on Wednesday. The examiner […]

It has been gathered that bankrupt crypto firm Celsius Network has plunged up to $40 million into its startup Bitcoin (BTC) mining operations.  This investment into mining had taken place exactly two weeks after the crypto lending giant filed for bankruptcy in a United States Bankruptcy Court. Chris Ferraro, the Chief Financial Officer at Celsius […]

Institutional investor Caisse de dépôt et placement du Québec (CDPQ) has decided to write off its investment in bankrupt cryptocurrency lending platform Celsius.  During the reveal of the six-month return record, the Quebec pension fund president and Chief Executive Officer, Mr. Charles Edmond acknowledged this particular investment as a loss executed in haste. Cumulatively, CDPQ’s […]

The Department of Financial Protection and Innovation (DFPI) of California has now imposed a desist and refrain order on troubled crypto lending platform Celsius Network. As a result, the company will be prohibited from selling and promoting securities in the state of California. The “Earn Rewards” accounts that Celsius offers and sells are allegedly securities, […]

Blockchain payment firm Ripple Labs have indicated an interest in acquiring assets of now bankrupt Crypto lender Celsius according to a Reuters report. The market downturn and its ongoing legal battle with the SEC haven’t deterred Ripple from actively scaling its business operations. The firm has deployed strategic Mergers and acquisitions (M&A) as one such […]

Singaporean cryptocurrency exchange platform HotBit has abruptly suspended all of its services following the seizure of some of its assets. The exchange announced the suspension in a press release on Wednesday. According to the press release, the action was necessary after several of its senior managers have been subpoenaed to help in an investigation against […]

Embattled Singapore-based crypto lender, the Vauld Group has filed an affidavit that shows a list of its creditors and the amount of liability it is grappling with. According to the court documents, Vauld has as much as $402 million in total liabilities with about $363 million owed directly to retail investors. The court papers show […]

Celsius Network, a cryptocurrency lending firm with headquarters in Hoboken, New Jersey declared $75 million to be the total loan it is owed by the distressed hedge fund, Three Arrows Capital (3AC). Altogether, the hedge fund owes about 30 companies the sum of $3.5 billion. The distressed cryptocurrency hedge fund had recently slipped into liquidation […]

Troubled crypto lender, Celsius Network’s 1.7 million registered users across the world, do not have legal rights to the funds they deposited into Earn and Borrow accounts, the company’s lawyers believe. First bankruptcy hearing for Celsius Network During the first bankruptcy hearing for Celsius Network scheduled this Monday, lawyers from the Kirkland law firm explained how retail investors with […]

The list of creditors has grown since crypto lending company Celsius Network filed for Chapter 11 bankruptcy. Pharos USD Fund SP, which owes the company a sizable sum of $81 million, is its largest creditor.  Major creditors of Celsius According to a recent Bloomberg story, Celsius owes twice as much money as the company’s next-largest […]

Embattled crypto lender, Celsius Network has finally filed for Chapter 11 Bankruptcy in New York according to details from Court filings. The bankruptcy filing is coming a month after it halted withdrawals amidst insolvency fears.  Per the filings, Celsius Network said it has as many as 100,000 listed creditors at the time it halted the […]