According to PANews, some former clients of Celsius Network are exploring the liquidation of Ionic Digital Inc., a Bitcoin mining company co-owned with other Celsius creditors. Attorney Joseph Sarachek, representing Celsius creditors, informed a New York bankruptcy judge on Tuesday that numerous shareholders have contacted his office in recent weeks to inquire about the possibility of forcing the liquidation of Ionic's assets. Another Celsius creditor mentioned during the court hearing that other shareholders are attempting to replace Ionic's board of directors.
Ionic's attorney, Gregory Pesce, stated during the hearing that Ionic has a positive cash flow and holds approximately $200 million in cash and cryptocurrencies. He also mentioned that Ionic plans to go public sometime in 2025 and that hiring a new auditing firm could take a few more weeks. The previous auditing firm, RSM US, ended its relationship with Ionic not due to disagreements over accounting principles but because it decided to stop accepting cryptocurrency clients.
Earlier this year, Ionic Digital acquired all of Celsius's mining assets as part of Celsius's Chapter 11 bankruptcy exit strategy. Documents filed by Celsius's bankruptcy trustee on Monday revealed that over $2.53 billion has been distributed to approximately 251,000 creditors. These payments cover about two-thirds of Celsius's eligible creditors by number and around 93% of the eligible value.
