Celsius Network Files Lawsuit to Recover $150M from StakeHound
Insolvent cryptocurrency lender Celsius Network has filed a lawsuit against staking platform StakeHound for allegedly failing to return $150 million worth of Celsius’s tokens. Celsius placed 40 million Polygon (MATIC), 66,000 Polkadot (DOT), 25,000 staked native Ether, and 35,000 Ether (ETH), according to a court filing. Celsius emphasized that the total value of these tokens […]
Celsius to convert altcoins to BTC, ETH in updated bankruptcy plan
Judge Martin Glenn of the US Bankruptcy Court has permitted Celsius Network to convert all its cryptocurrencies into Bitcoin and Ethereum. This decision starts liquidating altcoins, excluding Bitcoin and Ethereum, for the bankrupt cryptocurrency lender. Judge Martin Glenn, from the Southern District of New York, ruled, allowing the bankruptcy procedures to proceed. The liquidation of […]
Celsius Opens Door to Swap Altcoins for Bitcoin, Ether
The Celsius Network has announced its plans to simplify converting all cryptocurrencies into Bitcoin and Ethereum, starting from July 1, 2023. The network aims to enhance accessibility to these prominent cryptocurrencies by allowing the conversion of alternative cryptocurrencies. A court document filed on June 14 revealed this information. However, it is essential to note that […]
Banq Goes Bankrupt Amid Parent Company’s Crisis
Banq, a crypto custodian Prime Trust subsidiary, has filed for bankruptcy in the Nevada District Court. Prime Trust, Banq’s parent company, is attempting to conclude an acquisition with BitGo after experiencing a financial crisis due to the Celsius bankruptcy. Banq also accuses its former executives of stealing its trade secrets and assets to launch rival NFT […]
Paxful to reimburse lost Celsius funds to Earn users
Due to the collapse of Celsius Network, peer-to-peer marketplace Paxful will reimburse customers of its Earn program. According to a tweet from firm CEO Ray Youssef on March 29, cryptocurrency marketplace Paxful will reimburse customers of its Earn program who were impacted by the Celsius Network failure in 2022. Youssef said, “I’ve personally taken action […]