For the greater good: New York judge allows Celsius to mine and sell Bitcoin
Chief Bankruptcy Judge Martin Glenn, Southern District of New York, has approved Celsius' application to manage mining operations and selling BTC as a way to restore financial stability.
New
Not even 24 hours after revealing a three-month cash forecast threatening total depletion of funds, a New York judge has allowed crypto lender Celsius Network to mine and sell Bitcoin (BTC) during its bankruptcy.
Since July 2022, Celsius Networks has been in the crosshairs of US officials after reports of bankruptcy surfaced, risking the live savings of many crypto investors being lost.
Last week many got angry with me for saying that @CelsiusNetwork would run out of money and that solutions needed to be implemented faster. I was told I didn't understand Chapter 11. They have now confirmed they have no money left by October. https://t.co/CyzjgKpId7 pic.twitter.com/vBIRIGEmG2
— Simon Dixon (Beware of Copycats) (@SimonDixonTwitt) August 15, 2022During the second day of hearing, Chief Bankruptcy Judge Martin Glenn of the Southern District of New York approved Celsuis' request to handle BTC mining and selling operations as a means restore financial stability.
However, Glenn raised concerns about the immediate profitability of mining BTC, as he rightly pointed out the high initial investments needed to set up mining infrastructure.
Today, alongside the Unsecured Creditors Committee (UCC), comprised primarily of customers, the U.S. Trustee and a number of other key parties, we participated in the second day hearing where we continued the dialogue around Celsius' efforts to maximize value for our community.
— Celsius (@CelsiusNetwork) August 17, 2022The recent...
Chief Bankruptcy Judge Martin Glenn, Southern District of New York, has approved Celsius' application to manage mining operations and selling BTC as a way to restore financial stability.
New
Not even 24 hours after revealing a three-month cash forecast threatening total depletion of funds, a New York judge has allowed crypto lender Celsius Network to mine and sell Bitcoin (BTC) during its bankruptcy.
Since July 2022, Celsius Networks has been in the crosshairs of US officials after reports of bankruptcy surfaced, risking the live savings of many crypto investors being lost.
Last week many got angry with me for saying that @CelsiusNetwork would run out of money and that solutions needed to be implemented faster. I was told I didn't understand Chapter 11. They have now confirmed they have no money left by October. https://t.co/CyzjgKpId7 pic.twitter.com/vBIRIGEmG2
— Simon Dixon (Beware of Copycats) (@SimonDixonTwitt) August 15, 2022During the second day of hearing, Chief Bankruptcy Judge Martin Glenn of the Southern District of New York approved Celsuis' request to handle BTC mining and selling operations as a means restore financial stability.
However, Glenn raised concerns about the immediate profitability of mining BTC, as he rightly pointed out the high initial investments needed to set up mining infrastructure.
Today, alongside the Unsecured Creditors Committee (UCC), comprised primarily of customers, the U.S. Trustee and a number of other key parties, we participated in the second day hearing where we continued the dialogue around Celsius' efforts to maximize value for our community.
— Celsius (@CelsiusNetwork) August 17, 2022The recent...
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