Celsius Network is undergoing a transformation, emerging as a Bitcoin mining entity to settle debts and move past bankruptcy.
The crypto lender, Celsius Network, received judicial consent to morph into a Bitcoin mining business as a strategy to repay customers. This change is designed to resolve the frozen funds dilemma faced by account holders for more than a year.
A U.S. Bankruptcy Court in New York endorsed this plan last Thursday, marking a significant change in direction post-financial turmoil for Celsius. The company's spokespersons hint at starting to return assets by the beginning of the next year.
Endorsed by its creditors, the company's plan charts a course out of Chapter 11 bankruptcy, overshadowing previous allegations of mismanagement against some former executives.
Yet, some customers view the pivot to Bitcoin
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First found on: Celsius Network Shifts to Bitcoin Mining to Resolve Bankruptcy and Repay Customers
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