How did Celsius Network emerge from bankruptcy?

HOBOKEN, N.J., January 31, 2024--Celsius Network LLC ("Celsius" or the "Company") announced today that it has successfully emerged from bankruptcy by completing the transactions under its confirmed plan of reorganization (the "Plan").

What is Celsius bankruptcy?

Celsius Bankruptcy was one of the biggest jolts that shocked the global crypto market. However, the company went on to file for Chapter 11 bankruptcy on July 13 after trying to return loans. Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs.

What happened to Celsius's bitcoin?

This week, the federal court presiding over Celsius’ bankruptcy proceedings approved the firm’s resumption of selling its mined bitcoin (BTC) to help pay operating costs. In July, Celsius mined $8.7 million worth of bitcoin, but the company’s operational and capital costs for the month exceeded those earnings.