{"id":80298,"date":"2023-06-15T17:50:01","date_gmt":"2023-06-15T14:50:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80298"},"modified":"2025-09-11T16:11:21","modified_gmt":"2025-09-11T13:11:21","slug":"celsius-to-return-creditors-funds-in-bitcoin-and-ethereum","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/celsius-to-return-creditors-funds-in-bitcoin-and-ethereum\/","title":{"rendered":"Celsius to return creditors&#8217; funds in Bitcoin and Ethereum"},"content":{"rendered":"<p>Creditors in the Celsius Network bankruptcy proceedings are converting altcoins into Bitcoin and Ethereum. Such a proposal<a href=\\\"https:\/\/cases.stretto.com\/public\/x191\/11749\/PLEADINGS\/1174906152380000000046.pdf\\\"> \u043f\u043e\u0441\u0442\u0443\u043f\u0438\u043b\u043e<\/a> to the court from the platform\u2019s debtors.<\/p>\n<p>The option will not apply to withhold and custody accounts (Withhold &#038; custody accounts). If approved, the conversion would begin on July 1.<\/p>\n<p>The plan will not affect the amount of each creditor&#8217;s claim. The debtors will seek to maximize payments.<\/p>\n<p>Updated information on token conversions will be included in monthly reports.<\/p>\n<p>On 26 May 2023, the winner of the Celsius Network asset-management tender <a href=\"https:\/\/u1f987.com\/en\/news\/fahrenheit-consortium-wins-celsius-asset-auction\"> became<\/a> the Fahrenheit consortium.<\/p>\n<p>It was formed by venture firms Arrington Capital and Proof Group, the mining company US Bitcoin Corp, and individual investors Stephen Kokinos (former head of <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-algorand-algo\">Algorand<\/a>) and Ravi Kas.<\/p>\n<p>According to the application, the group will form a new public company holding Celsius assets, fully owned by the platform&#8217;s creditors.<\/p>\n<p>Fahrenheit will distribute among them liquid digital currencies totaling about $500 million. The created entity will take over management of Celsius&#8217;s alternative investments, its loan portfolio and mining business.<\/p>\n<p>In June 2022, Celsius <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-token-plunges-50-amid-withdrawal-suspension\">paused withdrawals<\/a>, exchanges and transfers between accounts &#8216;due to extreme market conditions&#8217;.<\/p>\n<p>In July, after filing the <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-files-for-bankruptcy-protection\">bankruptcy petition<\/a>, Celsius reported a balance-sheet hole <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-reports-a-1-2-billion-hole-in-its-balance-sheet\">of $1.2 billion<\/a>. In August, it emerged that the company&#8217;s liabilities exceeded its assets <a href=\"https:\/\/u1f987.com\/en\/news\/gap-in-celsius-network-balance-sheet-amounts-to-2-85-billion\">by $2.85 billion<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Creditors in the Celsius Network bankruptcy proceedings are converting altcoins into Bitcoin and Ethereum. The proposal has been filed with the court by the platform&#8217;s debtors.<\/p>\n","protected":false},"author":1,"featured_media":80299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1348,1162],"class_list":["post-80298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-celsius-network","tag-court-cases"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=80298"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80298\/revisions"}],"predecessor-version":[{"id":80300,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80298\/revisions\/80300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/80299"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=80298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=80298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=80298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}