News

Celsius Network Users Withdraw $21.2 Million – What’s Next For Crypto Investors?

Key Points:

  • 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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Qubetics Raises $2M: Can It Rival Ripple’s Speed and Binance’s Reach as the Best Crypto Bet of November 2024?

In this landscape, Qubetics ($TICS) has turned heads by raising $2 million in its Presale…

1 hour ago

The $100 Bet: Qubetics at $0.0212 Could Hit $70K, Amid Binance’s Market Impact and Cardano’s Resilience!

Amidst the heavyweights like Binance (BNB) and resilient competitors like Cardano (ADA), Qubetics ($TICS) is…

4 hours ago

Federal Reserve Bitcoin Proposal as Lummis Suggests Selling Gold

Senator Lummis’s Federal Reserve Bitcoin Proposal urges the Fed to sell some gold reserves and…

5 hours ago

Pennsylvania Proposes a Bitcoin Reserve to Recognize BTC’s Value

Pennsylvania proposes a Bitcoin Reserve, aiming to hold BTC as a state reserve asset to…

5 hours ago

For Those Who Missed Avalanche: Qubetics Best Crypto Presale at $0.0212 Offers a Second Chance to Profit Big

Let’s dive into why Qubetics might just be the investment to settle those Avalanche regrets.

6 hours ago

This website uses cookies.