Celsius will return funds to creditors in BTC and ETH
If the court approves the proposal, asset conversion will begin on July 1
16.06.2023 - 07:15
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Celsius Network is opening the door to be able to swap altcoins into bitcoin and ether.
The debtors intend to, pending court approval, have the ability to swap all coins that aren't bitcoin and ether into those two cryptocurrencies, according to a filing on June 14. This would not affect tokens held in Withhold or Custody accounts, and the sales would start from July 1.
This conversion would not affect any creditor claims, the filing noted. The debtors would also try to maximize the currency conversion where possible.
The debtors noted that the overall plan will include paying out cryptocurrency to creditors in the form of bitcoin and ether, except for limited circumstances.
Updates on the token conversions will be included in the monthly Budget and Coin reports.
This material is taken from the website https://www.theblock.co.
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