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Celsius Network Distributes $3 Billion to Creditors Following Chapter 11 Resolution

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Celsius Network has announced emerging from bankruptcy, concluding an eighteen-month process with the confirmation of its plan of reorganization.

The agreement includes the distribution of a $3 billion payout to its creditors as well as the creation of Ionic Digital, which will be owned by Celsius’ creditors, who will own equity in the form of common stock.

Celsius Network Exits Bankruptcy

According to the official press release, Celsius’ reorganization plan, approved by 98% of account holders and confirmed by the Bankruptcy Court for the Southern District of New York, involves the distribution of over $3 billion in crypto and fiat to creditors.

A new entity, Ionic Digital, has been established from the reorganization and is owned by creditors, with plans for its stock to become publicly traded upon obtaining necessary approvals. The operation of this new Bitcoin mining company will be managed by Hut 8 under a four-year management agreement.

Matt Prusak, previously serving as Chief Commercial Officer at Hut 8, has been appointed as the CEO of Ionic Digital. He will collaborate with the Board of Directors, the majority of whom were designated by the UCC.

Celsius has decided to transition to the “MiningCo Transaction” following feedback from the US Securities and Exchange Commission (SEC) and in consultation with the Official Committee of Unsecured Creditors to increase transparency and compliance.

By increasing the crypto available for distribution to creditors and resolving previous settlements, Celsius aims to ramp up efforts to maximize recoveries.

In a joint statement, David Barse and Alan Carr, members of the Special Committee of the Board of Celsius, who have been steering Celsius through its Chapter 11 process, said,

“Our exit from bankruptcy is the culmination of an extraordinary team effort and extensive collaboration between Celsius, Hut 8, strategic partners, and our creditors. When we were appointed in June 2022, everyone assumed Celsius would disappear completely like the other crypto lenders that were filing bankruptcy around the same time. We, however, believed that Celsius could navigate complicated legal, regulatory, and business issues.”

Meanwhile, Celsius will cease operations, leading to the discontinuation of its mobile and web applications.

Outrageous Proposals

Celsius Network made headlines by being the first major crypto player to raise the argument of “unsecured creditors” in court to access client funds.

Subsequently, Celsius issued a warning, through its legal representatives at Kirkland & Ellis, to users who withdrew more than $100,000 from the platform in the 90 days leading up to the lender’s bankruptcy declaration. These users were urged to address their outstanding liabilities promptly or potentially face litigation.

Kirkland & Ellis lawyers termed the act of withdrawing funds before bankruptcy as “avoidance actions,” subject to legal pursuit. As per the document, these creditors were instructed to return 27.5% of their withdrawals by January 31st or risk clawback measures. This proposal was met with significant criticism.

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Unsuspecting Elderly Widow Loses $281K in a Romance Scam: The Dark Side of Crypto

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In an effort to curb the misuse of cryptocurrency ATMs, Australian authorities have identified 90 individuals, many of them scam victims or unwitting money mules, following a months-long investigation led by AUSTRAC’s cryptocurrency taskforce.

The operation was conducted in collaboration with federal and state law enforcement agencies and marks a significant step in understanding how crypto ATMs are being co-opted to facilitate fraud and the laundering of illicit funds.

Widow Scammed Out of $281K in Crypto ATM Scam

According to the official press release, the investigation targeted users with unusually high volumes of transactions, drawing from ATM data across all Australian states. Analysts found that many of the top users were not orchestrating criminal schemes, but rather had been manipulated into them.

In a particularly distressing case, a woman in her 70s lost over $281,000 after falling prey to romance and investment scams, and repeatedly deposited cash into crypto ATMs under false promises. Another victim, also a woman in her 70s, was conned out of more than $130,000 after engaging with what she believed was a legitimate investment platform.

AUSTRAC CEO Brendan Thomas said the findings were more alarming than expected. He added:

“It’s hard to hear these stories, but now we have a better picture of the harms being perpetrated through crypto ATMs, we are better placed to take action, including working with the industry to harden the sector against criminal misuse.”

In response, AUSTRAC recently introduced minimum operational standards for crypto ATM providers. This includes a $5,000 limit on cash transactions, mandatory scam alerts, and improved customer verification and transaction monitoring protocols. These regulatory changes aim to tackle the exploitation of the machines by fraudsters and reduce opportunities for laundering proceeds from criminal activity.

