Current times are very serious from all perspectives, for example, Ukraine – Russia war is dividing the entire globe, creating food & energy shortages, and many other geopolitical as well as economic things which might change the entire world order in the future. In these crisis times, the US government has filed an antitrust lawsuit against the giant Google. And the bankrupt crypto lending company Celsius Network is planning a reorganization and issuing a 'Bankruptcy Token', to bring most of the value back to creditors.
1. US Government Filed Anti-Trust Lawsuit Against Google
Yesterday, the US Department of Justice (DOJ) tweeted that the government has filed an antitrust lawsuit against Google, one of the giants in the IT sector. The tweet from the Department of Justice leads to various reactions from the market. The lawsuit has been filed claiming that Google is abusing its monopoly power to destroy the competition. The lawsuit has mentioned as following –
“Google’s anticompetitive behavior has raised barriers to entry to artificially high levels, forced key competitors to abandon the market for ad tech tools, dissuaded potential competitors from joining the market, and left Google’s few competitors marginalized and unfairly disadvantaged.”
Immediately after the lawsuit from DOJ, Google replied in a blog. In that blog, Google mentioned that this lawsuit is a duplicate of the previous lawsuit by the Texas Attorney General, which was dismissed by the court. In the reply, Google also noted that the DOJ is ‘mischaracterizing’ the way Google’s advertising product works. If you are interested in getting more information on this, then check out Google's take on this lawsuit.
Now the interesting thing is, many other giants like Apple, Amazon, and Microsoft are constantly looking to get into the advertising businesses. Most of those companies have their own products which can be helpful for the growth of the business but the way Google has control over its digital advertising network is really hard to ignore. It might be possible that there is a lobby building against Google, and who knows what comes next!
2. The Bankrupt Celsius Network is Planning a Reorganization
Celsius Network, one of the largest players in the centralized crypto lending service provider which recently bankrupt has been started the reorganization of the business. According to the recent updates from the court documents and the Bloomberg report, it is clear that the company is on its way to restructuring the company in order to provide maximum recovery for the investors by issuing the bankruptcy token.
In the recent court hearing, the company attorney proposed that instead of liquidating the assets in the current market, reorganizing the company into a publicly traded & licensed company would bring more recovery to the investors. This idea of token issuance was first seen in the case of Bitfinex, which lost most of its funds to a hack.
Although the idea of this bankruptcy token is in its early stage, the company has to file the details regarding their plans, then the court has to review those plans and suggestions, then after the creditors including the Celsius Network users have to vote on whether they like this idea or not and then if everything works out then the process starts! I am sure, if this sounds like a long process while typing, then it will take really long time.
Access all the court documents regarding the Celsius Network case – Celsius Network LLC, et al. (stretto.com)
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Thanks for reading!