Troubled crypto lender gets court approval to mine and sell Bitcoin (BTC)

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Crypto lender Celsius Network has reportedly been given the green light to mine and sell bitcoin (BTC) in bankruptcy proceedings.

Reuters reports that Martin Glenn, chief judge in the US Bankruptcy Court for the Southern District of New York, has authorized Celsius to engage in bitcoin mining despite concerns surrounding recent difficulties.

Celsius has previously argued that bitcoin mining is critical to restructuring efforts. One of the company’s lawyers, Ross Coastnet, expressed optimism that the crypto lender will turn a profit just by making mining investments.

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Although permission was granted to mine and sell bitcoin, Celsius was not allowed to sell its other assets.

Glenn says Celsius has been vague about the assets he wants to get rid of and only recently revealed that he has $210 million in equity and debt investments in other crypto businesses. Payment company Ripple will be interested in Asset purchase Belonging to the company is difficult.

Glenn’s move comes amid reports claiming that before the bankruptcy was declared, Celsius had traded hundreds of millions of Bitcoin at a Loss When its CEO, Alex Mashinsky, took control of the company’s business strategy.

Celsius and Mashinsky also have other legal issues. The California Department of Financial Protection and Innovation (DFPI) recently released a file An order to abstain and abstain from voting Noting that the company engaged in deceptive marketing tactics and sold unauthorized addresses in its jurisdiction.

A committee representing Celsius users is currently conducting a file Investigation on Mashinsky’s alleged wrongdoing.

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