Celsius granted court approval to convert altcoins into Bitcoin and Ethereum

Bankrupt crypto financier Celsius Network will sell all altcoins for Bitcoin (BTC) and Ethereum (ETH) starting tomorrow, July 1, as stated in court on June 30. has been authorized by the bankruptcy court to filing.

“[Celsius] Beginning in July, sell or convert non-BTC and non-ETH cryptocurrencies, crypto tokens, or other crypto assets other than tokens associated with withholding or custody accounts (collectively, “Altcoins”) for BTC or ETH can. January 2023”

A bankrupt cryptocurrency firm reveals it has held talks with the Securities and Exchange Commission (SEC) following recent regulatory action that classified several digital assets as securities, including MATIC, SOL, and ADA. bottom.

After these discussions, Judge Martin Green authorized Celsius to “use commercially reasonable efforts to maximize the value of any altcoins sold or converted into BTC or ETH.”

The court also ordered the bankrupt company to submit a monthly “Budget and Coin Report” showing the number of altcoins converted to BTC and ETH, while Celsius ordered only the top two cryptocurrencies to creditors. It added that it can only distribute

data According to research by Arkham Intelligence, Celsius holds a substantial amount of “altcoins” worth $187.04 million, including assets such as BNB, Celsius, MATIC, FTT and AVAX.

Source: Arkham Intelligence

Meanwhile, the lender also holds $409.03 million worth of BTC and ETH.

Post-Celsius court-approved to convert altcoins to Bitcoin, and Ethereum first appeared on CryptoSlate.

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