Crypto lender Celsius Network has filed a request to sell $23 million in various stablecoins, the media found out.
Bankrupt crypto lender Celsius has filed a request to sell not only its reserves, but also future proceeds in stablecoins. This is reported by Reuters, citing a court document, which will be considered on October 6.
For now, Celsius wants to sell eleven types of stablecoins for $23 million to keep the firm operational. That said, in the future Celsius also plans to sell the stablecoins rather than holding them on its balance sheet.
This isn’t Celsius’ only attempt to stay afloat. According to the firm’s lawyers, some parties have put forward several offers to help it cope with financial problems. But it’s still unclear who and how offered to help Celsius survive bankruptcy.
Celsius Network lending – what happens next?
Meanwhile, Vermont’s financial regulator believes Celsius has been a financially insolvent firm since at least February 2019. The regulator alleges that Celsius systematically misled its investors.
For example, the firm often resorted to manipulating celsius token (CEL) quotes to show positive corporate account performance. Moreover, Vermont’s financial regulator suspects that Celsius functioned as a Ponzi scheme at certain times.
As a reminder, Celsius lending crypto froze the withdrawal of client assets on June 12, and the firm went bankrupt a month later. In June, several analysts at once said the lending platform had liquidity problems. At the same time, Celsius representatives assured that the suspension of withdrawals was to help “stabilize liquidity,” but would not elaborate on the details of the incident. Court documents indicate that the company has more than 100,000 creditors.
Earlier, we reported that bitcoin’s hash rate and mining complexity reached a new high.
Korea begins blocking bitcoin holdings of Terra founder
The South Korean prosecutor’s office appealed to local cryptocurrency exchanges to block the assets belonging to Terra founder Do Kwon. Bloomberg writes about it citing law enforcement officials.
The prosecutor’s office sent demands to cryptocurrency exchanges KuCoin and OKX to freeze a total of 3,313 BTC worth about $67 million, which are owned by Kwon through Luna Foundation Guard. Representatives of KuCoinand OKX at the time of writing had not officially commented on the reports about the blocking of Kwon’s assets.
According to Bloomberg, citing research firm CryptoQuant, the LFG wallet address was created on September 15. After its creation, a total of 3,310 BTC were moved to KuCoin and OKX. Meanwhile, back on September 14, the South Korean prosecutor’s office announced an arrest warrant for Terra coin.
Meanwhile, Do Kwon continues to assure the cryptocurrency community via Twitter that he is not hiding from law enforcement. Moreover, the founder of Terra even questioned whether he was wanted by Interpol. He noted that he still can’t find himself on the Interpol wanted list.
Earlier we reported that the head of Celsius Network, Alex Mashinsky, had resigned.
Revolut and cryptocurrency news: Revolut received a license from the UK regulator for cryptocurrency services
Fintech broker Revolut can now provide cryptocurrency services in the UK thanks to a license from the Financial Conduct Authority (FCA). This is reported on the website of the regulator. Revolut and cryptocurrency were not previously linked.
In fact, the broker received approval from the regulator back on Monday, September 26, but it has become known only now. Before the license, Revolut provided cryptocurrency services through a temporary permit from the FCA. In addition to Revolut, CEX.IO, Copper Technologies, GlobalBlock and Moneybrain also provided crypto services on a temporary basis.
Revolut has long been exploring the expansion of cryptocurrency-related services. According to Revolut CEO Nikolai Storonsky, the company has been exploring options to introduce new services like Revolut cryptocurrency wallet. Revolut was also looking at integrating cryptocurrency stacking. However, it remains unclear whether the broker still plans to provide such services.
Earlier we reported that the head of FTX wants to buy the assets of the bankrupt Celsius Network.
U.S. exchange regulator fines Tether auditor company $1.5 million
Tether auditor company, Friedman LLP, was fined $1.5 million for improper services from 2017 to 2020. This was reported in a press release from the U.S. Securities and Exchange Commission (SEC).
According to the exchange regulator, the Tether auditing company didn’t properly develop audit procedures in its work for the iFresh product network. The company also didn’t exercise the necessary due diligence in auditing another unnamed company. Although the press release does not explicitly identify Tether, the issuer of the USDTstablecoin, as Tether, Friedman’s firm was Tether’s auditor from just 2017 to 2018.
Tether full audit
Earlier, a New York County court required Tether to disclose the USDT Stablecoin’s collateral and prove the assets linkage to the U.S. dollar. According to the court order, Tether is required to provide the company’s financials, income statements, cash flow statements, and so on. However, the time frame in which Tether must provide the statements is not specified.
The lawsuit is part of a legal battle between investors and Tether’s parent company, iFinex. The plaintiffs believe that Tether manipulated the cryptocurrency market by issuing unsecured USDT with the intention of artificially inflating cryptocurrency prices.
Earlier we reported that Vitalik Buterin announced the release of his book.
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