A U.S. judge has permitted the bankrupt cryptocurrency lender Celsius Network to sell the newly mined Bitcoin (BTC). The crypto lending platform announced Monday that it was running low on cash and had received many bids to infuse funds into the business. Josh Sussberg, an attorney for the crypto lending firm, revealed the receipt of cash-injection offers during a bankruptcy hearing on Tuesday, although he did not elaborate on the ideas’ importance. According to Sussberg, rushing this is “mission crucial” for Celsius. Companies reorganizing in U.S. bankruptcy court typically seek funding to maintain their operations. Today, alongside the Unsecured Creditors Committee (UCC), made up primarily of customers, the U.S. Trustee, and a number of other key parties, we participated in the Second Day Hearing where we continued the dialogue around Celsius’ efforts to maximize value for our community. — Celsius (@CelsiusNetwork) August 17, 2022 Celsius Seeks Funds After Bankruptcy Celsius needs funding after declaring bankruptcy this year due to its decision to restrict customer withdrawals due to the fallout of the crypto market. According to financial predictions in a court filing on Monday, the company has $2.8 billion less in cryptocurrency than it owes depositors and will run out of money by October. Celsius mined Bitcoin before declaring bankruptcy to help pay for its operations, and with Judge Martin Glenn’s consent on Tuesday, tha...
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