Celsius creditors have filed a proposal to sue Alex Mashinsky, while creditors of FTX are turning their attention to the exchange’s venture backers. The stunning collapses of Celsius and FTX destroyed many lives — early adopters who had the foresight to understand the unique value propositions of Bitcoin (BTC) and crypto were left with practically…
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Digital asset investment firm NovaWulf Digital Management has reached a deal with crypto lender Celsius to buy its lending operations and help bring an end to its bankruptcy case. Debtors of Celsius Network have presented the sale plan to the U.S. Bankruptcy Court of the Southern District of New York. The plan has the support of Celsius’…
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Crypto lender Celsius’ committee of unsecured creditors has chosen the digital asset investment firm Novawulf Digital Management to sponsor the company’s reorganization plan, according to a statement published on Wednesday. The proposed agreement would enable Celsius to exit the Chapter 11 bankruptcy process, and the new owners could begin distributing funds as early as June,…
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A proposal by Celsius sees most creditors receive a one-time payment of crypto while those with a larger claim would receive equity in a new company. Bankrupt crypto lender Celsius Network has chosen NovaWulf Digital Management as the sponsor for its proposed Chapter 11 restructuring plan which will see the investment advisory firm take over…
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Defunct cryptocurrency lender Celsius aims to secure more than $14 million from credits and coupons backed by Bitmain, according to an interim CEO Christopher Ferraro in a bankruptcy court filing dated Feb. 9, 2023. Ferraro stated in the filing that the “coupons currently provide no utility to the debtors’ mining business.” Celsius Interim CEO Outlines…
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Following the recent court filing from liquidators for Three Arrows Capital (3AC) claiming frustration with the 3AC co-founders for allegedly failing to respond to subpoenas sent via Twitter. Su Zhu, one of the co-founders, recently tweeted about his new crypto venture, Open Exchange. The exchange aims to provide users with the ability to trade or…
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Elementus, a New York-based blockchain firm, has raised $10 million as part of its Series A-2 funding round, led by Web3 VC company Parafi Capital. The raise, which values the company at $160 million, aims to allow Elementus to keep improving its processes for providing effective and sound blockchain analytics to Web3 companies and government…
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BTC bulls are positioned to win this week’s $1 billion options expiry, but the market’s post-FOMC reaction could alter their plans. Bitcoin’s (BTC) price has been trading above $22,500 for 12 days. Of course, this situation can change even if Federal Reserve chair Jerome Powell issues positive statements about the economy in today’s post-FOMC presser. …
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Eligible creditors will not be able to withdraw their funds from Celsius unless they update their accounts with AML and KYC data. Bankrupt cryptocurrency lending firm Celsius had come up with a withdrawal process for users who had their crypto in its custody when it stopped withdrawals in June 2022. Celsius released an official update on upcoming…
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How much exposure does BlockFi have to Sam Bankman-Fried failed enterprises? A lot, according to accidentally leaked financials. Crypto lender BlockFi has had a highly tumultuous 12 months. After getting caught up in the Terra fiasco, which resulted in one of the most prolific asset death spirals of all time, the company managed to avoid…
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