celsius
Crypto lender Celsius Network announced that it has received several cash-injection offers as it tries to stay afloat during the bankruptcy process. The company had revealed on Monday that it was low on cash. Additionally, a judge has given Celsius approval to sell the bitcoin it mines to provide additional support during the process. Celsius Reveals Cash-Injection OffersQ2 2022 hedge fund letters, conferences and more Sussberg added that it was "mission critical" for them to move quickly on those proposals. It's common for companies going through a bankruptcy restructuring to secure financing...
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Washington (AFP) - An Irishman at risk of losing his farm. An American having suicidal thoughts. An 84-year-old widow's lost life savings: People caught in the meltdown of crypto lender Celsius are pleading for their money back. Hundreds of letters have poured in to the judge overseeing the firm's multi-billion-dollar bankruptcy and they are heavy with anger, shame, desperation and, frequently, regret. "I knew there were risks," said a client whose letter was unsigned. "It seemed a worthwhile risk." Celsius and its CEO Alex Mashinsky had billed the platform as a safe place for people to depos...
AFP
The problems at crypto lender Celsius seem to have been going on for years before finally culminating in the firm’s recent bankruptcy filing. Meanwhile, the company’s lawyers are arguing that its users gave up the rights to the cryptocurrency they deposited on its platform, meaning that it is “entitled to use, sell, pledge and rehypothecate those coins.” Long-Running Problems At CelsiusFormer Celsius employees told CNBC that the company has seen multiple internal missteps that led up to its recent bankruptcy filing. The news outlet also reviewed internal documents that backed up those claims. ...
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Dominic Williams, Founder of the Dfinity Foundation and Chief Scientist for the Internet Computer Protocol, said: On Voyager, Celsius Network, Three Arrows Capital, And LunaLuna used a design that was always going to fail. In fact, that kind of design was proposed and discussed on a newsgroup called cryptofinance back in 2014, and rejected by people and by me back then, for multiple, fairly obvious reasons. You could call it an unstable stablecoin design. Luna demonstrated yet again that it’s easy to mistake a rising token price for technical competence and substance. Q2 2022 hedge fund letter...
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Crypto lender Celsius is the latest in a growing number of crypto-related companies filing for bankruptcy. The company filed for Chapter 11 bankruptcy protection following a month of difficulties, although it plans to continue certain operations for now using cash on hand. In a statement on Wednesday, Celsius said it would try to stabilize its business through restructuring “that maximizes value for all stakeholders.” Q2 2022 hedge fund letters, conferences and more Celsius Officially Files For BankruptcyAbout a month ago, the crypto lender froze its customers' accounts, citing "extreme market...
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A new lawsuit alleges that crypto lender Celsius artificially inflated the price of its digital coin. The lawsuit also describes the company as a “Ponzi scheme” and claims that it failed to adequately manage risk and engaged in what amounted to fraud. Lawsuit Filed Against CelsiusQ2 2022 hedge fund letters, conferences and more He filed the lawsuit after Celsius paused withdrawals by customers due to a liquidity crisis caused by the tumbling crypto prices. The crypto lender offers interest to customers who deposit their cryptocurrency on its platform by lending it to other customers willing to...
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The first half of 2021 has been a breakthrough year for the crypto market. Now, the crypto industry is carrying forward the same performance in the second half as well. The market performed well in July, as well as in August, and there were a few coins that touched their all-time high in August. As always, there were a few coins that rewarded investors with massive returns and there were also those that provided negative or negligible returns last month. Let’s take a look at the ten worst performing cryptocurrencies in August. Q2 2021 hedge fund letters, conferences and more Ten Worst Performi...
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The crypto market has been among the best performers over the past few years. Moreover, the COVID-19 pandemic has accelerated the acceptance of cryptocurrencies. According to Crunchbase, the crypto and blockchain sector has attracted almost $12.4 billion in venture investment into U.S. companies since 2017. In terms of performance also, most cryptos performed well, but some were unable to get into the green zone. Let’s take a look at the ten worst cryptocurrencies on the basis of return. Q2 2021 hedge fund letters, conferences and more Ten Cryptocurrencies With Worst YTD ReturnWe have referred...
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