TechFlow news — Celsius Network, the crypto lending platform, plans to begin repaying customer funds by the end of this year. The plan involves providing NewCo with $450 million in seed funding and partially repaying creditors using $2.03 billion worth of Bitcoin, Ethereum, and equity in the new company.
The new company has backing from certain firms within the consortium Fahrenheit LLC, which will manage mining and staking operations.
Judge Martin Glenn approved the restructuring plan, though it still requires approval from securities regulators. While most creditors support the proposal, some have raised objections.
Celsius stated that over 95% of voting account holders supported the debtors’ plan. If fully approved, Celsius would become the first crypto platform to emerge from Chapter 11 bankruptcy since 2022.
