Celsius Faces Challenges After Bankruptcy Filing: Losses, Lawsuits, And Asset Transfers
In a significant turn of events, Celsius, the cryptocurrency loan company, filed for bankruptcy on July 13, 2022, after reporting a substantial $1.2 billion loss on its balance sheet. Following this, a reorganization plan was adopted by creditors in September 2023, providing custodial account owners with 72.5% of their interests in Bitcoin and Ethereum. https://twitter.com/WuBlockchain/status/1744890675089621344?t=-MSciuqYwGu0Vp6QLsoB5g&s=19 However, challenges continued for Celsius as regulatory authorities, including the SEC, FTC, DOJ, and CFTC, filed lawsuits against the company and its CEO, Alex Mashinsky, alleging client fraud. Recently, Celsius made an announcement stating its decision to cease staking large amounts of Ethereum (ETH) assets. This move raised eyebrows in the crypto community. Celsius Notable Staked ETH Withdrawal To Monitor In the past week, an address associated with Celsius Network, specifically labeled Celsius Network: Staked ETH, transferred a substantial 40,000 ETH to either Coinbase or […]