Celsius Network stated that bitcoin mining is the key to the cryptocurrency lender’s restructuring efforts as it received approval from a U.S. bankruptcy judge to spend $3.7 million in construction costs at a new bitcoin mining facility.
Celsius’ hearing was conducted at a U.S. bankruptcy court where U.S. Bankruptcy Judge Martin Glenn also approved $1.5 million on customs and duties on imported bitcoin mining rigs for Celsius.
The crypto lender’s lawyer for the hearing, Patrick Nash, made a statement to Glenn saying that bitcoin mining could обезбедити a gateway to repay customers whose assets were frozen prior to the firm’s bankruptcy filing.
„У свету где се крипто тржиште опоравља, рударски посао има потенцијал да буде прилично вредан“, рекао је Неш.
In its efforts to tackle bankruptcy and repay customers, Celsius also said – via a погурајте presentation posted on the firm’s bankruptcy website – that options might be provided “at the customers’ election, to recover either cash at a discount or remain ‘long’ crypto.”
The option to repay customers with less than they are owed in cash or ask them to remain as long-term crypto holders may sit in the hands of the crypto lender if it uses its bankruptcy case.
When the Chapter 11 court hearing opened on Monday, Celsius made a promise not to force customers to accept any repayment in US dollars or any other фиат цурренци.
On behalf of Celsius, Nash said that some users may choose to receive cash recoveries but that a “substantial majority” will wish to ride out the crypto winter by remaining “long crypto.”
However, Bloomberg reported that Celsius’ terms of service state that digital assets owned by users are “unsettled” and “not guaranteed” in the event of insolvency – meaning that those owners may be treated as unsecured creditors.
According to a report Blockchain.News, the crypto lender froze all withdrawals and transfers around a month ago, citing unfavourable market situations as the crypto market plunged, cutting off access to savings for individual investors.
Целзиус је оставио 1.7 милиона клијената у немогућности да откупе своју имовину замрзавањем повлачења и трансфера, што је навело државне регулаторе за хартије од вредности у Њу Џерсију, Тексасу и Вашингтону да истраже одлуку.
Према Ројтерсу, Целсиус је до 23,000. јула имао око 13 неотплаћених кредита зајмопримцима на мало. Додаје се да су зајмови износили 411 милиона долара покривених колатералом тржишне вредности од 765.5 милиона долара у дигиталној имовини.
Целзиус је 11. јула званично поднео захтев за банкрот у складу са поглављем 13 у америчком стечајном суду за јужни округ Њујорка. Међутим, дефицит од 1.19 милијарди долара је наведен у билансу компаније следећег дана.
Целсиус се позиционирао на тржишту обећавајући више од 18% камате људима који депонују своје дигиталне новчиће. Заузврат, крипто зајмодавац је позајмио те новчиће, пренео је Блумберг.
Међутим, пословни модел крипто зајмодаваца је био под лупом након оштре распродаје крипто тржишта подстакнуте колапсом главних токена терраУСД и луна у мају.
The embattled crypto lender’s hope now hangs on its mining effort to help repair relationships with customers, but the company’s troubles do not end with its new bitcoin mining initiative as a group of equity investors have previewed a possible fight for control over the bitcoin operations. One of the investors’ lawyers, Dennis Dunne, has made an argument saying that the mined bitcoin should be the property of the UK subsidiary which helped in the operation instead of them being distributed for the benefit of all Celsius creditors.
More is yet to unfold as the crypto winter wages on and multiple crypto firms have either filed for bankruptcy or laid off employees.
Извор слике: Схуттерстоцк
Source: https://blockchain.news/news/celsius-says-bitcoin-mining-key-to-restructuring-efforts-repaying-debts