Celsius seeks court approval to sell $23M worth of stablecoin assets


According to Sept. 15, Celsius Network is looking to sell $23 million worth of stablecoin assets in U.S. dollars. filing.

The three entities belonging to Celsius hold 11 different forms of stablecoins totaling around $23 million. Holding assets were actively used to promote cryptocurrency lending services.

Celsius is considering selling its stablecoin to generate more liquidity to fund its business operations.Cryptocurrency lenders chose to sell stablecoins over other cryptocurrencies in custody due to the stability of the former market

The bankruptcy court is scheduled to hear the application on October 6.

Independent examiner on board

Joint Trustee Office submitted The August 18 motion seeks the appointment of an independent examiner to examine Celsius’ business claims.

Crypto lenders were rapidly losing credibility after creditors accused Celsius and its CEO Alex Mashinski of falsifying misleading information about the company’s liquidity before filing for bankruptcy. .

Bankruptcy Judge Martin Green approved Appointment of an Independent Investigator to Investigate Issues Related to Celsius Crypto Holdings, Tax Payments, and Changes to Account Offerings on September 14th.

Comeback plan with ‘Kelvin’

Celsius is trying to get out of his slump with ‘Project Kelvin’.

Mashinsky explained that Celsius will begin its activities as soon as customers are officially refunded. Come back. The new custody service will focus exclusively on cryptocurrency custody. The charge for the storage service will be borne by the customer.

The Committee of Unsecured Creditors did not support the ambitions behind “Project Kelvin.” The company added that it needs to focus on ensuring that the ongoing restructuring process is transparent and benefits all account holders.

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