Embattled crypto lender Celsius wants to start repaying customers by year-end
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 ...