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Bankrupt Crypto Lender Celsius Network Pursues New Buyer Despite Existing Offer – What's Going On?

The bankrupt cryptocurrency lender, Celsius Network, is reportedly pursuing more bids and exploring new buyers despite having an offer on the table.
During a bankruptcy court hearing in Manhattan, Celsius attorney Chris Koenig said the company remains open to better offers, per a report by Reuters. He added that the lender's official unsecured creditors committee (UCC) met with a potential buyer just days ago to review an alternate proposal.
The crypto lender also asked judge Martin Glenn, who is overseeing Celsius' Chapter 11 bankruptcy proceedings, to extend the time limit for submitting a bankruptcy restructuring plan built around the NovaWulf deal. The judge agreed to give Celsius an extra three weeks.
As reported, in mid-February, NovaWulf Digital Management reached a deal with Celsius to buy its lending operations and help bring an end to its bankruptcy case. Debtors of Celsius Network presented the sale plan to the U.S. Bankruptcy Court of the Southern District of New York.
The plan, which proposes a deal with NovaWulf that would allow the crypto lender to begin returning crypto assets to customers in June, has the support of the firm's creditors committee and is part of the overall reorganization plan for the company's retail platform and mining business.
As part of the plan, a "convenience class" of creditors, those with claims less than $5,000 related to Celsius Earn Accounts, will receive 70% recovery of their funds in the form of a one-time payment in Bitcoin, Ethereum or the stablecoin USDC.

Bankrupt Crypto Lender Celsius Network Pursues New Buyer Despite Existing Offer – What's Going On? The bankrupt cryptocurrency lender, Celsius Network, is reportedly pursuing more bids and exploring new buyers despite having an offer on the table.

Binance Accused of Moving $400 Million from U.S. Partner to CEO's Trading Firm in Secret Scheme – Here's the Latest

A new report shows that Binance moved more than $400 million from its purportedly independent U.S. partner to a trading firm managed by the company's CEO, Changpeng Zhao.

Over $400 million flowed from the Binance.US account at California-based Silvergate Bank to Merit Peak, a trading firm linked to CZ, over the first three months of 2021, according to records for the quarter, which were reviewed by Reuters.

The media reported that the Binance.US account was registered under the name of BAM Trading. Furthermore, the records show the transfers to Merit Peak began in late 2020.

It is worth noting that the US Securities and Exchange Commission launched a probe into potential connections between Binance.US and the same trading firm in February 2022, looking into the relationship between Binance.US and trading firms Sigma Chain AG and Merit Peak.

A Binance.US spokesperson said the report used "outdated information" and that Merit Peak was “neither trading nor providing any kind of services on the Binance.US platform.” She claimed that "only Binance.US employees have access" to the bank accounts of the U.S. company.

Reuters added that records show Binance.US's executives expressed concern about the outflows because the transfers were taking place without their knowledge.

https://cryptonews.com/news/binance-accused-of-moving-400-million-from-us-partner-ceos-trading-firm-secret-scheme-heres-latest.htm

Binance Accused of Moving $400 Million from U.S. Partner to CEO's Trading Firm in Secret Scheme – Here's the Latest A new report shows that Binance moved more than $400 million from its purportedly independent U.S. partner to a trading firm managed by the company's CEO, Changpeng Zhao.

Binance Shocks Crypto World with Temporary Halt on US Bank Transfers – Here's What's Going On

Binance has announced that it is temporarily suspending US dollar withdrawals and deposits for international customers beginning February 8.

In a recent tweet, the largest crypto exchange in the world said that they "will temporarily suspend all USD bank transfers" starting Wednesday. Other transfer methods will not be affected, the exchange added, noting that it only impacts "a small proportion" of their users.

The exchange did not provide additional details but said they "are working hard to restart the service as soon as possible."

Binance Shocks Crypto World with Temporary Halt on US Bank Transfers – Here's What's Going On Binance has announced that it is temporarily suspending US dollar withdrawals and deposits for international customers beginning February 8.