Cryptocurrency News Today TheBitTimes.com

Key takeaways Celsius is seeking court approval to start repaying customers in the coming weeks.  The company will repay its creditors using Bitcoin and Ethereum and stock in the new company. Celsius seeks to start repaying customers soon Embattled crypto lender Celsius Network is seeking court approval to start repaying its customers by the end of the year. The company informed a judge during an October 2 heading for its reorganisation plan.  #Celsius will distribute at least $2.03B of crypto to Creditors. Meanwhile, NewCo will be seeded with up to $450 million in crypto. — Celsius NewCo Community (@CelsiusNewCo) October 2, 2023 Celsius’ legal counsel, Christopher Koenig, told the court that the new company, called NewCo, is set to emerge from the proceedings with $450 million in seed funding. The cryptocurrency lender is now looking to partially repay its creditors using $2.03 billion in Bitcoin and Ethereum and stock ...

The SEC recently filed an objection to crypto lender Celsius Network’s reorganization plan, citing issues with Celsius’ proposed deal with Coinbase. The deal could involve services at the center of the SEC’s existing lawsuit against Coinbase, the regulator argued. In the September 22nd bankruptcy court filing, the SEC took issue with aspects of the latest Celsius plan revision that remain under seal. The plan apparently includes a distribution services agreement with Coinbase. Also read: Justin Sun Reveals $8 Million ETH Heist on Crypto Exchange HTX Coinbase faces SEC lawsuit over alleged unregistered securities offering The SEC claims the arrangement may have Coinbase providing services deemed unregistered securities in the regulator’s June lawsuit against the exchange. The SEC lawsuit alleges Coinbase unlawfully offered crypto staking rewards and lending products deemed securities. Coinbase CLO Paul Grewal maintains the exchange is “pr...