Celsius Creditors Move to Block Company From Selling Mined Bitcoin

Aug 12,2022
KingData News: Celsius Network’s unsecured creditors have been pressing the company on “potential misconduct by Celsius and its insiders.” During a hearing in the Chapter 11 bankruptcy proceeding today, the committee moved to block Celsius’s attempts to sell some of its mined cryptocurrency. Attorneys representing the committee wrote in a court filing that they first need more insight into how selling Celsius’s mined Bitcoin will be carried out and how the proceeds from the sale will be used.
On June 13, digital asset lending platform Celsius Network announced that it would suspend all withdrawals, swaps and transfers between accounts due to extreme market conditions. On the same day, Etherscan data showed that Celsius transferred a total of approximately 111,815 ETH to FTX over the last three days. This indicator provides a real-time tracking of Celsius' funding crisis.