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Author: Taylor Scott

JPMorgan Taps Former Celsius Exec As Crypto Regulatory Policy Director

Nothing supersedes personal experience. At least that seems to be the case with a new JPMorgan Chase hire this week, as the financial firm has brought in former Celsius executive Adam Iovine to serve as a director of digital assets regulatory policy, according to a variety of reports on Wednesday, which cite Iovine’s LinkedIn page. The reports come after headlines around JPMorgan’s CEO Jamie Dimon slamming crypto as ponzi schemes. Nonetheless, the institution has flip-flopped it’s public perspective around crypto while still building digital asset infrastructure. Let’s look at this latest, seemingly bizarre hire, and what we know thus far. JPMorgan Chase: An Unexpected Hire Iovine was previously the head of policy and regulatory affairs at cefi platform Celsius, which came to a crumbling downfall earlier this year. His stint at Celsius was brief, serving at the company for roughly 8 months before departing the role in September. Now, less than 60 days later, Iovine joins JPMorgan Chase as an executive director in the firms digital assets regulatory policy division. A bit of an unorthodox hire, but Iovines resume certainly brings some… unique experience from his time at Celsius. The cefi platform, led by CEO Alex Mashinsky, was widely considered one of the biggest of it’s kind, offering substantial yields on tokens that led to hefty criticism over the platform’s viability. From the critic’s vocals to reality’s being, Celsius started unwinding mid-year falling the crash of the Terra Luna ecosystem. It's been a rocky road for cefi platform Celsius, but one company executive has moved on to bigger and brighter ambitions, joining JPMorgans digital assets regulatory policy division. | Source: CEL-USD on TradingView.com Related Reading: Are There Any Chances Of Terra UST Victims Getting Refunded? Let’s Find Out A Flurry Of Inconsistency Iovine’s hiring aside, JPMorgans perspective on crypto can never seem to remain consistent; the firm certainly wants to take advantage of the burst of interest in digital assets, but doesn’t seem to be much of a proponent of them otherwise. Dimon in recent weeks described crypto as “decentralized ponzis,” while still playing both sides and touting the institution’s latest blockchain-based product, JPMorgan Onyx. Regardless of JPMorgan’s shifts in publicly-voiced sentiment, the role that Iovine is filling here is reportedly a newly created one, which serves as just another example that despite a crypto bear market, traditional finance players are still showing continued investment. Related Reading: FTX Sends 50,000 Ethereum To Voyagar, FTX Token Witnesses Pump And Dump Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice. This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.

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Celsius CEO Mashinsky Proposes Resurrecting Platform As A Digital Asset Custody Firm

Author: Taylor Scott

United Kingdom

Source: NewsBTC

Sep 14, 2022 08:35

Celsius CEO Mashinsky Proposes Resurrecting Platform As A Digital Asset Custody Firm

