Court confirms Celsius bankruptcy exit plan, $2B in crypto to go to creditors

Celsius declared personal bankruptcy in July 2022. Its Celsius CEO Alex Mashinsky was jailed in July 2023 on charges of securities scams, commodities scams and wire fraud.

The Celsius insolvency plan has been approved. The path is now clear for clients to see some of their funds returned and get shares in the reorganized company, which will be called NewCo.Judge Martin Glenn of the Southern District of New York Bankruptcy Court issued a verification on Nov. 9 of the personal bankruptcy plan approved by Celsius lenders overwhelmingly on Sept. 27. Related: Judge denies stakeholders demand for representation in Celsius insolvency caseNewCo will expand existing mining operations of former crypto lender Celsius.

The Celsius insolvency strategy has been approved. The path is now clear for customers to see some of their funds returned and receive shares in the restructured company, which will be called NewCo.Judge Martin Glenn of the Southern District of New York Bankruptcy Court released a verification on Nov. 9 of the personal bankruptcy plan authorized by Celsius lenders overwhelmingly on Sept. 27. Related: Judge rejects stakeholders demand for representation in Celsius personal bankruptcy caseNewCo will expand existing mining operations of former crypto lending institution Celsius.