Celsius | FinTelegram News

Tag: Celsius

February 2, 2024

Celsius Network Initiates $3 Billion Payout in Historic Bankruptcy Exit Strategy!

The collapsed crypto enterprise Celsius Network has embarked to emerge from bankruptcy, announcing the initiation of a $3 billion payout plan after officially resolving its Chapter 11 bankruptcy. This strategic decision came after a New York judge greenlighted Celsius's restructuring proposal in November 2023, marking a pivotal step towards repaying its customers' assets. The Plan includes the creation of a new Bitcoin mining company, Ionic Digital.

January 22, 2024

Terraform Labs Declares Bankruptcy Amid Legal Troubles and the Expected Next Bull Run!

Terraform Labs, the crypto company behind the infamous Terra-Luna stablecoin scheme, filed for bankruptcy in the U.S. This development follows the dramatic collapse of the scheme in May 2023, leading to a loss of $40 billion in value of the crypto sector. The Terra-Luna collapse ended the 2020 crypto hype and triggered a wave of bankruptcies, including Three Arrows Capital (3AC), Celsius, Voyager Digital, and FTX.

January 3, 2024

FTX Bankruptcy Saga: A Legal Labyrinth That Could Outlast the Next Crypto Bull Run Amid Controversial Legal Decisions!

The prolonged legal battles surrounding the bankruptcy of FTX highlight that the resolution process could extend beyond the duration of the next anticipated crypto bull run. According to Alan R. Rosenberg, a Markowitz Ringel Trusty & Hartog partner, the FTX case is poised to be more protracted than other crypto bankruptcies like Celsius and BlockFi, primarily due to the complex clawback claims being pursued.

October 8, 2023

Crypto Jail Time: Arrest Of Three Arrows Capital Founder Su Zhu Confirmed!

Rumors that Su Zhu, the co-founder of the collapsed and bankrupt crypto hedge fund Three Arrows Capital (3AC), was arrested in Singapore due to his non-compliance with a Singapore court were confirmed. He was ordered to cooperate in the liquidation investigation, which he didn't. Thus, Zhu has been sentenced to a four-month prison term. 3AC was part of the crypto hype between 2020 and 2021 before it collapsed, like many others.

September 26, 2023

Strange: US regulator SEC Objected To Repayment Plan Of Bankrupt Crypto Lender Celsius Network!

The U.S. SEC has raised concerns over the reorganization plans of the collapsed crypto scheme Celsius Network, citing its ongoing legal battle with crypto exchange Coinbase. On September 22, the SEC voiced its reservations to the U.S. Bankruptcy Court regarding Celsius' fourth restructuring proposal. Coinbase Chief Legal Officer Paul Grewal took to Twitter to publicly challenge the SEC's view.

August 10, 2023

Financial Watchdogs: FinTechs And Neobanks Under Regulatory Scrutiny As Money-Laundering Avenue!

In 2007, the European Union introduced a directive promoting payment service providers as a competitive alternative to traditional banks. However, in the post-Wirecard era, where the German financial watchdog BaFin faced criticism for its oversight, there's a renewed focus on regulating these entities. The rationale is clear: FinTechs and neobanks are increasingly seen as potential avenues for money laundering.

July 14, 2023

Former CEO Of Bankrupt Crypto Scheme Celsius Networks Arrested On Fraud Charges

In a significant development, U.S. prosecutors have charged Alexander Mashinsky, 57, the former CEO of Celsius Network, with defrauding customers and providing misleading information about the company's operations. He has pleaded not guilty and was released on a $40 million bond. His attorney, Jonathan Ohring, stated that Mashinsky vehemently denies the allegations and looks forward to a robust defense in court.

Crypto

February 2, 2023

Interesting Interview: AI-Based Crypto Predictions For The Coming Years!

Over the past few weeks, the crypto segment has rebounded after a disastrous 2022, which saw the implosion of crypto prices due to the collapse of the large crypto schemes Luna/Terra, Three Arrows Capital (3AC), Celsius, Voyager, and FTX. The Bitcoin price has increased by about 50% from $15,800 to $23,800 since November 2022. Is this just a brief flare-up or the beginning of a new cycle? We asked ChatGPT about the prevailing analyst opinion and received the following response.

