Celsius, a difunctional crypto lender, has reconsidered the bankruptcy filing and awaits approval from the bankruptcy court in New York after making a deal with the Fahrenheit crypto consortium, stated Cointelegraph. It is believed that the crypto lender submitted its revised bankruptcy files on June 15, 2023.
“Celsius will be selling all altcoins from all customers (except Custody and Withhold accounts) starting July 1st and will be converting them into Bitcoin and Ethereum,” Celsius tweeted.
It is expected that the new reorganisation plan is supposed to deal with the demand of retail lenders through the set-off treatment, Cointelegraph highlighted.
Furthermore, “This proposed ‘treatment’ violates every consumer lending law out there (state, federal) and the ad hoc Borrower group will be opposing this plan,” David Adler, lawyer, McCarter & English, a law firm, told Cointelegraph.
(With insights from Cointelegraph)