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Bankrupt Crypto Lender Celsius Network Pursues New Buyer Despite Existing Offer – What's Going On?

The bankrupt cryptocurrency lender, Celsius Network, is reportedly pursuing more bids and exploring new buyers despite having an offer on the table.
During a bankruptcy court hearing in Manhattan, Celsius attorney Chris Koenig said the company remains open to better offers, per a report by Reuters. He added that the lender's official unsecured creditors committee (UCC) met with a potential buyer just days ago to review an alternate proposal.
The crypto lender also asked judge Martin Glenn, who is overseeing Celsius' Chapter 11 bankruptcy proceedings, to extend the time limit for submitting a bankruptcy restructuring plan built around the NovaWulf deal. The judge agreed to give Celsius an extra three weeks.
As reported, in mid-February, NovaWulf Digital Management reached a deal with Celsius to buy its lending operations and help bring an end to its bankruptcy case. Debtors of Celsius Network presented the sale plan to the U.S. Bankruptcy Court of the Southern District of New York.
The plan, which proposes a deal with NovaWulf that would allow the crypto lender to begin returning crypto assets to customers in June, has the support of the firm's creditors committee and is part of the overall reorganization plan for the company's retail platform and mining business.
As part of the plan, a "convenience class" of creditors, those with claims less than $5,000 related to Celsius Earn Accounts, will receive 70% recovery of their funds in the form of a one-time payment in Bitcoin, Ethereum or the stablecoin USDC.

https://cryptonews.com/news/bankrupt-crypto-lender-celsius-network-pursues-new-buyer-despite-existing-offer-whats-going-on.htm

Bankrupt Crypto Lender Celsius Network Pursues New Buyer Despite Existing Offer – What's Going On?

The bankrupt cryptocurrency lender, Celsius Network, is reportedly pursuing more bids and exploring new buyers despite having an offer on the table.
During a bankruptcy court hearing in Manhattan, Celsius attorney Chris Koenig said the company remains open to better offers, per a report by Reuters. He added that the lender's official unsecured creditors committee (UCC) met with a potential buyer just days ago to review an alternate proposal.
The crypto lender also asked judge Martin Glenn, who is overseeing Celsius' Chapter 11 bankruptcy proceedings, to extend the time limit for submitting a bankruptcy restructuring plan built around the NovaWulf deal. The judge agreed to give Celsius an extra three weeks.
As reported, in mid-February, NovaWulf Digital Management reached a deal with Celsius to buy its lending operations and help bring an end to its bankruptcy case. Debtors of Celsius Network presented the sale plan to the U.S. Bankruptcy Court of the Southern District of New York.
The plan, which proposes a deal with NovaWulf that would allow the crypto lender to begin returning crypto assets to customers in June, has the support of the firm's creditors committee and is part of the overall reorganization plan for the company's retail platform and mining business.
As part of the plan, a "convenience class" of creditors, those with claims less than $5,000 related to Celsius Earn Accounts, will receive 70% recovery of their funds in the form of a one-time payment in Bitcoin, Ethereum or the stablecoin USDC.

Bankrupt Crypto Lender Celsius Network Pursues New Buyer Despite Existing Offer – What's Going On? The bankrupt cryptocurrency lender, Celsius Network, is reportedly pursuing more bids and exploring new buyers despite having an offer on the table.

Filecoin Price Prediction as FIL Pumps Up 70% in 7 Days – Is China Buying?

Leading decentralized storage protocol Filecoin (FIL) undertook a magnificent 75% rally over the weekend.

This marks a break to half a year of suppressed price action for the once highly prized cloud-storage asset.

Filecoin is currently trading at $8.59 (+1.45% in the last 24 hours).

February 17 saw a huge breakout from the consolidatory price action that had ranged from $5.00 - $5.50 for over a month.

As Friday evening arrived, hammering green candles started to paint across the chart, riding high on the back of the push up to $24,500 by Bitcoin (BTC) last week.

The rally continued all weekend until it finally stalled just shy of $10 on Sunday.

Filecoin Price Prediction as FIL Pumps Up 70% in 7 Days – Is China Buying? Decentralized storage protocol Filecoin (FIL) undertook a big 75% rally over the weekend. With the Chinese narrative pumping coins, how high could it go? Find out in the FIL price analysis here.

Binance Accused of Moving $400 Million from U.S. Partner to CEO's Trading Firm in Secret Scheme – Here's the Latest

A new report shows that Binance moved more than $400 million from its purportedly independent U.S. partner to a trading firm managed by the company's CEO, Changpeng Zhao.

