{"id":24448,"date":"2023-11-10T04:44:07","date_gmt":"2023-11-10T04:44:07","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/celsius-network-secures-court-approval-to-transition-to-bitcoin-mining-company\/"},"modified":"2023-11-10T04:44:07","modified_gmt":"2023-11-10T04:44:07","slug":"celsius-network-secures-court-approval-to-transition-to-bitcoin-mining-company","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/celsius-network-secures-court-approval-to-transition-to-bitcoin-mining-company\/","title":{"rendered":"Celsius Network Secures Court Approval to Transition to Bitcoin Mining Company"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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The conversion of cryptocurrency loan platform Celsius Network into a Bitcoin mining business owned by creditors has been approved by a judge. The goal of this tactical change is to reimburse account holders who haven\u2019t been able to access their money in excess of a year.<\/p>\n

A Fresh Chapter for Celsius Network<\/h2>\n

After the company\u2019s financial collapse the prior year, the recent clearance from the U.S. Bankruptcy Court in the Southern District of New York represents a turning point in the company\u2019s path. Representatives for Celsius predict that asset distribution might start early in the next year.<\/p>\n

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With this reorganization plan, Celsius Network is able to emerge from Chapter 11 bankruptcy<\/a> and takes a big step in the direction of paying back its consumers. Despite earlier accusations of wrongdoing by former firm leaders, the procedure has garnered significant support from the company\u2019s creditors.<\/p>\n

But there has been considerable doubt about the move to switch to Bitcoin mining, especially from some of the platform\u2019s users. Moreover, it continues to encounter regulatory obstacles. Celsius understands that this change of business emphasis requires the U.S. Securities and Exchange Commission\u2019s (SEC) clearance. Should the mining enterprise encounter unsurmountable obstacles, the business can turn to an alternate strategy for dissolution.<\/p>\n

Regarding Celsius\u2019s intention to rebrand itself as a publicly listed Bitcoin mining company, the case\u2019s presiding judge has encouraged the SEC to make a ruling as soon as possible.<\/p>\n

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After a weeks-long trial during which clients questioned the firm\u2019s new management and expressed concerns about the planned bankruptcy plan and the related expenditures of the Chapter 11 procedure, the court has accepted this exit plan. One of the main points of dispute is the alleged undervaluation of the Celsius CEL token, which is a crucial element in distributing digital assets and shares in the upcoming Bitcoin mining project to the creditors of the firm.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) The conversion of cryptocurrency loan platform Celsius Network into a Bitcoin mining business owned by creditors has been approved by a judge. The goal of this tactical change is to reimburse account holders who haven\u2019t been able to access their money in excess of a year. […]<\/p>\n","protected":false},"author":34,"featured_media":24449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24448"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=24448"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24448\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/24449"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=24448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=24448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=24448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}