Bankrupt crypto lender Celsius Network on Thursday, filed a request for sale of its stablecoin holdings, in a bid to generate liquidity to fund its operations.
The New Jersey-based company intends to sell their current
and any future stablecoins it may receive, as needed, to fund its Chapter 11
cases, according to a court document.
The request was filed with the United States Bankruptcy
Court Southern District Of New York and a hearing is scheduled on Oct. 6 to
discuss the proposed sale, the document showed.
Celsius had filed for bankruptcy in New York in July, after
it froze withdrawals, citing “extreme” market conditions.
Celsius currently owns 11 different forms of stablecoin, for
a total of about $23 million.
Major crypto lenders have faced a rocky year, as the popular
terraUSD and luna tokens collapsed in May that caused huge losses for several
major industry players.
U.S. crypto lender Voyager Digital Ltd also filed for
bankruptcy in July.
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