Bankrupt cryptocurrency firm Celsius Network (CEL) is preparing to convert its altcoins to Bitcoin (BTC) and Ethereum (ETH) to maximize the value of its assets.
Celsius owns a significant portion of its altcoins. Decision to convert to Bitcoin and Ethereum took. Accordingly, the company went to the bankruptcy court in New York. 15 June restructuring on report on the transformation of assets by offering request approval he did.
The turbulent cryptocurrency market of this decision minimize damage and their remaining assets maximize the value was emphasized for the purpose. Details of the process of converting altcoins to Bitcoin and Ethereum will be included in Celsius’ monthly “Budget and Coin” reports.
Decision, cryptocurrency investment consortium of Fahrenheit pertaining to Celsius $2 billion assets came after he got it. Fahrenheit is thought to have played an important role in the revision of the bankruptcy filing.
If the revised plan is approved, Celsius, withhold And Custody (custodial and guardianship) accounts in other accounts all altcoins It will convert it to Bitcoin and Ethereum. Conversion operations from 1 July will begin. According to the official documentation these conversion processes any creditor claim. will not affect.
In total that Celsius can convert 15 different altcoins exists. Among the altcoins in question Cardano (ADA), Polygon (MATIC) While there are prominent assets such as, the full list is as follows:
- Cardano (ADA): 103,065 ADAs worth approximately 26 thousand dollars
- Celsius (CEL): 660 thousand 348 CELs worth approximately 72 thousand dollars
- Polygon (MATIC): 91 thousand 630 MATICs worth approximately 51 thousand dollars
- Chainlink (LINK): 3 thousand 337 LINKs worth approximately 17 thousand dollars
- Litecoin (LTC): 197 LTCs worth approximately $14,000
- Polkadot (DOT): 1,832 DOTs worth approximately $8,000
- FTT (FTT): 197 FTTs worth approximately $181
- ave (AVE): 106 AAVEs worth approximately $5,000
- Bitcoin Cash (BCH): 53 BCHs worth approximately $6,000
- Uniswap (UNI): 864 UNIs worth approximately 4 thousand dollars
- Left (LEFT): 145 SOLs worth approximately 2 thousand dollars
- Binance Coin (BNB): 19 BNBs worth approximately $5,000
- Stellar (XLM): 47,851 XLMs worth approximately $3,000
- Eos (EOS): 3,119 EOS worth approximately $2,000
- Serum (SRM): 5,567 SRMs worth approximately $278
The decision can be appealed
On the other hand, the law firm David Adler of McCarter & EnglishCelsius’s restructuring proposal that debtors may oppose expressed.
via social media in the statement Adler said Celsius had requested repayment of the loans, but contractually, such as returning the collateral to the borrowers. does not intend to fulfill its obligations stated. The debtors of this move to the opposition suggested that he might be exposed.