Amid the regulatory crackdown in the United States, the bankrupt crypto lender Celsius has announced that all of its customers’ “altcoins” will be converted to bitcoin (BTC) and ethereum (ETH). Over $215 million worth of coins such as CEL, ADA, LINK, LTC, and others will be sold beginning on July 1, 2023.
Celsius Plans to Convert 15 Different Tokens to Bitcoin and Ethereum
In mid-February 2023, Celsius announced it would be acquired by Novawulf Digital Management to execute the reorganization plan. The firm filed its plan on June 15, and as per the latest revisions, customers who possess “altcoins” will have their balances converted to BTC and ETH on July 1. The only accounts exempted from this conversion are the “custody and withhold accounts.”
“Celsius will be selling all altcoins from all customers (except custody and withhold accounts) starting July 1st and will be converting them into bitcoin and ethereum,” the official Twitter account wrote. The coins included i
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