celsius network

A US bankruptcy judge has approved cryptocurrency lender Celsius Network's pivot to bitcoin mining, ruling that the company could deviate from a previously approved bankruptcy plan because creditors and customers were no worse off under the new restructuring.US bankruptcy judge Martin Glenn in Manhattan on Wednesday said the bankruptcy plan approved in November contained enough flexibility to allow Celsius to switch to a backup plan after it hit a road block with the US Securities and Exchange Commission. Elevate Your…

The co-founder and former CEO of the defunct cryptocurrency exchange Celsius was arrested on fraud charges Thursday, Bloomberg reported.Crypto Exchanges Restrict WithdrawalsAlex Mashinsky, 57, was also charged with attempting to manipulate cryptocurrency markets, per Bloomberg. The Department of Justice accused Mashinsky and Roni Cohen-Pavon, Celsius’ chief revenue officer, of ​​a, “years long scheme to mislead customers,” according to Coindesk. The Securities and Exchange Commission (SEC) sued the company and Mashinsky…

A court-appointed investigator said that Celsius’ ex-CEO Alex Mashinsky had sold over $68 million worth of the network’s native CEL token since 2018, all while the network was using customer funds to prop up CEL’s price.Photo: Kevin McGovern (Shutterstock)Before it eventually imploded, the crypto lender Celsius Network promised users it would not be any regular bank—no, it would be bigger than a bank—and users could “unbank” themselves by funneling some of their funds to Celsius. Users would gain interest while Celsius…

New York's attorney general on Thursday sued Celsius Network founder Alex Mashinsky, claiming he defrauded investors out of billions of dollars in digital currency by concealing the failing health of his now-bankrupt cryptocurrency lending platform. Mashinsky persisted in promoting Celsius as a safe alternative to banks, paying interest as high as 17% on deposits, while concealing hundreds of millions of dollars of losses in risky investments, according to a complaint filed by the attorney general, Letitia James. The…

Turmoil in the cryptocurrency industry has rattled major exchanges and sent the value of digital assets tumbling, but at least one group stands to gain: bankruptcy lawyers. Turmoil in the cryptocurrency industry has rattled major exchanges and sent the value of digital assets tumbling, but at least one group stands to gain: bankruptcy lawyers. High-profile bankruptcies involving crypto exchange FTX, hedge fund Three Arrows Capital and crypto lenders BlockFi, Celsius Network and Voyager Digital Ltd are generating new…

The collapsed cryptocurrency exchange FTX remains the subject of "an active and ongoing investigation" by Bahamian authorities, Bahamian Attorney General Ryan Pinder said, as he praised the Bahamas' regulatory regime and swiftness with which it responded to the crisis. FTX, which had been among the world's largest cryptocurrency exchanges, is headquartered in the Bahamas. The firm, whose liquidity crunch forced the company to declare bankruptcy on November 11, is the subject of investigations by Bahamian and US…

Beleaguered cryptocurrency platform FTX filed for bankruptcy protection Friday, and Chief Executive Sam Bankman-Fried resigned.FTX and a bevy of affiliates said they had more than 100,000 creditors and tens of billions of dollars in assets and liabilities. It is the largest crypto-related bankruptcy ever, and a demise remarkable for its swiftness as well as its size. Just a week ago, FTX was an industry titan, and Mr. Bankman-Fried its smiling public face. In January, FTX raised money from…

Crypto exchange Coinbase Global Inc cut over 60 jobs in its recruiting and institutional onboarding teams, a spokesperson said, at a time when pummeled digital coins risk another contagion in the sector and bigger rival FTX inches closer to a collapse. The job cuts, the second time this year, follow a week after "crypto market headwinds" contributed to Coinbase's net loss of $544.6 million for the three months ended Sept. 30, compared to a profit of $406.1 million a year ago. The job cuts will help operate as efficiently…

NYDIG, the bitcoin trading and banking firm, laid off about a third of its workforce last month, people familiar with the matter said. Company executives informed employees affected by the job cuts, which numbered around 110, on Sept. 22, the people said. Employees were told the firm was seeking to trim expenses and narrow its focus to more-promising businesses, the people said. The cutbacks came less than two weeks before NYDIG announced publicly that it had replaced its…

Vermont regulators alleged that bankrupt crypto platform Celsius Network LLC, through its chief executive, Alex Mashinsky, made false and misleading claims to investors about the firm’s financial health even as it suffered huge losses. The court papers filed earlier this week cited an analysis by securities regulators from multiple states into Celsius’ preliminary internal financial records. The... Vermont regulators alleged that bankrupt crypto platform Celsius Network LLC, through its chief…