Celsius seeks to convert alts to Bitcoin and Ether under reorganization plan
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...