Cornered Crypto Lender Celsius Seeks Permission To Sell Its $23 Million Stablecoin Stash

Bankrupt crypto lending company Celsius has requested the court for authorization to sell its stablecoin holdings. The sale of the stablecoins will generate liquidity to finance the crypto lender's daily operations but won't be used to repay creditors.

Timeline of Celsius

Crypto lending firm Celsius [CEL] seems to be committed to restoring its lost reputations and getting back to full operation. In its latest filing with the New York Southern District Bankruptcy Court, the company pleaded that the court allowed it to sell its stablecoin holdings.

Bankrupt crypto lender Celsius sought permission in a late Thursday court filing to sell its stablecoin holdings. The post Celsius asks bankruptcy court for permission to sell stablecoin holdings appeared first on The Block.

Celsius Network is looking to sell $23 million worth of its stablecoin assets for United States dollars, according to a September 15 filing. The post Celsius seeks court approval to sell $23M worth of stablecoin assets appeared first on CryptoSlate.

Bankrupt cryptocurrency lender Celsius is getting conscious of its users and future operations. Celsius filed for bankruptcy in July after a long battle resolving issues, leaving the once top crypto lending firm with nearly $3 billion in liabilities.

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.

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.