Celsius Network is in the process of liquidating its assets, and the bankruptcy court has approved the sale of all of its altcoins for Bitcoin and Ethereum. The firm will be able to pay its creditors back and come out of bankruptcy, so this is a significant step forward.
The bankrupt crypto firm has revealed that it has been in talks with the SEC about the recent regulatory actions that classified several digital assets as securities.
After hearing the arguments from both sides, Judge Martin Gleen gave Celsius the green light to sell or convert its altcoins to BTC or ETH to maximize their value.
The court has mandated that Celsius provide a monthly report on its altcoin conversion and creditor disbursement activities. The report must include the number of altcoins converted to BTC and ETH, as well as the number of cryptocurrencies distributed to creditors.
According to Arkham Intelligence, Celsius is holding a collection of alternative currencies valued at $187.04 million. Additionally, the lender possesses BTC and ETH worth $409.03 million.
Celsius’s failure was a major blow to the cryptocurrency community, affecting over 1.7 million users. Of those users, 300,000 had balances of over $100.