EddieJayonCrypto
8 Jan 24
:Celsius, a defunct crypto lending platform, is facing a lengthy bankruptcy process after its alleged mishandling of customer assets led to the arrest and charges against its founder for fraud. In an effort to compensate customers, Celsius is liquidating what's left of its assets, including the unst...
Celsius, a defunct crypto lending platform, is set to unstake and sell nearly half a billion dollars worth of Ethereum (ETH). The bankruptcy process of Celsius was prompted by alleged mishandling of customer assets, leading to the arrest and charges against founder Alex Mashinsky for fraud. Celsius is liquidating its remaining assets to compensate its customers, including the unstaking of Ethereum holdings used for generating income.
Blockchain analytics platform Nansen reports that Celsius is waiting to unstake a total of 206,319 ETH worth nearly $470 million. A new plan from Celsius aims to generate funds for a new mining and staking corporate spinoff, "NewCo," to repay creditors.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.