What happened to Celsius's bitcoin?

This week, the federal court presiding over Celsius’ bankruptcy proceedings approved the firm’s resumption of selling its mined bitcoin (BTC) to help pay operating costs. In July, Celsius mined $8.7 million worth of bitcoin, but the company’s operational and capital costs for the month exceeded those earnings.

Why did Celsius Network go bankrupt?

You'll be asked to sign into your Forbes account. Celsius Network, the former cryptocurrency lender, ended its bankruptcy case on Thursday after a judge ruled in favor of its plan to become a creditor-owned bitcoin mining company, over a year after the company’s bankruptcy filing came amid an unstable period for cryptocurrency firms.

Could cryptocurrencies be a boon for Celsius account holders?

The option to take recoveries in crypto sounds like it could be a boon for Celsius account holders, but much depends on what that means in practice, said Daniel Besikof, a partner at law firm Loeb & Loeb. “The general rule is that creditors in bankruptcy have claims, denominated in [U.S. dollars], measured as of the date of the bankruptcy filing.

Will a bankruptcy thaw the crypto winter?

“Stakeholders may very well want to use the bankruptcy process to wait out the crypto winter and hibernate until it thaws a little bit so that they could then capture the upside of the rebound,” Indelicato said in an interview with CoinDesk.