Celsius: Why a 30% surge doesn't mean anything concrete for CEL investors

Celsius CEL has been in the news and it has a new update with regards to its hearings. Judges on the company's bankruptcy lawsuit have allowed for an independent examiner to investigate the case.

Timeline of Celsius

The CEO of Celsius Network is reportedly discussing a new project that may help rebuild the bankrupt crypto lending platform. According to a new report from The New York Times, Alex Mashinsky presented the “audacious plan” called Kelvin to revive Celsius months after the troubled company filed for bankruptcy in July.

A federal judge from the United States Bankruptcy Court for the Southern District of New York has allowed the U.S. Trustee's office to appoint an independent examiner to investigate the affairs at the New Jersey-based bankrupt cryptocurrency lending company Celsius Network.

Under intense pressure, Celsius, an experimental cryptocurrency lender, cracked under heavy pressure and was forced to file for bankruptcy in July. However, the CEO of the company recently revealed an outlandish proposal to his staff.

Alex Mashinky wants to rebrand his failed crypto lending company Celsius Network as a custody service under new name Kelvin. In recordings heard by the New York Times, the discredited Celsius chief executive officer told staff of his plan to rebuild the company by offering crypto storage services, a vast departure from a business model built on unsustainable yield generation.

The bankrupt Celsius Network has revealed plans for a comeback as a crypto custody firm, including a name rebranding.  CEO Proposes Rebuilding And Rebranding Crypto lending program Celsius tumbled in the spring of 2022, resulting in a domino effect that took down many other crypto startups and associated projects.

The native token of the Celsius Network (CRYPTO: CEL) unexpectedly rallied 66% immediately after the Ethereum (CRYPTO: ETH) Merge, leaving many market participants confused. What Happened: CEL surged from around $1.9 to a high of $3 within 60 minutes of the Ethereum Merge on Sept.

A U.S. bankruptcy judge approved an order to appoint an examiner to embattled lender Celsius at today's hearing. The post Judge to appoint examiner in Celsius case appeared first on The Block.

Celsius' Committee of Unsecured Creditors addressed comments made by executives in a recently leaked recording of a company meeting. The post Celsius presents creditors plan to revive business operations appeared first on The Block.

Alex Mashinsky, CEO of bankrupt crypto lender Celsius, has outlined a plan to pivot his company's operations from lending services to custody services.  The pitch was reportedly made during an internal all-hands meeting on 8 September.

After bankruptcy, the CeFi lender is planning an ambitious comeback by offering crypto custodial services. According to the New York Times, the Celsius Network is one of many companies that have been hit hard by the pandemic. The company, which headquarters are based in the USA, was forced to declare bankruptcy in July.