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

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. 

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.