๐Celsius on track for a comeback?๐ฅ
Celsius, the embattled crypto lender, is in court seeking final approval for its reorganization plan and customer repayments by year-end. Here's the scoop:
๐นNew entity "NewCO" to emerge with $450M seed funding after reorg
๐นRepayment to creditors: $2.03B in #Bitcoin & #Ethereum + shares in NewCO
๐นNewCO to enter #Bitcoin mining with user-owned miner
๐นFunding mainly from consortium Fahrenheit LLC, led by Arrington Capital
๐น95% of voting account holders support the plan
Judge Martin Glenn has yet to decide on approval, and security watchdogs must also give the green light. If successful, this could be the first crypto platform resurrection via Chapter 11 bankruptcy. ๐
Thoughts on Celsius' comeback? Share in the comments!๐
Celsius, the embattled crypto lender, is in court seeking final approval for its reorganization plan and customer repayments by year-end. Here's the scoop:
๐นNew entity "NewCO" to emerge with $450M seed funding after reorg
๐นRepayment to creditors: $2.03B in #Bitcoin & #Ethereum + shares in NewCO
๐นNewCO to enter #Bitcoin mining with user-owned miner
๐นFunding mainly from consortium Fahrenheit LLC, led by Arrington Capital
๐น95% of voting account holders support the plan
Judge Martin Glenn has yet to decide on approval, and security watchdogs must also give the green light. If successful, this could be the first crypto platform resurrection via Chapter 11 bankruptcy. ๐
Thoughts on Celsius' comeback? Share in the comments!๐