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Market News The Insolvent Cryptocurrency Lending Company Celsius May Use Bitcoin And Ethereum Holdings To Repay Debts

The Insolvent Cryptocurrency Lending Company Celsius May Use Bitcoin And Ethereum Holdings To Repay Debts

Celsius, a crypto lending company that declared bankruptcy in 2020, may be able to settle its financial obligations through the sale of its increasing BTC and ETH holdings; however, this has caused discontent among some customers.

TOP1 Markets Analyst

2023-12-06

9679

CryptoPotato reports that the insolvent cryptocurrency lending company Celsius might be able to settle its cash-based obligations in the near future by selling its recently profitable Bitcoin (BTC) and Ethereum (ETH) holdings exclusively. As a consequence, the bankruptcy may retain a greater quantity of assets, while its counterparties are repaid at a significantly more arduous period to reenter the cryptocurrency market. Creditors of Celsius have voiced apprehensions regarding the company's ability to "rug off all creditors" if BTC and ETH both reach $54,879 per coin. For each coin, these estimates were derived using a 50/50 liquidation basis.

The firm ceased user withdrawals in June of last year due to the collapse of cryptocurrency market prices, which prompted Celsius to declare bankruptcy. Subsequent analysis of the organization's balance sheet unveiled a debt of $1.2 billion. The court approved the company's insolvency restructuring plan last month. This plan entailed a transition for the company into a Bitcoin mining and staking entity, which would be owned by NewCo creditors. It also entails the distribution of BTC and ETH valued at $2 billion to its consumers.

The bankruptcy could retain all other assets while repaying all USD claims if BTC and ETH continue to appreciate, according to a July thread by Simon Dixon, CEO of BankToTheFuture and a significant Celsius investor. Customers expressed a range of emotions regarding this outcome during their Tuesday discussion. Others, who had waited 18 months without obtaining their owed cryptocurrency payouts, were amenable to any immediate resolution that could help.