Crypto lender Celsius Network approved for restructuring plan, will return cryptocurrency to customers
Crypto lender Celsius Network has been granted approval by a US bankruptcy court for a restructuring plan that will see cryptocurrency returned to customers and a new company created, owned by Celsius creditors. The reorganised business will be managed by Fahrenheit LLC, which includes hedge fund Arrington Capital, and will focus on mining new bitcoin and earning "staking" fees by validating blockchain transactions. Celsius filed for Chapter 11 protection in July 2022, one month after freezing customer accounts to prevent withdrawals, and the restructuring plan includes a settlement that values Celsius's proprietary crypto token, CEL, at 25 cents.
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