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The crypto lender has proposed converting all its altcoin holdings into Bitcoin and Ethereum to quell growing regulatory concerns and maximize the value of its assets. Defunct crypto lender Celsius has revised its bankruptcy filing, awaiting approval from a bankruptcy court in New York after a successful acquisition deal with the Fahrenheit crypto consortium. The crypto lender filed its reorganization plan on June 15. Under the revised plan, Celsius will convert all altcoins from customers, with the exception of “Custody and Withhold accounts,” to Bitcoin (BTC) and Ether (ETH) starting from July 1. Celsius will be selling all altcoins from all customers (except Custody and Withhold accounts) starting July 1st and will be convert ing them into Bitcoin and Ethereum. — Celsians (@CelsiansNetwork) June 15, 2023 The new reorganization plan proposes to deal with the claims of retail borrowers through the “Set Off Treatment.” The term “Set Off” refers to comparing losses against pr...

The FTX event was one of the most devastating falls of 2022. It has been painful for the millions of investors who invested their funds in the exchange. When the exchange filed for Bankruptcy , the little trust that they had in recovering their funds was also lost. Now, almost every day, new updates regarding the FTX case are surfacing. From the US DOJ seizing $455 million worth of SBF’s Robinhood shares, ex-FTX director Nishad Singh facing investigation, and FTX’s recent recovery of over $5 billion in cash and cryptocurrencies, a lot of things are happening with the FTX drama. In one of the most recent updates, a Delaware Bankruptcy judge has allowed the names of FTX creditors to remain sealed for one to three months. Source: Wired UK FTX bankruptcy judge said that he may change his mind in a future hearing Judge John Dorsey, who made the judgment regarding the privacy of the creditor names, also mentioned that he may change his mind in a future hearing. ...