Embattled Crypto Lender Celsius Receives Court Approval to Mine and Sell Bitcoin (BTC).
Embattled crypto lender Celsius Network has reportedly been given the green light to mine and sell Bitcoin (BTC) amid bankruptcy proceedings.
Reuters reports that Martin Glenn, Chief Justice of the US Bankruptcy Court for the Southern District of New York, has allowed Celsius to engage in bitcoin mining despite concerns about its recent struggles.
Celsius has previously argued that Bitcoin mining is vital to its restructuring efforts. One of the company’s lawyers, Ross Kwasteniet, said he was optimistic that the crypto lender would turn a profit once investments were made for the mining operation.
Although Celsius was permitted to mine and sell BTC, it was not cleared to sell its other assets.
Glenn says Celsius has been unclear about what assets it intends to divest, only recently revealing that it includes equity and debt investments in other crypto companies worth $210 million. Payments company Ripple is reportedly interested buy assets owned by the ailing company.
Glenn’s decision comes amid reports alleging that Celsius traded hundreds of millions worth of Bitcoin at a price prior to filing for bankruptcy Loss when its CEO, Alex Mashinsky, took control of the company’s trading strategy.
Celsius and Mashinsky face other legal issues as well. The Department of Financial Protection and Innovation of California (DFPI) recently issued one refrain and refrain from ordering Noting that the company used deceptive marketing tactics and sold unauthorized securities in its jurisdiction.
A committee representing Celsius users is currently running one detection on Mashinsky’s alleged misconduct.
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