EUR/USD 1.07960
0.098%
Gold 2907.35
-0.118%
Oil 66.277
0.391%
USD/JPY 147.705
-0.184%
GBP/USD 1.28868
0.047%
GBP/JPY 190.347
-0.097%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Hong Kong stocks rose, the Hang Seng Tech Index turned positive, and the Hang Seng Index narrowed its decline to 0.29%. It had previously fallen by more than 1%.On March 7, Wang Yi said when talking about Sino-US relations that mutual respect is an important prerequisite for Sino-US relations. If you fail to do something, you should look for the reasons within yourself. The United States should review what it has gained from the tariff war and trade war in recent years. Has the trade deficit expanded or shrunk? Has the competitiveness of the manufacturing industry increased or decreased? Has inflation improved or worsened? Has the peoples lives improved or worsened? Sino-US economic and trade relations are mutual and equal. If you choose to cooperate, you can achieve mutual benefit and win-win results. If you blindly exert pressure, China will resolutely counter it.March 7, Wang Yi: China has been working for peace since the first day of the crisis. The negotiation table is the end of the conflict and the beginning of peace.March 7th, Wang Yi: There are more than 190 countries in the world. Just imagine, if every country emphasizes its own national priority and believes in strength and status, then the world will return to the law of the jungle.Pricing documents show that Qatar set the April offshore crude oil price at a premium of $2.10 per barrel over the Oman/Dubai average price, and the onshore crude oil price at a premium of $1.85 per barrel over the Oman/Dubai average price.

Crypto lender Celsius defends bitcoin mining plans as bankruptcy kicks off

Jimmy Khan

Jul 19, 2022 14:35

微信截图_20220719142634.png


Bitcoin mining is essential to the company's reorganization efforts, according to cryptocurrency lender Celsius Network, who made the statement during a Manhattan bankruptcy court hearing on Monday.


headquartered in New Jersey U.S. Bankruptcy Judge Martin Glenn gave Celsius permission to spend $3.7 million on building a new bitcoin mining facility and $1.5 million on customs and fees on incoming bitcoin mining equipment.


The firm, which stopped other commercial activities including its cryptocurrency loans, might find a method to pay back consumers whose funds it had frozen in the weeks before to declaring bankruptcy, according to Patrick Nash, a lawyer representing Celsius.


The mining industry "has the potential to be pretty profitable in a scenario where the crypto market recovers," Nash said.


On July 13, Celsius declared bankruptcy, citing a $1.19 billion balance sheet shortfall. Following a significant cryptocurrency market sell-off caused by the May collapse of prominent coins terraUSD and luna, the business model of crypto lenders came under criticism.


Due to the significant volatility, Celsius' assets decreased, and its decision to freeze client accounts was an effort to reduce losses and stabilize its operations, according to Nash.


In the weeks leading up to the Chapter 11 filing, some customers threatened and sent hate mail to a few firm workers. Celsius is hoping that the mining endeavor will help it mend those relationships.


However, a group of equity investors hinted to a potential conflict over ownership of the bitcoin mining businesses. According to Dennis Dunne, the investors' attorney, they can argue that the freshly created currencies need to be given to all Celsius creditors rather than deemed the property of the UK company that acquired the money for the mining activity.


Customers could complain to Celsius' expenditure on bitcoin mining companies at a time when their own financial recovery is in question, according to the bankruptcy monitor of the U.S. Department of Justice.

Suggestion