Celsius token surges 300% a month after $2.5B payment to creditors
The Celsius token skyrocketed 300% a month after the firm paid $2.5 billion to creditors, marking a strong rebound in the aftermath of its bankruptcy settlement.
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The Celsius token skyrocketed 300% a month after the firm paid $2.5 billion to creditors, marking a strong rebound in the aftermath of its bankruptcy settlement.
The native token of the Celsius Network had a price spike of more than 300 percent in the month after the debut of its $2.5 billion repayment plan for over 250,000 debtors. The insolvent digital asset lender paid back around $2.53 billion to 251,000 creditors, according to a court document
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Crypto hacks may surpass 2023s record, with $1.2 billion already stolen, and Celsius is finally beginning to repay its creditors.
Celsius has repaid $2.53B to 251,000 creditors, covering 84% of the debt. 121,000 creditors still haven’t claimed their funds, many due small amounts. Former CEO Alex Mashinsky faces fraud charges, with $4.7B in fines settled. In a significant development amid its ongoing bankruptcy proceedings, Celsius, the embattled crypto lender, has successfully repaid approximately $2.53 billion […]
The post Celsius repays two-thirds of its creditors appeared first on CoinJournal.
Celsius has distributed 93% of the approved $3 billion in cash and crypto to more than 251,000 creditors across 165 countries.
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Insolvent Crypto lender Celsius Network has filed a notice to the court about its intentions to distribute funds to creditors. In a filing submitted to the US Bankruptcy Court for the Southern District of New York, the attorneys for the business outline their strategy to repay creditors via the use
Bankrupt crypto lender Celsius Network has initiated legal proceedings against Tether, the company behind the USDT stablecoin. The lawsuit, which was filed concerning a contract dispute dating back to 2022, alleges that Tether violated their agreement by unjustifiably liquidating 39,542.42 Bitcoins that were held as collateral for a loan issued in USDT. Celsius contends that Tether’s decision to sell the Bitcoin at that time was improper and a breach of the loan agreement. Celsius Files Lawsuit Against Tether Celsius Network’s disparity with Tether kicked off with a Bitcoin crash in 2022 and ultimately contributed to the crypto lender filing for bankruptcy in July 2022. The legal dispute centers around a revised agreement made in January 2022, which permitted Celsius to borrow USDT from Tether by securing the loan with collateral in Ether, Tether Gold, or Bitcoin. Related Reading: Cardano Eyes $0.3389: Can Bulls Sustain ADA Above This Critical Level? At the height of its borrowing, Celsius had secured nearly $2 billion in USDT from Tether, using tens of thousands of Bitcoins as collateral. As per the new agreement, Tether would be required to post a notice and wait for 10 hours if the value of the collateral were to fall below a specific threshold. However, Bitcoin’s crash in early 2022 meant the value of the Bitcoin collateral held by Tether tanked in tandem. As such, Tether required Celsius to post more collateral, a demand which it complied with by transferring 15,658.21 Bitcoin and another 2,228.01 Bitcoin of excess collateral for another loan. The complaint alleges that on June 13, 2022, Tether issued another demand for additional collateral. Contrary to the agreement’s requirement to wait for ten hours, Tether reportedly proceeded to liquidate the entire Bitcoin collateral without allowing Celsius the stipulated period to address the demand. Tether forged ahead with an improper application of 39,542.42 Bitcointhe entirety of collateral that Celsius had postedusing the pledged Bitcoin to cover its exposure in full, but destroying Celsiuss residual interest in the collateral, the lawsuit read. Lawsuit Is Baseless, Tether Says Back then, the 39,542 BTC collateral for which Celsius is seeking a refund was worth around $800 million. However, the value of Bitcoin has grown since then, and the collateral is now worth more than $2 billion at today’s prices. In response, Tether addressed the lawsuit as baseless. The stablecoin company also confirmed Celsius Network’s $2.4 billion BTC claim, albeit while describing it as another “shameless litigation money grab” to which it will never succumb. Related Reading: Bitcoin Death Cross Threatens To Trigger Crash If Price Does Not Hold $62,000 Moreover, the lawsuit also demands the return of an additional 15,658.21 Bitcoins and 2,228.01 Bitcoins from a top-up transfer, bringing the total claimed value to over $3.5 billion at todays Bitcoin prices. In other news, Tether’s USDT recently crossed a new milestone of a $115 billion market cap. Featured image from WSJ, chart from TradingView
In response to Celsius Network’s Bitcoin (BTC) fraud accusation, stablecoin issuer Tether has declined to assume responsibility. The chief executive officer of the company, Paolo Ardoino, provided a clear account of what happened between them. Celsius Network has sued the USDT issuer and its related organizations, claiming that they were
The assets in question were evidently given to Tether as collateral.
The assets in question were evidently given to Tether as collateral.
Tether faces a $2.4 billion lawsuit from Celsius Network over a 2022 agreement, vowing to defend against the claims in court. (Read More)
The lawsuit highlights the growing legal tensions in the crypto industry, potentially impacting investor confidence and regulatory scrutiny.
The post Celsius sues Tether for $2.4B in Bitcoin, Tether strikes back, calls case a “shakedown” appeared first on Crypto Briefing.
Tether said no matter the outcome of the lawsuit, no holder of any of the company's tokens will be affected.
Celsius is currently going through a Chapter 11 bankruptcy proceeding. Last week, the US CFTC found Celsius and Alex Mashinsky guilty of breaking several laws before Celsius collapsed in 2022. Alex Mashinsky has been arrested and will be arrayed in court on Friday. Celsius Network, a cryptocurrency lending company that collapsed in 2022, is the
The post CEL price takes another hit, US SEC files lawsuit against Celsius appeared first on BTC Ethereum Crypto Currency Blog.
Alex Mashinksy, co-founder and former CEO of insolvent crypto lender Celsius was arrested on Thursday following an investigation into the company's collapse, according to a U.S. Department of Justice (DOJ) indictment.Mashinsky and others are charged with seven counts including securities fraud, commodities fraud, wire fraud and conspiracy to manipulate the price of Celsius' token CEL.The
The post Celsius Network’s Alex Mashinsky Arrested, Firm Sued by SEC, CFTC, FTC appeared first on BTC Ethereum Crypto Currency Blog.
Two Celsius creditors have filed a motion asking for a second distribution after they allegedly suffered reduced payments from possessing corporate accounts.
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