Over $400 million flowed from the Binance.US account at California-based Silvergate Bank to Merit Peak, a trading firm linked to CZ, over the first three months of 2021, according to records for the quarter, which were reviewed by Reuters.

The media reported that the Binance.US account was registered under the name of BAM Trading. Furthermore, the records show the transfers to Merit Peak began in late 2020.

It is worth noting that the US Securities and Exchange Commission launched a probe into potential connections between Binance.US and the same trading firm in February 2022, looking into the relationship between Binance.US and trading firms Sigma Chain AG and Merit Peak.

A Binance.US spokesperson said the report used "outdated information" and that Merit Peak was “neither trading nor providing any kind of services on the Binance.US platform.” She claimed that "only Binance.US employees have access" to the bank accounts of the U.S. company.

Reuters added that records show Binance.US's executives expressed concern about the outflows because the transfers were taking place without their knowledge.

https://cryptonews.com/news/binance-accused-of-moving-400-million-from-us-partner-ceos-trading-firm-secret-scheme-heres-latest.htm

Binance Accused of Moving $400 Million from U.S. Partner to CEO's Trading Firm in Secret Scheme – Here's the Latest A new report shows that Binance moved more than $400 million from its purportedly independent U.S. partner to a trading firm managed by the company's CEO, Changpeng Zhao.

UK Law Enforcement and Regulators Join Forces to Dismantle Illegal Crypto ATMs

UK authorities have raided several properties around Leeds suspected of hosting illegally operated cryptocurrency automatic teller machines (ATMs).
The UK’s Financial Conduct Authority (FCA), as well as West Yorkshire Police’s Digital Intelligence Unit, were involved in the raids, which are believed to be part of the UK’s first crackdown on illegal crypto ATMs, according to a Tuesday announcement by the FCA.
The watchdog claimed that no crypto ATM operators in the UK currently have FCA registration. It said that the agency had previously written to all operators, warning of the legal consequences of failing to register with the FCA.
"The FCA is working with multiple law enforcement partners, including local police forces, to disrupt and disable illegal Crypto ATMs," the agency said, adding that it will review evidence gathered during these visits and consider further potential enforcement action.
Crypto ATMs allow customers to buy or convert traditional currencies into cryptoassets. According to data by Coin ATM Radar, there are 27 bitcoin ATMs installed across the whole of the U.K.

UK Law Enforcement and Regulators Join Forces to Dismantle Illegal Crypto ATMs UK authorities have raided several properties around Leeds suspected of hosting illegally operated cryptocurrency automatic teller machines (ATMs).

SEC and CFTC's Lawsuits against Sam Bankman-Fried Put on Hold by U.S. Judge – Here's Why

A New York judge has put cases against the former FTX CEO brought by the Securities and Exchange Commission and the Commodity Futures Trading Commission on hold until the criminal cases against him are concluded.

On Monday, U.S. District Judge Kevin Castel in Manhattan granted a motion to push back the civil lawsuits filed by the SEC and the CFTC, arguing that the outcome of the criminal case would likely affect what issues remained in the civil cases, according to a report by Reuters.

Prosecutors also claimed that Bankman-Fried "could gather evidence in the civil cases to improperly impeach government witnesses, circumvent discovery rules in criminal cases, and tailor his criminal defense," the report said.

Damian Williams, U.S. Attorney for the Southern District of New York, filed the motion to hold off on civil proceedings until the Justice Department’s case against the former CEO is complete last week.

SEC and CFTC's Lawsuits against Sam Bankman-Fried Put on Hold by U.S. Judge – Here's Why A New York judge has put cases against the former FTX CEO brought by the SEC and the CFTC on hold until the criminal cases against him are concluded.

LocalBitcoins to Shut Down After 10 Years Amid Challenging Market Conditions

Bitcoin exchange LocalBitcoins has announced its closure after serving customers for more than 10 years, citing the ongoing bear market.

In a recent posting on its website, the exchange said it would be shutting down in the coming weeks due to tough market conditions. The platform said they reached this decision after efforts to overcome the current crypto winter did not come to fruition. It said:

"We are therefore sad to share, that regardless of our efforts to overcome challenges during the ongoing very cold crypto-winter, we have regretfully concluded that LocalBitcoins can no longer provide its Bitcoin trading service."

https://cryptonews.com/news/localbitcoins-shut-down-after-10-years-amid-challenging-market-conditions.htm

Dubai Takes a Stand Against Privacy Coins with Ban on Anonymity-Enhancing Crypto

Dubai's virtual asset authority has prohibited the use of privacy coins such as Monero (XMR) and ZCash (ZEC), as well as any activities related to the coins.

