Celsius opens door to swap altcoins for bitcoin and ether

Quick Take

  • Celsius debtors said they may convert all altcoins — except in Withhold and Custody accounts – to bitcoin and ether.
  • The plan will not affect the claim amount for each creditor.

Celsius Network is opening the door to be able to swap altcoins into bitcoin and ether.

The debtors intend to, pending court approval, have the ability to swap all coins that aren't bitcoin and ether into those two cryptocurrencies, according to a filing on June 14. This would not affect tokens held in Withhold or Custody accounts, and the sales would start from July 1.

This conversion would not affect any creditor claims, the filing noted. The debtors would also try to maximize the currency conversion where possible.

The debtors noted that the overall plan will include paying out cryptocurrency to creditors in the form of bitcoin and ether, except for limited circumstances.

Updates on the token conversions will be included in the monthly Budget and Coin reports.


© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Tim is the Editor-In-Chief of The Block. He writes about the evolution of crypto technology and the people who are at the forefront of it. He provided exclusive, source-based insights into the launches of the Bitcoin and Ethereum ETFs, crypto sales by the FTX Estate and the Trump-linked World Liberty Financial project. Prior to joining The Block, Tim was a news editor at Decrypt. He earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

Editor

To contact the editor of this story:
Nathan Crooks at
[email protected]