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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...