Celsius to give back 2B to customers


💡 Celsius approved to restore 67-85% of creditor assets.

Approval and Restructuring Plan: Celsius Network gained court approval for a restructuring plan. This includes creating a new company managed by Fahrenheit LLC, focusing on bitcoin mining and staking. The plan aims to return cryptocurrency to customers.

Financial Implications and Customer Repayments: The plan, set for completion by early 2024, involves repaying $2 billion in cryptocurrency to 600,000 customers. Customers will also receive equity in the new company, with CEL tokens valued at 25 cents each.

Future Prospects and Legal Challenges: The new company will prioritize cryptocurrency mining and staking, expecting substantial annual yields. However, legal challenges persist, particularly against founder Alex Mashinsky over allegations related to CEL token manipulation. Mashinsky has pleaded not guilty. Read more

☕️ On today's Top Picks:

  1. 🥷 Poloniex from Justin Sun Hacked for 125M
  2. 🪨 Blackrock registers Ethereum Trust in Delaware
  3. ⚫️ OKX deletes a video speculated to be related to LayerZero token
  4. 📈 FTT pumps on potential FTX restart

Read time: 6 minutes

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🛡 Security and Exploits

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