Celsius Network Gets Court Approval for Restructuring Plan to Repay Customers and Relaunch Under New Management
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Celsius Network received bankruptcy court approval for a restructuring plan to return crypto to customers and create a new company owned by creditors.
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The reorganized Celsius will be managed by a consortium including hedge fund Arrington Capital and will focus on bitcoin mining and blockchain staking.
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Celsius customers will receive a partial repayment of their deposited crypto assets, totaling about $2 billion.
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The restructuring plan values Celsius's CEL token at 25 cents, after an examiner found Celsius inflated its value.
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The new Celsius will pursue litigation against founder Alex Mashinsky, who faces criminal charges for allegedly misleading customers.