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The defunct crypto lender Celsius is exploring the possibility of creating a debt token to repay creditors. The plan would need to be approved by regulators, but if approved by the trustee and financial authorities, the debt token would be called an “asset share token (AST).” Celsius Proposes ‘Asset Share Token’ as Plan to Repay … Read more
Two claimants called out former Celsius CEO Alex Mashinsky in motions, claiming he misled users, while all suggested that the platform’s terms of use left assets in their control. Go to Source Powered by WPeMatico
According to Celsius, Touzi Capital made the best offer for the mining rigs following discussions with “several brokers and market participants”. Go to Source Powered by WPeMatico
The decision comes after a Jan. 8 filing by FTX’s lawyers who argued that public disclosure could create an undue risk of identity theft or unlawful injury to FTX creditors. Go to Source Powered by WPeMatico
On Jan. 5, 2023, the state of New York and attorney general Letitia James filed a lawsuit against Alex Mashinsky, the co-founder and former CEO of Celsius. The lawsuit claims that Mashinsky and Celsius defrauded “hundreds of thousands of investors, including more than 26,000 New Yorkers, out of billions of dollars worth of cryptocurrency.” Former … Read more
Alex Mashinsky’s actions leading up to Celsius declaring bankruptcy allegedly contributed to investor losses by misrepresenting the platform’s financial condition to investors. Go to Source Powered by WPeMatico
A New York bankruptcy court has ruled the deposits on high-interest-earning accounts belong to Celsius, the embattled former cryptocurrency lending firm, that filed for Chapter 11 bankruptcy protections in July. The decision establishes a precedent that might affect the status of other, similar cases involving crypto companies like Blockfi and FTX. Celsius Obtains Ownership of … Read more
Core Scientific plans to shut down 37,000 bitcoin mining rigs belonging to now-defunct crypto lender Celsius, according to an agreement between the two bankrupt firms. Celsius owes Core Scientific approximately $7.8 million for energy and hosting costs, as the crypto lender has been unable to make regular payments as outlined in the hosting contract. Celsius … Read more
Judge Martin Glenn found the terms of use for the Earn program “unambiguous,” and besides that, treating account holders as unsecured creditors was more equitable. Go to Source Powered by WPeMatico
Sam Bankman-Fried, Do Kwon and Alex Mashinsky might look back on this year and wish they had hired a social media adviser or logged off Twitter. Go to Source Powered by WPeMatico
