An Open Letter Regarding the Celsius Bankruptcy

When Celsius paused withdrawals on June 13, 2022, they set into motion a large chain of events. More than a million Celsius customers were immediately denied access to their digital assets.

Timeline of Celsius

Ripple Labs, the company behind cryptocurrency XRP, is a potential buyer of Celsius network's assets. According to a Reuters report, the blockchain payments company is interested in Celsius' assets but there is no clarity on the exact plans.

San Francisco-based blockchain payments company Ripple Labs Inc is interested in potentially purchasing assets of bankrupt crypto lender Celsius Network, according to a company spokesperson.

The Terra-UST collapse has led to a domino effect in the crypto space which does not appear to have settled. As Celsius Network reported a liquidity issue, the withdrawals & transfers were halted. However, as it filed for bankruptcy, the trouble raised notably which peaked as the US regulators tightened their grip over the platform.

Last week, news of Celsius' motion to hire its ex-CFO Rod Bolger on a contract basis for $92,000 a month made the rounds. Once the community caught wind of this, users began to share their opinions of the motion, and as expected, the majority was not impressed with this move.

A court filing submitted Friday in the Southern District of New York states that the bankrupt cryptocurrency lender Celsius has dropped its plea to reinstate former CFO Rod Bolger, reported CNBC. The withdrawal notice was published just before a Monday, August 8 hearing to review it.

According to a court filing in the Southern District of New York, lending platform Celsius has withdrawn its motion to hire former CFO, Rod Bolger. The motion would have had the CFO paid $92,000 per month for a period of at least six weeks, prorated.

Celsius has withdrawn its motion to rehire former CFO Rod Bolger as a consultant, according to an August 5 court filing. The post Celsius backtracks on hiring former CFO as consultant appeared first on CryptoSlate.

Bankrupt crypto lending platform Celsius has sought a judge's permission to reinstate the company's former CFO Rod Bolger and pay him $93,000 each month over a minimum of six weeks. According to a motion filed with the Southern District of New York Bankruptcy Court, Celsius stated, “In consideration for the advisory services rendered by Mr.

Ex-CFO Rod Bolger is being sought after by bankrupt cryptocurrency lender Celsius in exchange for $92,000 monthly pay, prorated over a minimum of six weeks, reported CNBC. What happened: According to a motion submitted to the Southern District of New York, the struggling lender claims that Bolger is necessary to assist it in navigating the bankruptcy proceedings as an advisor.

Bankrupt crypto lender Celsius Network claimed to operate like a bank, only better. However, because it was not actually a bank, many of its depositors are about to find out that they may have to wait a very long time to get reimbursed.