Celsius Will Begin Selling Altcoin Portfolio Into BTC and ETH

Bankrupt cryptocurrency lender Celsius has been granted permission to begin liquidating its digital currencies into Bitcoin (BTC) and Ether (ETH).

This will happen before distributions are made to creditors, who expect to receive their assets denominated only in the top two cryptocurrencies by market cap.

• according to Bankruptcy Judge Martin GlennCelsius “may sell or convert any non-BTC and non-ETH cryptocurrency, crypto tokens, or other cryptocurrency assets other than tokens associated with abstinence or custodial accounts… into BTC or ETH starting on or after July 1, 2023,” Celsius said.
• The approval comes after the U.S. Securities and Exchange Commission (SEC) named a slew of top altcoins a name Unregistered securities In two major court cases in the field of cryptography.
• The filing stated that Celsius has been in contact with the SEC to “ensure that all such distributions are in full compliance with applicable state and federal laws and regulations.”
• A group of cryptocurrency investors called Farenheit won the auction to acquire Celsius assets last month. The consortium includes US Bitcoin Corp, Proof Group Capital Management LLC, Ravi Kaza and former CEO of Algorand Steven Kokinos, Coinbase.
• Celsius reported 1.7 million users failing last year, including 300,000 with balances over $100.