Celsius to give back 2B to customers

November 10, 2023

💡 Celsius approved to restore 67-85% of creditor assets.

Approval and Restructuring Plan: Celsius Network gained court approval for a restructuring plan. This includes creating a new company managed by Fahrenheit LLC, focusing on bitcoin mining and staking. The plan aims to return cryptocurrency to customers.

Financial Implications and Customer Repayments: The plan, set for completion by early 2024, involves repaying $2 billion in cryptocurrency to 600,000 customers. Customers will also receive equity in the new company, with CEL tokens valued at 25 cents each.

Future Prospects and Legal Challenges: The new company will prioritize cryptocurrency mining and staking, expecting substantial annual yields. However, legal challenges persist, particularly against founder Alex Mashinsky over allegations related to CEL token manipulation. Mashinsky has pleaded not guilty. Read more

☕️ On today's Top Picks:

🥷 Poloniex from Justin Sun Hacked for 125M
🪨 Blackrock registers Ethereum Trust in Delaware
⚫️ OKX deletes a video speculated to be related to LayerZero token
📈 FTT pumps on potential FTX restart

Read time: 6 minutes

📰 Crypto News

• ⭐️ Wall Street titan BlackRock has registered an iShares Ethereum Trust in Delaware.

• ⭐️ FTX's FTT Token Jumps 90% on Gensler Comments on restarting the exchange

• Near Foundation partners with Eigen Labs for more efficient Ethereum rollup transactions

• SOL is up 128% over the past 30 days and not far from overtaking USDC's market cap.

• Lido is on Base

• ⭐️ Celsius to exit bankruptcy in early 2024 and give back some $2 billion to customers

⚡ Alpha

• New Stargate proposal

• Guide: Deploy a Scroll Smart Contract

🪂 Airdrops

• ⭐️ Speculators link deleted OKX video to LayerZero token

• Airdrop Strategy LSD Protocols with no Token

• Merkle Trade Airdrop Strategy

📰 Finance News

• Powell says Fed is ‘not confident’ it has done enough to bring inflation down

• Startup Li Auto is beating Tesla China’s EV sales

• China's biggest lender ICBC hit by ransomware attack

• JPMorgan's $290 million settlement with Epstein accusers approved by US judge

🛡 Security and Exploits

• ⭐️ Poloniex from Justin Sun Hacked for 125M. Poloniex investor Justin Sun confirmed the exploit, saying the exchange will reimburse affected users and offering a "white hat bounty" to the hacker.

🪙 Token Unlocks

• Aptos $APT / ~180M / NOV
• ApeCoin $APE / ~21M / NOV
• LooksRare $LOOKS / ~260K / NOV

💰 Funding

• Ritual raises 25M

• Definitive raises 4.1M

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Beefy	DOLAOPUSDCE	Optimism	$1.13M	27.08%