Celsius Network To Convert Altcoins Into BTC
Celsius Network’s intention to convert its cryptocurrencies into Bitcoin has been accepted by the United States Bankruptcy Court for the Southern District of New York.
Judge Martin Glenn granted the ruling, and the liquidations will clear the way for the monies to be distributed to creditors in the near future.
After discussions between Celsius and the Securities and Exchange Commission (SEC), the plan was officially authorised. As per the bankruptcy judge’s ruling, the troubled lender is authorized to:
“Sell or convert any cryptocurrency assets, excluding tokens associated with Withhold or Custody accounts, into BTC or ETH starting from July 1, 2023.“
(With inputs from Shikha Singh)
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