Celsius Network Is Strategizing A Restructuring Plan
Table of contents
Security Measures For Celsius Network
The business has acknowledged that it has broken from most positions where it has borrowed money and given third parties collateral. Additionally, they disclosed that the majority of the keys to their crypto assets are kept on Fire Blocks and that the company does not rely on other parties to keep their keys.
Furthermore, Celsius has paused all new loans, customer-to-customer coin transfers, and currency swaps. Also, it ceased liquidating debts and halted all loan accounts.
Future Restructuring Steps
Even though Celsius's mining division has declared bankruptcy, it is still in operation. Forty-three thousand of the almost 80,000 mining rigs below Celsius are still active. The business intends to repay its debts with Bitcoin obtained from mining operations. The cryptocurrency firm is also considering asset sales and potential outside investment alternatives. Now that the mining rigs are included in their assets, they may influence the already-falling pricing of mining rigs. Finally, the company can offer customers the choice to keep holding onto cryptocurrency or recover cash at a discount.
