Celsius Network, which declared bankruptcy as a result of the major financial crises it experienced, received permission to mine Bitcoin (BTC) from the New York District Court in order to provide liquidity.
Celsius Network platform, which has been providing crypto money service struggling with major financial crises since July 2022, to ensure the flow of money. It has been granted permission to “mine Bitcoin” from the New York District Court. Thanks to this permission, Celsius Network is able to deal with the large amount of mining equipment it already has. Bitcoin will keep digging and will sell the proceeds and use it for the company’s financial condition and for the asset guarantees of its customers.
Another point noted in the court report is that if Celsius somehow fails to provide itself with liquidity In October, all his financial resources will be exhausted. and it will get into a complete financial stalemate. According to court documents, Celsius already has to pay its users. More than $2.8 billion has indebted deposits. In the first times when the crisis broke out, the company, which tried to provide money flow by selling the large amount of Bitcoin in its hands, had negative effects on the crypto money markets.
This mining permit, which was given by the New York District Court to ensure Celsius’ financial stability, seems to create a chance for the company. Although the crypto company has received permission to mine Bitcoin, this move may not be enough to pay off all debts. While the court process continues, Celsius Network new liquidity searches different alternatives are being evaluated.