Celsius Creditors Move to Block Company From Selling Mined Bitcoin #togrp7
Celsius Network’s unsecured creditors have been pressing the company on “potential misconduct by Celsius and its insiders.” During a hearing in the Chapter 11 bankruptcy proceeding today, the committee moved to block Celsius’s attempts to sell some of its mined cryptocurrency.
Celsius Mining is the Bitcoin mining subsidiary of Celsius Network, the embattled crypto lender that filed for bankruptcy on July 13. A day later, the mining operation joined its parent company in the bankruptcy filing. The company has previously said that it will use its mining operation to pay back creditors and clients. In fact, at the start of the proceedings in July, Celsius got approval from the judge to spend $5 million to jumpstart its mining operation.#togrp7