January 7, 2023

Crypto Court Season: Disgraced Celsius Founder Alex Mashinsky Sued For Crypto Fraud!

She did it again! She is famous for going after crypto schemes and their operators. New York Attorney General Letitia James filed a civil lawsuit against Celsius Network founder Alex Mashinsky, alleging that he defrauded investors out of billions of dollars with his crypto lending scheme by hiding its true financial situation. Mashinsky allegedly continued to promote Celsius as a safe alternative to banks and paid up to 17% interest on deposits while already deep in shit!

Crypto

July 21, 2022

Coinbase Shares Jump After Announcement Of Non-Exposure To Collapsed Crypto Schemes

Coinbase “had no financing exposure” to collapsed crypto schemes Celsius Network, Three Arrows Capital (3AC), and Voyager Digital, the company said in a blog post. Each firm filed for bankruptcy protection after the Terra-Luna implosion set off a cascade of liquidations in highly leveraged positions. Coinbase shares climbed more than 14% following the statement. The company’s stock has plunged roughly 70% since the start of 2022.

July 14, 2022

Expected! Crypto Lender Celsius Initiated Chapter 11 Bankruptcy Proceedings!

This move was expected. The collapsed crypto lender Celsius Network announced that it initiated voluntary Chapter 11 proceedings to restructure and stabilize its business "that maximizes value for all stakeholders." To implement the restructuring, the Company and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.

July 13, 2022

Crypto Lender Celsius Network Allegedly ‘Deeply Insolvent’!

The collapsed crypto lender Celsius Network “is deeply insolvent,” alleged the U.S. state of Vermont’s Department of Financial Regulation (DFR), noting that the lender lacks the assets and liquidity to honor its obligations to account holders and other creditors. DFR has joined a “multistate investigation” into the troubled crypto lender and issued a warning. Besides Three Arrows Capital (3AC) and Voyager Digital, Celsius is one of the big crypto schemes that imploded in the Crypto Winter environment.

Circle Joins U.S.-Led Initiative to Combat Illicit Finance in Virtual Assets!

Erik Rosenblatt, a senior leader at US stablecoin issuer Circle, will represent the company on the Illicit Virtual Asset Network (IVAN) board. Prior to joining Circle, Rosenblatt spent over two decades as a special agent with the U.S. Department of Homeland Security and the U.S. Department of the Treasury. As part of IVAN, Circle will have a voting role in determining the network's priorities and membership.

Evil Corp: A Comprehensive Report on Russia’s Family-Driven Cybercriminal Organization!

The U.S. Department of Justice and Department of Treasury have taken significant action against Evil Corp, a Russia-based cybercriminal group responsible for developing and distributing malware that has stolen over $100 million from banks and financial institutions across 40 countries. Evil Corp appears to operate as a family enterprise, with multiple family members involved.

Good News For Crypto: SEC Enforcement Director Gurbir S. Grewal Steps Down After Impactful Tenure!

The U.S. Securities and Exchange Commission (SEC) is set to experience a significant leadership change as Enforcement Director Gurbir S. Grewal announces his departure. Grewal oversaw a period of heightened regulatory activity specifically targeting the crypto sector. Under his leadership, the SEC Filed high-profile lawsuits against major cryptocurrency exchanges, including Binance and Coinbase.

U.S. DOJ Indicted Russian Hacker and Evil Corp Member Aleksandr Viktorovich Ryzhenkov!

The U.S. DOJ unsealed an indictment charging Russian national Aleksandr Viktorovich Ryzhenkov with using the BitPaymer ransomware variant to attack numerous victims in Texas and throughout the U.S. and hold their sensitive data for ransom. According to the indictment, beginning in at least June 2017, Ryzhenkov allegedly gained unauthorized access to the information stored on victims’ computer networks.

Starling Bank Slammed with £29M Fine for ‘Shockingly Lax’ AML Controls, Exposing UK Financial System to Criminals!

The UK neobank Starling Bank has been fined £29 million by the UK FCA for opening accounts for high-risk customers and failing to screen against full sanctions lists. Its rapid expansion outpaced its compliance measures, leaving significant gaps in its AML framework. Starling grew from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures to tackle financial crime did not keep pace with its growth.