The operation was coordinated by NSW Police and supported by the Australia-New Zealand Crypto Practitioners Working Group (ANZCPWG). Meanwhile, the Australian Federal Police’s cybercrime coordination unit (JPC3) is also launching a national awareness campaign to educate the public about the risks of using crypto ATMs under coercion or misleading advice.

Older Australians Most Affected by Crypto Scams

Crypto scams in Australia have been increasing at a disturbing rate. More precisely, crypto ATMs, which are now more than 1,600 nationwide, are increasingly being misused by fraudsters who target vulnerable citizens.

Over $3 million was lost to cryptocurrency ATM scams in the country between January 2024 and January 2025. Experts are warning that the real figure could be far higher. According to a report cited by the Australian Federal Police (AFP), 150 scam cases were reported, mostly involving investment fraud, extortion, and romance scams, with victims losing over $20,000 on average. Nearly half of those affected were aged over 51.

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30% Surge for Dogecoin? Here’s What Needs to Happen (Analyst)

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TL;DR

  • The meme coin mania seems to have faded despite a few brief moments of hope, and the niche’s leader has failed to recapture its momentum and investors’ attention.
  • However, there’s a chance for a massive double-digit surge, but only under certain conditions, according to popular crypto analyst Ali Martinez.

To embark on its 30% journey north, the largest meme coin by market cap first needs to reclaim the $0.17 resistance. This doesn’t sound like such a major hurdle, given its current price tag of $0.164.

The second part of the equation involves the TD Sequential, which is a metric often used to determine the underlying asset’s market exhaustion in either direction.

The indicator has presented a buy signal on DOGE’s 3-Day chart. Consequently, Martinez concluded that both of these factors could result in a price pump to $0.21.

This would be a breath of fresh air for Dogecoin, which has struggled quite a lot since early 2025. In the past month alone, its price has tumbled by over 21%.

Despite this rather unfavorable market movement lately, some industry participants have remained highly bullish on DOGE’s future price trajectory. JAVON MARKS, known for his bullish statements on several crypto assets, believes the OG meme coin still has a chance to post a mind-blowing surge that can take it to the stratosphere, based on historic performance.

Such a price tag sounds just a bit far-fetched at the moment. History is no indication for future price movements, and $20 per DOGE would mean a whopping market cap of roughly $3 trillion, which would make it a lot bigger than BTC.

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Ripple’s Legal Fight Nears End: Is the $10K XRP Dream Possible?

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Ripple has just announced that it will drop its cross-appeal against the SEC, signaling the end of a years-long legal siege.

CEO Brad Garlinghouse declared: “We’re closing this chapter once and for all.” With the SEC expected to reciprocate, XRP surged by 5% at one point to $2.2.

But beneath the modest green candle lies a tidal wave of speculation. The question everyone’s whispering, tweeting, and meme-posting about: Could XRP really hit $10,000?

The $10K Obsession

There have been more modest predictions, such as those of social media personality Jake Gagain, who recently calculated that a 50x surge, as touted by Carl Moon, would catapult XRP to $106.50.

Influencers like Lucy Bear have called such projections “conservative,” with Casi Trades boldly stating:

“If you think XRP can’t reach double digits, you don’t understand crypto!”

What about the $10,000 promised land? If the XRP Army is to be believed, this number isn’t plucked from some random crypto casino. Apparently, it traces back to elusive Ripple co-founder and XRPL architect Arthur Britto, who is said to have envisioned a future where XRP would serve as the global liquidity backbone for all payments.

According to enthusiasts, Britto believed that for XRP to fulfil its destiny, it would need to hit a staggering $10,000 per token. And while many have scoffed at such moonshot valuations, diehards seem to be doubling down.

In a recent episode of The Rollup podcast, former NEAR engineer Altan Tutar described the XRP fraternity’s $10,000 conviction as almost religious, saying, “I’ve never seen anything like this in any other community.”

While not directly adding his name to the believers’ list, Tutar acknowledged the rationale behind the conviction, comparing XRP’s potential rise to Bitcoin’s own journey to an all-time high price of $111,814.

“If Bitcoin went to $100K, then why not XRP to $10,000?” he asked.

But Here’s the Reality Check

A $10,000 XRP price implies a market cap of $590 trillion, dwarfing the entire global economy. Even Gagain’s $106 price means a $6.28 trillion valuation, more than double Bitcoin’s peak market cap.

It’s probably why Rollup host Andy bluntly dismissed $10,000 as pure fantasy, stating, “XRP is not going to $10,000… $10 is already a stretch.”

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