Celsius debtors can swap altcoins for bitcoin and ether starting July 1

Companies • June 30, 2023, 11:58AM EDT
The Block

Quick Take

  • Celsius debtors may begin converting altcoins into bitcoin and ether starting July 1. 

A New York court said Celsius debtors can begin cashing out altcoins for bitcoin and ether starting on July 1.

Bankruptcy Judge Martin Glenn approved the move in a June 30 filing.

Plans to begin altcoin conversions to bitcoin and ether began earlier this month but needed court approval. 

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Celsius filed for Chapter 11 bankruptcy protection on July 13, 2022, revealing that it had up to $10 billion in liabilities. The company paused withdrawals the day before its bankruptcy and has been working with regulators to return funds back to debtors.


© 2023 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

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

Editor

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

More by MK Manoylov