Morning Tidings

Tag: Celsius

  • Cryptocurrency Lending Platform Celsius Network Files for Bankruptcy

    New Delhi, July 14: Cryptocurrency lending company Celsius Network, that recently laid off 150 employees, has now filed for bankruptcy in the US amid extreme market conditions.

    The platform said that it initiated voluntary Chapter 11 bankruptcy proceedings to provide it with the opportunity to stabilise its business and consummate a comprehensive restructuring transaction that maximises value for all stakeholders.

    Celsius said late on Wednesday that it has $167 million in cash on hand, which will provide ample liquidity to support certain operations during the restructuring process. Sri Lanka Crisis: Central Bank Warns Public on Possible Risks in Cryptocurrency Trade.

    The platform, which last month paused all withdrawals, was last valued at $3.25 billion. “Without a pause, the acceleration of withdrawals would have allowed certain customers — those who were first to act — to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery,” said the company. Alex Mashinsky, Co-Founder and CEO, Celsius, said that this is the right decision for its community and company.

    “I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company,” he said.

    Meanwhile, the founders of another bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) have vanished and the officials charged with liquidating the company were looking for their whereabouts. Cryptocurrency Prices in India.

    The mega fund, founded by Credit Suisse traders Zhu Su and Kyle Davies, once managed an estimated $10 billion in assets. The Singapore-based 3AC filed for bankruptcy in the US earlier this month to protect its assets from creditors.

    The bankruptcy came as popular crypto tokens such as Bitcoin and Ethereum nosedived by nearly 70 per cent from their record highs amid the economic meltdown. 3AC defaulted on a more than $650 million loan provided by crypto broker Voyager Digital, which has also filed for bankruptcy.

    (The above story first appeared on Morning Tidings on Jul 14, 2022 01:23 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Crypto Lending Service Celsius Pauses Withdrawals Citing ‘Extreme Market Conditions’

    Crypto lending service Celsius announced early Monday it would pause withdrawals, and transfers citing “extreme market conditions.” “We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,” wrote Celsius.

    Check Tweet: 

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  • Hyderabad Man Cooks Dosa on Scooter Seat As Temperature Soars To 40 Degree Celsius in The City; Watch Viral Video

    Several parts of India have been experiencing severe heat waves. As the mercury level touched 40 degrees celsius in Hydrabad, a man decided to boycott his kitchen to cook from the sun’s heat. It sounds bizarre, but the viral video that shows the man making the Dosa on the seat of his scooter is the proof. The video has been shared across all the social media platforms and has received amusing reactions from the netizens. So Hot! Woman Cooks Roti On Bonnet Of Car In Sonepur As Odisha Bears the Burnt of Summer; Watch Viral Video.

    Have A Look: 

    (SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user’s social media account and Morning Tidings Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of Morning Tidings, also Morning Tidings does not assume any responsibility or liability for the same.)