Celsius seeks court approval to sell $23M worth of stablecoin assets

Sep 18, 2022 | wjb news

According to a document on September 15, Celsius Network hopes to sell its stablecoin property worth 23 million dollars at foreign prices.

The three entity lines of the Celsius Group have 11 kinds of stable currencies in different ways, with a total amount of about 23 million dollars. This property is actively used to promote its data encryption loan business.

Celsius expects to sell stablecoins to form a large amount of liquidity and provide financial support for its business operations. Because of the reliability of the latter's sales market, cryptocurrency borrowers choose to sell stable currencies rather than other cryptocurrencies under their custody

The bankruptcy people's court will decide to apply on October 6.

Boarding of individual inspectors

Cooperating with the office of the entrusted company, the resolution was clearly put forward on August 18, stipulating that a list of independent reviewers should be appointed to verify the business services of Celsius.

Because the debtor complained that Celsius and CEO Alex Mashinsky forged false information about the enterprise's liquidity before registering for bankruptcy, this data encryption loan company quickly lost trust.

On September 14, the Bankruptcy Judge Martin Gleen was allowed to serve as a single examiner to investigate the problems related to the ownership, tax payment and account sales and transformation of Celsius cryptocurrency.

"Kelvin"'s re emergence plan

Celsius hopes to change the status quo with the "Project Kelvin"

Marcine Leoni explained that once the customer's money was returned immediately, Celsius would gradually start over again. A new escrow commodity will only be dedicated to storing cryptocurrencies. Customers will be required to pay for escrow services.

The unsecured creditor committee is incompatible with the ambition behind the "Kelvin New Project". The Federation added that the enterprise should be committed to ensuring the transparency of the ongoing restructuring process, so as to benefit all account holders.