Celsius Creditors move to block company from selling mined Bitcoin

08/12 02:13

Celsius Network’s unsecured creditors have been pressing the company on “potential misconduct by Celsius and its insiders.” During a hearing in the Chapter 11 bankruptcy proceeding today, the committee moved to block Celsius’s attempts to sell some of its mined cryptocurrency. This week, attorneys representing the committee wrote in a court filing that they first need more insight into how selling Celsius’s mined Bitcoin will be carried out and how the proceeds from the sale will be used. The company has previously said that it will use its mining operation to pay back creditors and clients. In fact, at the start of the proceedings in July, Celsius got approval from the judge to spend $5 million to jumpstart its mining operation. But that’s since drawn criticism from the U.S. Department of Justice and now the creditor committee.
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