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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Cryptocurrencies

Cryptocurrencies

Crypto lender Celsius chooses Fahrenheit’s bankruptcy departure.

Celsius Network logo and representations of cryptocurrencies are seen in this illustration taken, Ju... Celsius Network logo and representations of cryptocurrencies are seen in this illustration taken, June 13, 2022. REUTERS/Dado Ruvic/Illustration
Celsius Network logo and representations of cryptocurrencies are seen in this illustration taken, Ju... Celsius Network logo and representations of cryptocurrencies are seen in this illustration taken, June 13, 2022. REUTERS/Dado Ruvic/Illustration

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On Thursday, bankrupt crypto lender Celsius Network LLC chose Fahrenheit’s proposal to manage a new firm its creditors own to exit bankruptcy.

Celsius said Fahrenheit, a coalition including blockchain-based venture capital firm Arrington Capital, will fund, manage, and run NewCo.
“Under the Plan, Celsius’ account holders will own 100% of the new equity in NewCo,” it said, adding that creditors will majority-appoint NewCo’s board.

New Jersey-based Celsius recently unveiled a backup proposal with the Blockchain Recovery Investment Consortium (BRIC), a holding company affiliated with the Winklevoss-owned Gemini Trust.

Celsius was one of several crypto lenders that failed during COVID-19.
The company auctioned its crypto lending and bitcoin mining businesses to avoid insolvency on April 22.

It delayed NovaWulf’s consideration of Fahrenheit and BRIC, a holding business owned by the Winklevoss-owned Gemini Trust.


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