According to the new set of crypto regulations,

"The issuance of Anonymity-Enhanced Cryptocurrencies and all VA Activity[ies] related to them are prohibited in the Emirate."

Dubai Takes a Stand Against Privacy Coins with Ban on Anonymity-Enhancing Crypto Dubai's virtual asset authority has prohibited the use of privacy coins such as Monero (XMR) and ZCash (ZEC), as well as any activities related to the coins.

Coinbase Insider Trading Scandal Rocks Crypto Community – Former Employee Pleads Guilty

A former employee of major cryptocurrency exchange Coinbase has pleaded guilty to insider trading, marking the first crypto-related insider trading case in the US.
Ishan Wahi, a former Coinbase product manager, has pled guilty to two counts of conspiracy to commit wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential information about cryptocurrencies scheduled to be listed on the platform, the DOJ said in a press release Tuesday.
As reported, the charges against Wahi were first filed in July last year in federal court in the Southern District of New York. "Wahi is the first insider to admit guilt in an insider trading case involving the cryptocurrency markets," Damian Williams, the U.S. attorney for the Southern District of New York, said, adding:
"Whether it occurs in the equity markets or the crypto markets, stealing confidential business information for your own personal profit or the profit of others is a serious federal crime."

Coinbase Insider Trading Scandal Rocks Crypto Community – Former Employee Pleads Guilty A former employee of major cryptocurrency exchange Coinbase has pleaded guilty to insider trading, marking the first crypto-related insider trading case in the US.

Binance Shocks Crypto World with Temporary Halt on US Bank Transfers – Here's What's Going On

Binance has announced that it is temporarily suspending US dollar withdrawals and deposits for international customers beginning February 8.

In a recent tweet, the largest crypto exchange in the world said that they "will temporarily suspend all USD bank transfers" starting Wednesday. Other transfer methods will not be affected, the exchange added, noting that it only impacts "a small proportion" of their users.

The exchange did not provide additional details but said they "are working hard to restart the service as soon as possible."

Binance Shocks Crypto World with Temporary Halt on US Bank Transfers – Here's What's Going On Binance has announced that it is temporarily suspending US dollar withdrawals and deposits for international customers beginning February 8.

FTX New Management Sets February Deadline for Repayment of Political Donations Made by Executives

The new FTX management has requested political figures and any other recipients of donations made by Sam Bankman-Fried and other FTX executives to return the funds by the end of the month.

According to a Sunday press release, FTX debtors are sending messages to all recipients of contributions that were made by Bankman-Fried and other executives of the now-defunct cryptocurrency exchange, requesting the return of such funds by February 28, 2023. The announcement added: "To the extent such payments are not returned voluntarily, the FTX Debtors reserve the right to commence actions before the Bankruptcy Court to require the return of such payments, with interest accruing from the date any action is commenced."

https://cryptonews.com/news/ftx-new-management-sets-february-deadline-for-repayment-of-political-donations-made-by-executives.htm

Mastercard's NFT Product Lead Resigns, Leaves Behind a Surprising Farewell Gift

Satvik Sethi, the former Non-Fungible Token (NFT) Product Lead at Mastercard, has made a unique and fitting resignation announcement. On Thursday, Sethi surprised the NFT community by minting his resignation letter as an NFT, showcasing his expertise in the field and leaving a lasting impact.
"I have resigned from Mastercard," Sethi said to open his Twitter thread on the topic on February 2. He noted that, for the past year, he had served as the NFT Product Lead at the company, where he "evangelized Web3 for Mastercard leadership & regional teams, as well as all our Fortune 500 clients & partners."
Sethi decided to mint his resignation letter as an open-edition NFT on Ethereum via the digital collectibles protocol Manifold. This project is called "New Beginnings". The price is ETH 0,023, and 100% of the proceeds "go to survival," he said. By the time of writing, there were 64 total minted NFTs.
The letter spoke of Sethi's passion for Web3 and its potential, of valuable experiences gained at Mastercard and those that had led him to financial struggles.

Mastercard's NFT Product Lead Resigns, Leaves Behind a Surprising Farewell Gift Satvik Sethi, payments giant Mastercard's now-former non-fungible token (NFT) product lead, announced that the had resigned from this role on Thursday - but in a surprising and fitting move, he minted his resignation as an NFT.