Celsius granted court approval to convert altcoins into Bitcoin and Ethereum

Bankrupt crypto lender Celsius Network has been authorized by the bankruptcy tribunal to merchantability each of its altcoins for Bitcoin (BTC) and Ethereum (ETH), effectual tomorrow, July 1, arsenic stated successful a June 30 tribunal filing.

“[Celsius] whitethorn merchantability oregon person immoderate non-BTC and non-ETH cryptocurrency, crypto tokens, oregon different cryptocurrency assets different than specified tokens that are associated with Withhold oregon Custody accounts (collectively, the “Altcoins”) to BTC oregon ETH commencing connected oregon aft July 1, 2023.”

The bankrupt crypto steadfast revealed that it held discussions with the Securities and Exchange Commission (SEC) owed to the caller regulatory actions that classified respective integer assets, including MATIC, SOL, ADA, and more, arsenic securities.

Following these discussions, Judge Martin Gleen approved Celsius to “use commercially tenable efforts to maximize the worth of the Altcoins to beryllium sold oregon converted to BTC oregon ETH.”

The Court besides ordered the bankrupt steadfast to taxable a monthly “Budget and Coin Report” showing the fig of Altcoins converted to BTC and ETH, adding that Celsius tin lone administer cryptocurrencies to creditors successful the apical 2 cryptocurrencies alone.

Data from Arkham Intelligence showed that Celsius holds a important magnitude of “altcoins” worthy $187.04 million, including assets specified arsenic BNB, Celsius, MATIC, FTT, AVAX, and others.

Source: Arkham Intelligence

Meanwhile, the lender besides holds $409.03 cardinal worthy of BTC and ETH.

The station Celsius granted tribunal support to person altcoins into Bitcoin and Ethereum appeared archetypal connected CryptoSlate.