Celsius Network Users Withdraw $21.2 Million – What’s Next For Crypto Investors?
- Celsius Network has provided the court with a brief update on its withdrawal process for some eligible users and mining.
- Celsius has sought to reassure its users that it is taking steps to address the situation.
Celsius Network has provided the court with a brief update on its withdrawal process for some eligible users and mining. The company has handled approximately $21.2 million in completed and pending withdrawals since certain margin account users were allowed to reopen their accounts.
Additionally, the firm has improved margins and its gross profit due to higher bitcoin prices and increased deployment since January.
The announcement comes as Celsius Network continues to navigate Chapter 11 bankruptcy proceedings. Judge Glenn has granted the company three more weeks to submit its Chapter 11 plan. This follows news that despite an earlier bid from NovaWulf, Celsius is still open to other bids.
Celsius Network has been embroiled in controversy as it seeks to address the fallout from the bankruptcy of its parent company, Celsius Holdings. The firm has been accused of mismanaging customer funds and failing to provide adequate information about its financial health.
In response to these allegations, Celsius has sought to reassure its users that it is taking steps to address the situation. The company has implemented new security measures and improved its withdrawal process in an effort to regain the trust of its customers.
Celsius still faces significant challenges as it seeks to emerge from bankruptcy. The company will need to address the concerns of its creditors and develop a sustainable business model in order to remain viable in the long term.
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