celsius network

Cryptocurrency lender Celsius Network said bitcoin mining is key to the company's restructuring efforts at a US bankruptcy court hearing recently in Manhattan. New Jersey-based Celsius received approval from US Bankruptcy Judge Martin Glenn to spend $3.7 million in construction costs at a new bitcoin mining facility and $1.5 million on customs and duties on imported bitcoin mining rigs. Patrick Nash, a lawyer for Celsius, told Glenn that bitcoin mining could provide a way for the company, which halted other business…

Celsius Network listed a $1.19 billion deficit on its balance sheet in a bankruptcy court filing, a day after the cryptocurrency lender filed for Chapter 11.New Jersey-based Celsius froze withdrawals last month, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market.In the filing at the U.S. Bankruptcy Court for Southern District of New York , Celsius also said it had $40 million in claims against Singapore-based Three Arrows Capital, a…

US crypto lender Celsius Network said on Wednesday it has filed for bankruptcy, becoming the latest victim in the cryptocurrency sector to wilt under a dramatic plunge in prices. New Jersey-based Celsius listed estimated assets and liabilities on a consolidated basis in the range of $1 billion to $10 billion, according to a court filing in the US Bankruptcy Court for Southern District of New York. Crypto lenders boomed during the Covid-19 pandemic, drawing depositors with high interest rates and easy access to loans…

The Financial Stability Board (FSB) said that it would propose "robust" global rules for cryptocurrencies in October, following recent turmoil in markets that has highlighted the need to regulate the "speculative" sector. The FSB, a body of regulators, treasury officials and central bankers from the Group of 20 economies (G20), has so far limited itself to monitoring the crypto sector, saying it did not pose a systemic risk. But recent turmoil in crypto markets has highlighted their volatility, structural vulnerabilities…

A former investment manager at Celsius Network sued the crypto lender on Thursday, saying it used customer deposits to rig the price of its own crypto token and failed to properly hedge risk, causing it to freeze customer assets. The complaint said Celsius ran a Ponzi scheme to benefit itself through "gross mismanagement of customer deposits," and defrauded the plaintiff KeyFi Inc, run by the former manager Jason Stone, into providing services worth millions of dollars and refusing to pay for them. Celsius had no…

Traders work on the floor of the New York Stock Exchange (NYSE) on May 5, 2015 in New York City.Photo: Spencer Platt (Getty Images)There’s no getting around it, June was a disastrous month for cryptocurrency.Though cryptocurrency prices have trended down for the better part of 2022,investors truly had the rug pulled out from under them in the past two months. With bitcoin prices in particular plummeting to values not seen since 2020, exchanges and lenders were forced to do something few expected. One after another, firms…

Cryptocurrency companies will need a licence and customer safeguards to issue and sell digital tokens in the European Union under groundbreaking new rules agreed by the bloc to tame a volatile "Wild West" market. Globally, crypto assets are largely unregulated, with national operators in the EU only required to show controls for combating money laundering. Representatives from the European Parliament and EU states thrashed out a deal late on Thursday on its Markets in Crypto-assets (MiCA) law. "Today we put order in the…

Crypto lending may not be down and out, but it's certainly on the ropes. Crypto lenders have boomed over the past two years, attracting tens of billions of dollars in bitcoin, ether and other coins which they in turn lent out or invested, often in decentralized finance (DeFi) projects with sky-high returns. But as crypto markets tumble, DeFi activity is being hit particularly hard, robbing lenders of their most lucrative returns and threatening to squeeze the whole sector - reaching far beyond Celsius Network, which…

BitOasis, a Middle East-focused cryptocurrency exchange based in the United Arab Emirates, said on Sunday it laid off nine of its staff, the latest company in the sector to cut jobs in the face of a downturn and market turmoil. The cryptocurrency market has been rocked by extreme volatility with crypto lender Celsius Network freezing withdrawals early last week as investors dumped risky assets on fears about aggressive Federal Reserve rate hikes to cool red hot inflation.Cryptocurrency exchange Coinbase Global Inc said it…

The price of bitcoin fell below $20,000 for the first time since late 2020 in a fresh sign that the selloff in cryptocurrencies is deepening. Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, dropping as much as 9% to less than $19,000, according to CoinDesk. The last time bitcoin was at this level was November 2020, when it was on its way up to its all-time high of nearly $69,000. Bitcoin has now lost more than 70 percent of its value since reaching that peak. Ethereum, another…