If this motion is approved by presiding Judge Martin Glenn, the Chief U.S. bankruptcy judge, the proceedings of the sale would go to primarily pay for the operations of Celsius Network. While the proceeds generated by the sale of the stablecoins constitute property of the Debtors' estate, paying them back is part of a separate and ongoing process.
"The Debtors, however, continue to own stablecoins that should be monetized to fund their operations in these Chapter 11 cases given their market stability compared to other types of cryptocurrencies," the filing reads.to appoint an independent examiner, provided they took certain steps to limit the amount of time and funding the examiner would take. Celsius agreed to join the examiner, and the judge signed off on the deal on Wednesday.
thesamreynolds And meanwhile stablecoins like Tether are about to be used as an international payment in Russia (I hope so)
thesamreynolds Well, I think courts will allow to sell stablecoins like USDT for sure.
thesamreynolds What about us?!? What operations!
thesamreynolds By the way, Tether recently liquidated all their Celsius holdings, maybe they knew something
thesamreynolds LUNCcommunity
thesamreynolds They should probably stop operating and just liquidate to pay everyone right? They’re business model is fundamentally flawe and will not be able to pay back what they owe. Best case scenario for those who lost their money.
thesamreynolds Looking good coindesk
thesamreynolds Willing to bet these clowns made deals with the govt clowns.. bail us out, and in return the Fed's gain leverage over crypto little by little.. a bunch a fuckin crooks
thesamreynolds He is going to …
thesamreynolds This is usually where I reach for the Banksy art showing a masked woman saying 'in order to achieve greatness, stop asking for permission'. But somehow I dont think it applies to this lol. cope
thesamreynolds Nice idea 💡 if only they abide by what they live intended to do
thesamreynolds 🖕 🖕 🖕 🖕
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