The saga that has been Celsius’ downfall this year has been well documented. CEO Alex Mashinsky has been a focal point of crypto critics after his engagement in ‘taking over‘ Celsius’ crypto strategy in the 11th hour before the platform’s pseudo-shutdown. That isn’t slowing down a persistent Mashinsky, who, despite enduring a slew of bankruptcy procedures, continues to trudge along in forecasting some sort of future for Celsius. This week, Mashinsky is looking to reposition Celsius as a digital asset custody firm, according to a new report from The New York Times. What Led To Today’s Celsius ‘Doom & Gloom’ About a year ago, state regulators across a handful of U.S. states started setting their sights on yield-generating platforms such as BlockFi and Celsius. Celsius, for some time, was offering aggressive rates for holding tokens on the platform. At it’s highest point last year, Celsius held tens of billions of funds and at times, promised double digit percentage yield that was compounding weekly. As 2022 came into the fold, the market was middling but certainly not into ‘bear mode’ when Mashinsky and company rolled out their initial “custody solution.” Within a few months later, following the crumbling of Terra Luna, the platform was revealed to have exposure to DeFi protocols, including the likes of Terra’s Anchor Protocol, and was experiencing strong headwinds from more aggressive market conditions. It was around this time that Mashinsky starting deepening his position in company strategy. By July, the company had frozen user funds and filed for bankruptcy. Celsius (CEL) token has seen a volatile short-term performance. | Source: CEL-USD on TradingView.com Related Reading: FTX (FTT) Token Flashes Buy Ahead Of A Rally, Will $35 Be Reclaimed The Pivot: Can It Work? According to the Times report, in the past week, Mashinsky has proposed a project codenamed ‘Kelvin,’ where Celsius shifts to solely providing custody services and collecting fees from depositors. According to the report, Celsius employees were rightfully skeptical. Mashinsky countered to internal skeptics, according to the Times, by citing some of the biggest corporate turnarounds, telling employees: “Delta filed for bankruptcy. Do you not fly Delta because they filed for bankruptcy?” The short stroke is that Celsius’ credibility is just as bankrupt as it’s balance sheet. Take one look at Celsius’ Twitter replies for a prime example. While Delta and Pepsi recovered from bankruptcy, they did so in different eras, and more importantly: neither was beholden to mass amounts of customer’s wealth. The brand image and identity behind the firm is likely a ship too far sailed. Related Reading: Bitcoin Takes A Blow After It Falls Below $22,000, Any Chances For A Bull Run Featured image from Pixabay, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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Second Distribution By Celsius Network: Creditors To Receive Bitcoin Valued at $95,000 Each

Author: Ronaldo Marquez

United Kingdom

Source: NewsBTC

Nov 30, 2024 12:05

Second Distribution By Celsius Network: Creditors To Receive Bitcoin Valued at $95,000 Each

Once a prominent player in the cryptocurrency lending space, Celsius Network has commenced its second round of distributions to creditors, amounting to $127 million. This follows the company’s prior efforts to distribute approximately $3 billion in crypto and fiat currency, initiated after a successful vote on its reorganization plan earlier this year. The latest distribution is aimed at eligible creditors affected by Celsius’ collapse and subsequent Chapter 11 bankruptcy filing, which temporarily halted withdrawals before the reorganization efforts. Celsius Implements Changes To Second Distribution According to court documents, the funds for this distribution were converted from cash received from Litigation Administrators into Bitcoin (BTC) for eligible creditors with approved claims. This conversion was done to streamline the distribution process and minimize administrative burdens. Related Reading: Analyst Maps Out Dogecoin Price Arc To $3 Using A Logarithmic Scale Each eligible creditor will receive a cumulative distribution representing around 60.4% of their claims’ value as of the petition date. The BTC allocated for this distribution is based on a weighted average price of $95,836.23, reflecting the price at which Celsius purchased the cryptocurrency for this purpose. The distribution process is designed to ensure that creditors receive their allocated amounts in either cash or liquid cryptocurrency. If a creditor was scheduled to receive a distribution via US-based crypto exchange Coinbase but did not receive it by the designated date, the firm will continue to hold the liquid crypto for that creditor and convert it to cash when appropriate. Bankruptcy Challenges Notably, the documents reveal that some creditors received initial distributions based on varying recovery rates57.87% for some and 57.65% for others. To rectify this discrepancy, those who received a higher initial distribution will see a corresponding reduction in their second distribution. Eligible creditors are encouraged to ensure their distribution information is up-to-date, especially if they need to change their distribution agent. If a creditor experiences issues receiving their funds, they can create a Customer Care Ticket to seek assistance. Related Reading: Storm Ahead? Bitcoin Price Could Tumble 20% Due To M2 Supply Concerns In addition to this distribution, Celsius asserts it will navigate the complexities of its bankruptcy proceedings, which include ongoing litigation that may affect certain creditors’ eligibility for distributions. At the time of writing, the company’s native token, CEL, is trading at $0.23, recording a slight increase of 1% in the 24-hour time frame. Interestingly, CEL is one of the few cryptocurrencies on the market that has not recorded a significant uptrend over the past three weeks. Year-to-date, the token is still down 2%, but when compared to its current trading level and its record high, it is even more concerning, with a 97% gap to its all-time high of $8 reached in June 2021 before the company’s collapse. Featured image from DALL-E, chart from TradingView.com

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