Bitcoin News Official TheBitTimes.com

Dixon called for creditors to fight to get out of the bankruptcy proceedings before BTC and ETH prices hit the estimated number to avoid another rug pull by the crypto lender. Bankrupt crypto lender Celsius is battling a Chapter 11 bankruptcy with billions of dollars in claims made by various parties. A new estimate by the Bank of the Future (BF) suggests that the troubled crypto lender could likely repay the USD claims if the price of Bitcoin and Ether, the two assets that the firm holds, doubled from its current price . Simon Dixon, the founder of Bank of the Future, a crypto-centered investment firm tweeted the estimated price BTC and ETH would need to reach for Celsius to repay all their USD claims and keep all other assets. Based on the final deal with Fahrenheit group which won the bid to acquire the assets of Celsius in May, if the BTC price touches $54,879 and the ETH price reaches $3,750, Celsius could repay all the claims from the price appreciation of both the assets. ...

Eligible creditors will not be able to withdraw their funds from Celsius unless they update their accounts with AML and KYC data. Bankrupt cryptocurrency lending firm Celsius had come up with a withdraw al process for users who had their crypto in its custody when it stopped withdraw als in June 2022. Celsius released an official update on upcoming withdrawals on Jan. 31, providing the list of users that will be eligible to withdraw approximately 94% of eligible custody assets. The firm laid out the process in a 1,411-page court filing with the United States Bankruptcy Court for the Southern District of New York, listing the full names of all the eligible users alongside the type and amount of debted crypto assets. Celsius stressed that eligible users will be asked to update their Celsius account with certain required information prior to any withdrawals being processed. The requested information includes customer data related to Anti-Money Laundering and Know Your Customer policies ...