EUR/USD 1.17225
0.015%
Gold 4684.44
-1.177%
Oil 94.595
3.628%
USD/JPY 159.386
0.050%
GBP/USD 1.35349
0.012%
GBP/JPY 215.732
-0.001%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On April 28, the Russian Foreign Ministry announced on the 27th an expansion of the list of European personnel banned from entering Russia. This expansion includes individuals from European organizations and countries involved in military aid to Ukraine and those imposing sanctions on Russia, in response to the EUs approval of a new round of sanctions against Russia. The Russian Foreign Ministry stated that the EU recently approved the 20th round of sanctions against Russia, attempting to continue pressuring Russia. Therefore, in accordance with relevant Russian federal laws, Russia has "significantly expanded the list of European institutions, EU member states, and representatives of European countries pursuing Brussels anti-Russian policies who are prohibited from entering Russia."On April 28th, it was learned that Pakistan stated on the 27th that Afghan officials claims of a Pakistani attack in Kunar province were false. Pakistan also stated that whenever and wherever it strikes terrorist strongholds and facilities within Afghanistan, it will, as in the past, issue prior public statements, assume full responsibility, and provide precise evidence to prove that the targets are terrorist support facilities. Afghan government deputy spokesman Hamdullah Fytrat said on social media on the 27th that Pakistan attacked eastern Afghanistans Kunar province that day with mortars and rockets, resulting in 4 deaths and 70 injuries.A U.S. judge has ordered the temporary detention of the suspect in the White House reporters dinner shooting, with a detention hearing scheduled for Thursday.Citi/YOUGOV survey: UK inflation expectations for the next year are 5% in April, compared to 5.4% in March.Court transcripts show that the suspect in the White House correspondents dinner shooting is accused of attempting to assassinate the US president.

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