The post Celsius Implements Reorganization Plan to Transition Altcoins into Bitcoin and Ether appeared first on Coinpedia Fintech News
In July 2022, crypto lender Celsius faced financial difficulties, leading to its filing for Chapter 11 Bankruptcy. The company encountered a significant shortfall of $1.2 billion in its balance sheet, causing challenges in repaying its customers and creditors. However, there is recent news that the defunct company has revised its bankruptcy filing and is currently awaiting an acquisition deal with the Fahrenheit crypto consortium. These new developments have significant implications for both Celsius and the whole crypto industry. Read on for further details.
Celsius Aims To Convert Altcoins into BTC and ETH
Celsius has introduced a revised plan where they aim to convert all the altcoins held by their customers into Bitcoin (BTC) and Ether (ETH), except for accounts related to custody and withholding. In this new reorganization plan, they propose to
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