Celsius, we all remember it for what happened in 2022 right? Just in case, a little summary.

Celsius filed for bankruptcy on July 13, 2022, claiming that extreme bear market conditions led to a liquidity crisis and as a result, in July 2023, Alex Mashinsky (former CEO) was arrested on fraud charges.

Celsius had around $20 billion in deposits from users to whom it offered high returns, only thanks to high-risk investments.

So we come to today, November 2023, the US bankruptcy court has authorized Celsius to emerge from bankruptcy and approved a recovery plan for the company which provides for the division of the company into two parts: a lending company and a mining company.

The first will deal with the repayment of loans to creditors while the second will mine cryptocurrencies.

The users involved, based on the value of their deposits, will receive a combination of cryptocurrencies and Celsius shares.
In total, there is an estimated $2 billion in Bitcoin and Ethereum to be redistributed to creditors and the company hopes to be able to repay the entire sum by the end of the year.

While this is good and important news, the challenges are not over as the company is also subject to regulatory action from both the SEC and the FCA as the UK investigates possible fraud.

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