On August 16, crypto lender Celsius Network was approved by a bankruptcy court judge to sell the bitcoins it previously mined and continue funding certain operations. The next day, the company’s attorney detailed that Celsius was offered a cash infusion, but the attorney did not reveal who provided the funds or how much money was offered.
Celsius approved selling the mined bitcoins, the lawyer said the company was approached with a cash offer, and the company’s mining operation has 58,000 mining rigs deployed
The Southern District of New YorkCourt Ordersigned by Judge Martin Glenn on Wednesday and filed by Court Counsel Deanna Anderson
explains that Celsius was given the opportunity to sell bitcoins that the company’s mining operation had previously mined It explains that Celsius was given the opportunity to sell the bitcoins previously mined by its mining operation. In addition to providing crypto-financing services, Celsius operated a bitcoin mining operation.
Acourt documentfrom the company’s attorney, Joshua Sussberg, explains that the crypto lender’s mining operation mined $8.7 million worth of bitcoins last month. The document states that the bitcoin sales occurred before the July 13, 2022 petition date and that Sussberg’s letter states that Celsius has “approximately 58,000 (mining) rigs deployed.”
Sussberg also told the court that Celsius had received an offer of a cash infusion, but did not mention the interested parties or the amount of funds provided. The news comes as Ripple Labs said the company is interested in learning about Celsius and the crypto lender’s assets; Ripple’s statement came when asked why the company wanted to comment on Celsius’ bankruptcy court filing.
Celsius customers have complained that the Center Consititution’s built-in safeguards should have prevented them from losing US$50,000
In addition, countless letters addressed to Southern District of New York Judge Martin Glenn have filings continue to flood the court. One customer, retired Carol Becht, explains in her letterthat she holds US$50,000 in coins (USDC) on the Celsius platform; after researching the backing of USDC and howit is issuedthe CenterAfter researching about issuing stablecoins, Carol Becht said she could not understand how her USDC just evaporated.Celsius customers argued that since Centre and Circle Financial are regulated and licensed, the stablecoin USDC should be treated differently, he argued.
“I cannot understand how Celsius USDC can just disappear, given the safeguards built into USDC by Centre, unless Celsius falsifies information,” the Celsius customer wrote to Judge Glenn.” I do not believe that USDC should be treated any differently than Celsius’ crypto holdings given the above statement.” The letter to the New York judge concluded. Let us know what you think about this subject in the comments section below.
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