NY Judge Allows Celsius to Sell the Bitcoin it Mines
Celsius Network’s financial projection shows that it is likely to run out of cash by October, but the lending firm witnessed a breakthrough. A New York judge has approved Celsius’ request to sell Bitcoin that it mines as it undergoes bankruptcy. While the process is expected to reinstate financial stability for the beleaguered platform.
On the second day of the hearing, the Judge, nevertheless, said he would respect Celsius’ business decision and allow it to proceed. The crypto lender, on multiple occasions, had reaffirmed that Bitcoin mining remains one of the crucial focus areas in its restructuring process. However, the latest approval is limited to mining and selling the mined BTC. As such, the court has prohibited Celsius from selling equity or debt investments in other crypto firms and required the crypto lender to reveal relevant data about the assets in advance.
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