In the digital currency industry, Celsius Network has long been a high-profile player. This time, they are about to hold an important hearing to discuss the issues of claims and mining repayments. This hearing is scheduled for August 10 and has attracted widespread attention from both inside and outside the industry. Let us explore this highly-watched event in depth and reveal the important information and impacts.

As a well-known cryptocurrency lending platform, Celsius Network has been promoting the development and innovation of digital assets. This reorganization review hearing will further promote its development, especially the issues of claims and mining repayments. This is not only related to Celsius' own development strategy, but also affects the development direction of the entire digital currency industry. At this hearing, we will witness an important discussion about the future, and the details will affect the direction of the entire industry.

Claims: Safeguarding rights and interests, opening a new chapter

As an indispensable issue in the field of digital currency, claims have always attracted much attention. At this hearing of Celsius Network, claims will also be one of the important topics. Through claims, users can safeguard their own rights and interests, ensure asset security, and make digital asset transactions more transparent and reliable. Through this hearing, Celsius Network will provide users with more channels and opportunities for claims and safeguard the rights and interests of users.

In the past digital currency industry, claims have always been a controversial topic. Some platforms are notorious for claims, while others have won the trust of users because of proper handling. As a platform adhering to the principles of integrity and transparency, Celsius Network will provide users with more claims opportunities through this hearing, so that users can feel more trust and security. This will open a new chapter, allowing users to be more assured and at ease in the field of digital currency.

Mining repayment: innovative technology, help development

Another topic that has attracted much attention is mining repayment. In the field of digital currency, mining has always been a hot topic, and mining repayment is even more anticipated. Through mining repayment, users can participate in the mining of digital currency through their own computing power and obtain corresponding rewards and returns. And this hearing of Celsius Network will bring more innovation and possibilities to mining repayment.

Mining repayment is not only a technological innovation, but also a revolutionary attempt in the field of digital currency. Through mining repayment, users can participate more directly in the issuance and circulation of digital currencies and obtain more rewards and benefits. As a platform committed to innovation and development, Celsius Network will bring more opportunities and possibilities for mining repayment through this hearing, and help the development and growth of the digital currency industry.

Overview

In this hearing of Celsius Network's restructuring review, claims and mining repayment will be the two main focus topics. Through this hearing, Celsius Network will provide users with more rights protection and development opportunities, and promote the development and progress of the digital currency industry. This hearing is not only a discussion about the future, but also an exploration of innovation and development. Let us look forward to this hearing bringing more possibilities and opportunities to the digital currency industry, and let us witness this historic moment together!

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Coin Circle (120Btc.com) News: In a document submitted to the court in mid-June, the bankrupt cryptocurrency lending platform Celsius sought to convert all customers' altcoins into Bitcoin and Ethereum to repay creditors, and Martin Glenn, a judge of the Southern District Bankruptcy Court of New York, approved the application at the end of last month after discussing with the U.S. Securities and Exchange Commission (SEC).

Starting July 1, 2023, Celsius can sell or convert any non-Bitcoin and Ethereum cryptocurrencies, tokens, and other types of assets (except tokens related to withholding or escrow accounts) into BTC or ETH.

Celsius submits bankruptcy reorganization plan disclosure statement

And 10 days later, the Celsius Unsecured Creditors Official Committee (UCC) tweeted today that over the past few weeks, the debtor and the UCC have made significant progress in promoting the Chapter 11 joint reorganization plan, and have submitted a disclosure statement on the Chapter 11 bankruptcy reorganization plan, which involves a summary of the reorganization plan, the percentage of account holders' funds recovered, etc.

The hearing on approving the disclosure statement will be held on August 10, when the court will confirm whether the disclosure statement provides creditors with sufficient information to make an informed vote on the plan. The court will also confirm whether the debtor is authorized to solicit votes on the plan and schedule a confirmation hearing. The debtor has requested that the hearing be held on September 29.

According to the announcement, on July 17, the debtor, the creditor committee, the borrower ad hoc group and certain Earn creditors will mediate with Judge Wiles on the relative treatment of Earn and loans in the plan. The committee hopes that the parties can reach an agreement on how to fairly distribute the value of the property among creditors.

Finally, on July 19, the debtor, the committee and the Fahrenheit consortium plan to discuss the plan through Twitter
Space. The committee will release the specific time of the event and more information about the format of the discussion as the date approaches. The committee will ensure that the recording is recorded so that creditors who cannot attend in person can listen.

Criticized for lack of key details

However, Keith, an analyst who specializes in tracking Celsius cases, wrote an article today criticizing that the disclosure statement was extremely poor quality and omitted key details, such as not mentioning the partner manufacturer that provided more than 180,000 mining machines, not giving the mining machine models and specifications, etc. The statement indicated that the mining business would bear most of the responsibility for asset recovery, but did not give basic details: These are key issues that will directly affect the potential return of assets to shareholders and stakeholders. The disclosure statement did not even attempt to cover the above content, but only gave a surprising prediction with zero actual details.

Celsius said in July last year that it planned to implement the recovery plan through the mining business and expected to produce 15,000 BTC in Q2 this year, but the progress details were not clearly announced.