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Celsius Network is revamping into a Bitcoin mining company, promising customer repayments and an exit from bankruptcy .  Cryptocurrency lending platform Celsius Network has secured court approval to transition into a Bitcoin mining company owned by its creditors. This development is part of a comprehensive strategy to compensate account holders whose funds have been inaccessible for over a year. The confirmation of this strategy was announced by U.S. Bankruptcy Court in the Southern District of New York on Thursday. The approval signals a turning point for the company following its financial collapse last year. According to representatives for Celsius, the platform may commence asset distribution by early next year. BREAKING: THE PLAN HAS BEEN CONFIRMED. pic.twitter.com/SK1SwRDiUq — Celsius NewCo Community (@CelsiusNewCo) November 9, 2023 Celsius exiting Chapter 11 bankruptcy The company’s restructuring strategy, which garnered significant backing from its creditors,...

What was once a beacon of hope for cryptocurrency investors spiraled into a major financial fiasco. The crypto lender Celsius Network (CEL) that promised a new dawn in the decentralized finance (DeFi) movement collapsed in June 2022, sparking a wave of skepticism about the future of digital currency. A year later, we look back at the events that unfolded and assess what lies ahead for the crypto market. Born with the ambition to mimic traditional banking but with a crypto flavor, Celsius Network enjoyed a brief moment of success before facing insurmountable challenges.  At its peak, the company claimed to have 1.7 million users, managed assets worth $11.7 billion, and made loans exceeding $8 billion. Then came June 13, 2022. Citing “extreme market conditions,” Celsius Network decided to freeze all customer accounts. This unexpected move sent the price of bitcoin (BTC) and other cryptos into a tailspin, causing a ripple effect in the market.  Celsius’ fin...

This article is a summary of OKX Space, with excerpts from the editor. DCG has invested in the following major businesses: 1. Grayscale, the world’s largest bitcoin fund and the institution holding the most bitcoins. 2, Genesis, it is the world’s largest crypto lending service, its main business is also lending, but its lending is not our traditional sense of bank borrowing or credit card borrowing, its mainly through the complex collateral to provide users with token lending services. 3. Foundry, the world’s largest bitcoin mining pool. 4. CoinDesk, the world’s largest cryptocurrency media. This shows that DCG is indeed one of the largest cryptocurrency groups in the world. Back to why Genesis is in such big trouble, the logic is also very simple, the root cause is because it lent too much money to Three Arrows Capital and it has been having some unclear connections with Three Arrows Capital . Genesis lent a whopping $2.36 billion to Three Arrows Capital, with losses reaching $1.2 bil...