Celsius Network should continue to have the exclusive right to prepare a plan for exiting bankruptcy until the end of March, a bankruptcy court judge ruled Wednesday. Judge Martin Glenn said sufficient progress had been made in preparing a deal to set up a new recovery corporation with a new company, NovaWulf.

Bankrupt Celsius has started withdrawing funds for clients holding deposit accounts for the first time since June last year. But there are a number of restrictions.

Crypto exchange Celsius @CelsiusNetwork on Twitter:"The Celsius mobile and web app will be down for scheduled maintenance starting Sunday, March 5, 2023 at 5:00 AM ET / 10:00 AM UTC. The maintenance period is expected to last 3 hours."

Bankrupt crypto lender Celsius Network has finally opened up withdrawals for certain customers, almost a year after it suspended withdrawals before filing for Chapter 11 bankruptcy.

Afternoon version

Some Celsius customers have reported being able to withdraw funds from the bankrupt crypto firm for the first time, some 263 days after the lender froze withdrawals in the lead-up to its bankruptcy filing. According to numerous social media posts, as of Mar. 2, certain customers who held funds in Celsius’ Custody accounts have been overjoyed that they were finally able to withdraw their funds from the lender. Customers report they received an email a few weeks ago listing those who were eligible to remove their funds, before receiving another on Mar. 2 noting withdrawals could be processed. (Cointelegraph)

The Official Committee of Unsecured Creditors in the Celsius bankruptcy case said a proposed sale to NovaWulf Digital Management is “the best” option, according to a new court filing.

The stunning collapses of Celsius and FTX destroyed many lives — early adopters who had the foresight to understand the unique value propositions of Bitcoin (BTC) and crypto were left with practically nothing when both platforms halted withdrawals, shuttered their doors and eventually filed for bankruptcy. While there’s still hope that creditors will be made partially whole again, the road to recouping financial losses is expected to be long. While they’re waiting, creditors are banding together to sue these firms for various alleged infractions. 

A New York judge on Thursday authorized Celsius to sell coupons for mining company Bitmain, makers of the Antminer range, as the bankrupt crypto lender seeks to maximize value for creditors.

Bankrupt crypto lender Celsius announced Wednesday that it has selected Novawulf Digital Management, a digital asset investment firm, to help bring its high-profile bankruptcy case to a close.