Celsius to Poll Customers on Launching New User-Owned Company
- Bankrupt crypto lender plans new creditor-owned company
- Federal judge notes risks tied to planned Celsius restart
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Bankrupt crypto lender Celsius Network LLC won court permission to start polling account holders on its proposal to restart as a new user-owned company and distribute an estimated $2 billion of Bitcoin and Ether.
US Bankruptcy Judge Martin Glenn said Monday he’d allow Celsius to begin sending ballots to account holders alongside other voting materials meant to provide a plain-language explanation of the company’s plan to repay customers. Glenn said his approval is contingent upon company advisers providing additional information about the volatility of the crypto industry and challenges that could hinder Celsius’ crypto mining operation.