Celsius to purchase $45M Core Scientific mining facility as part of bankruptcy settlement

Celsius has filed a motion in its bankruptcy case to resolve ongoing litigation and disputed contracts and claims, seeking court approval of a settlement agreement and purchase agreement with Core Scientific.

Timeline of Celsius

Bankrupt cryptocurrency lending company, Celsius' (CRYPTO: CEL) successor company is likely to appoint former Algorand (CRYPTO: ALGO) CEO Steve Kokinos who stepped down from his role in July 2022. He is also a co-owner of Fahrenheit which won the Celsius auction in May 2023 wherein it undertook around $500 million worth of liquid crypto.

EquitiesFirst is a private lending platform that owed Celsius approximately $439 million in cash and bitcoin as of July 2022. Celsius had initially obtained collateralized loans from EquitiesFirst in 2019 but was unable to return the collateral in 2021.

In a recent development surrounding the Celsius Network bankruptcy case, Judge Martin Glenn has made a pivotal decision that could shape the future of crypto stakeholders and the broader digital currency landscape.

Judge Martin Glenn has denied the request for establishing a separate class of stakeholders in the Celsius Network bankruptcy saga. This decision, revealed in a document filed on August 25, also sidestepped the crucial question of whether the CEL token qualifies as a security.

Alexander Mashinsky – the founder of bankrupt crypto lending platform Celsius – has been arrested and indicted on federal charges. Former Celsius Head Taken into Custody Celsius was founded in 2018.

The Official Committee of Celsius Unsecured Creditors has announced an upcoming staff meeting slated for August 25th at X Spaces. The primary agenda will revolve around discussions regarding the proposed restructuring plan and disclosure statement.

The troubled crypto lender, Celsius Network, has received judicial approval to seek creditor endorsement for its bankruptcy escape plan. Under this plan, a consortium going by the name of Fahrenheit is poised to acquire Celsius' assets, forming a fresh corporate entity.

Crypto lending firm Celsius, which faced bankruptcy proceedings last year, has received the green light from a judge to proceed with a voting process concerning the sale of its assets to the Fahrenheit consortium. Creditors could receive 67–85% of holdings, mainly in Bitcoin and Ethereum.

Last year, in the Celsius Network bankruptcy case, a document revealed blockchain info that might have exposed user crypto wallets. According to The Block Research and Nansen have worked together to confirm this and identified 15,000+ Celsius users' personal wallets. These held various assets, ENS names, NFTs, and decentralized exchange transactions.

The founder of the now-bankrupt cryptocurrency lender, Celsius Network, allegedly misled investors into pouring billions into the company. Simon Dixon, founder of Bank To The Future, a crypto-centred investment firm and publisher of the first Bitcoin book in 2011, took to the X platform to discuss the ongoing controversy surrounding Mashinsky and Celsius Network's settlement